Lab Automation Market is Estimated to Witness High Growth Owing to...

Lab Automation Market is Estimated to Witness High Growth Owing to Technological Advancements

Posted 2023-12-26 11:21:25

Lab automation refers to the utilization of software and technology-based products, systems, instruments, and solutions to optimize laboratory workflow and processes. It helps reduce manual errors and improves operational flexibility, reproducibility, and processing speed. Some common products used in labs include robotic systems, in-vitro diagnostics (IVD) instruments, automated liquid handling systems, plate readers, and others. The global lab automation market is estimated to be valued at US$ 4,903.9 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The global lab automation market is estimated to be valued at US$ 4,903.9 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Technological advancements is one of the major drivers propelling the growth of the lab automation market. Manufacturers are increasingly focusing on developing innovative and smart lab automation solutions integrated with advanced technologies such as artificial intelligence (AI), Internet of Things (IoT), and cloud computing. For instance, in February 2022, Beckman Coulter, Inc. launched CytoFLEX flow cytometer instrument with AI capabilities to simplify and accelerate biomedical research. AI algorithms can analyze flow cytometry data in real-time and alert researchers of anything out of the ordinary, reducing manual errors. Adoption of such automated solutions is growing amongst labs and research institutes to minimize human errors and enhance productivity. Furthermore, increasing R&D investments by pharma and biotech companies is boosting the demand for advanced lab automation systems.

SWOT Analysis
Strength: Tecan Trading AG, PerkinElmer Inc., Danaher, Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Inc., Hamilton Company, COPAN Diagnostics Inc., Abbott, Merck KGaA, F. Hoffmann-La Roche Ltd, Siemens Healthcare Private Limited, UiPath, and Porvair Sciences, SPT Labtech Ltd, Endress+Hauser Group Services AG, Automata, accroma, Molecular Devices, LLC, Beckman Coulter, Inc., BD, Reshape Biotech, Peak Analysis & Automation these major companies are continuously innovating and launching new lab automation products and solutions which is increasing the productivity and efficiency of various labs. These companies also provides strong after sales support which is strengthening their market position.
Weakness: High initial investment requirements for setting up an automated lab poses a major challenge for small and medium scale laboratories to adopt lab automation solutions. Also, frequent software and hardware upgrades leads to additional maintenance costs.
Opportunity: Increasing healthcare spending across developed and developing nations is encouraging various clinical laboratories and research institutes to automate their processes in order to enhance productivity and reduce operational costs. Growing demand for miniaturized lab automation solutions from pharmaceutical and biotechnology companies also presents new growth opportunities.
Threats: Continuously evolving industry standards and regulatory policies requires regular software and hardware upgrades in automated instruments which increases replacement costs. Intense competition among existing market players poses pricing pressures.

Key Takeaways

The global lab automation market is expected to witness high growth in the forecast period owing to increasing research and development activities in the pharmaceutical and biotechnology sectors. The rise in complexities of analytical testing and growing need to improve productivity are propelling the demand for lab automation.

Regional analysis: North America dominated the global lab automation market in 2022 due to presence of major pharmaceutical companies and availability of advanced healthcare infrastructure in the region. Europe is also a major market supported by significant research funding and government initiatives to promote lab automation adoption. Asia Pacific is expected to be the fastest growing regional market in the upcoming years driven by increasing healthcare spending, establishedgeneric drug manufacturing industry in India and China, and expanding biomedical sectors in countries such as Japan, South Korea, India and China.

Key players: Key players operating in the lab automation market are Tecan Trading AG, PerkinElmer Inc., Danaher, Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Inc., Hamilton Company, COPAN Diagnostics Inc., Abbott, Merck KGaA, F. Hoffmann-La Roche Ltd, Siemens Healthcare Private Limited, UiPath, and Porvair Sciences, SPT Labtech Ltd, Endress+Hauser Group Services AG, Automata, accroma, Molecular Devices, LLC, Beckman Coulter, Inc., BD, Reshape Biotech, Peak Analysis