Northbrook, IL 60062 -- (SBWire) -- 01/15/2024 --The laboratory automation industry is expected to grow significantly in the near future, as the demand for automated processes and technologies in the laboratory setting increases. Automated systems are becoming increasingly popular in medical and research laboratories, as they allow for faster, more accurate, and more efficient data analysis. Automation can be used to streamline laboratory operations, improve laboratory safety, and reduce costs. Additionally, automated systems can be used to increase the accuracy and speed of data analysis and to help ensure that laboratory results are consistent and accurate. As the technology continues to become more advanced and cost-effective, the demand for laboratory automation systems is likely to increase.
Lab Automation Market in terms of revenue was estimated to be worth $5.1 billion in 2022 and is poised to reach $7.1 Billion by 2028, growing at a CAGR of 5.8% from 2022 to 2028 according to a new report by MarketsandMarkets™. Factors such as increasing spending on pharmaceutical R&D, growing food safety concerns, and stringent regulatory control in healthcare are expected to propel the growth of this market. However, the slow adoption of lab automation by small and medium-sized laboratories and the long gestation period for workflow implementation are expected to restrain the market growth.
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Key Market Players:
As of 2022, prominent players in the lab automation are Thermo Fisher Scientific (US), Tecan Group (Switzerland), Danaher Corporation (US), Agilent Technologies (US), F. Hoffmann-La Roche (Switzerland) Becton, Dickinson and Company (US), and Waters Corporation (US), among others.
Lab Automation Market Dynamics:
Drivers:
1. Technological advancements and increasing R&D investments
2. Growing demand for process automation for food safety
3. Standardization of workflows
4. Stringent regulatory control in healthcare industry
Restraints:
1. Slow adoption of automation by small and medium-sized laboratories
2. Long gestation period for workflow implementation
Opportunities:
1. Improving healthcare infrastructure across emerging countries
2. Growth in pharmaceutical and biotechnology industries
Challenges:
1. Limited feasibility with technology integration in analytical labs
2. Availability of refurbished lab automation equipment
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Software segment to register significant growth rate over the forecast period of 2022-2028
Based on the product type, the lab automation is segmented into automated workstations, off the shelf automated workcells, robotic system, automated storage and retrieval systems tables and other lab automation. Software segment to register significant growth rate over the forecast period of 2022-2028. Robots can carry out repetitive operations like labeling by hand and handling microplates, while motorised pipettes and syringes can handle liquid handling. Additionally, lab automation software can help you save time by making it simple to standardise and manage your workflow. This is expected to drive the growth of the segment.
Drug Discovery segment accounted for the largest share of the lab automation in 2022-2028
Based on application, the lab automation is segmented into drug discovery, diagnostics, genomics solutions, proteomics solutions, microbiology, other applications. The drug discovery application segment is estimated to hold the largest market share of the lab automation market during the forecast period. This segment held a share of 38.3% in 2021. The large share of this segment can be attributed to the increasing investments by pharmaceutical and biotechnology companies.
Biotechnology & pharmaceutical companies' segment to register for the highest growth rate of the lab automation in 2022-2028
The major end users in the lab automation market are hospital & diagnostic laboratories, biotechnology & pharmaceutical companies, research & academic institutes, forensic laboratories, environmental & testing laboratories, and the food & beverage industry. Biotechnology & pharmaceutical companies are expected to dominate the market during the forecast period. The large share of this end-user segment can be attributed to the increasing R&D activities in the area of drug development and the focus on extending pharma-biotech product pipelines.
Europe to register a significant growth in the market during the forecast period
In 2022, Europe is expected to register a significant growth in the market during the forecast period. Europe comprises the Germany, France, UK, Italy, Spain, ROE. The presence of emerging economies such as Germany and France and the increasing healthcare investments by governmental and non-governmental fundings are the major factors supporting the growth of the Europe lab automation market.
Recent Developments
- In January 2023, Agilent Technologies, acquired Avida Biomed, an early-stage life science firm that creates high-performance target-enrichment procedures with distinctive features for clinical researchers using next-generation sequencing methods to investigate cancer.
- In November 2022, F. Hoffmann-La Roche Ltd. collaborated with PathAI for artificial intelligence-based digital pathology applications for improved patient care.
- In November 2022, PerkinElmer launched ready-to-use adeno-associated virus vector (AAV) detection kits to support researchers working on gene therapies.
- In August 2021, Becton Dickinson AG launched a fully automated high-throughput molecular diagnostic platform for laboratories in the US.
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Lab Automation Market Advantages:
- Increased Productivity: Lab automation technology helps increase productivity by streamlining processes, reducing manual steps, and automating repetitive tasks. This saves time and money for laboratory personnel and allows them to focus on more important tasks.
- Improved Accuracy: Automation eliminates manual errors, ensuring that results are more accurate and reliable. This eliminates the need for costly re-runs or retesting and helps to ensure that the data collected is of the highest quality.
- Cost Savings: Automation reduces costs associated with laboratory operation, such as personnel costs, material costs, and equipment costs. This can lead to decreased overhead and increased profitability.
- Enhanced Safety: Automation reduces the need for hazardous materials handling and minimizes the risk of accidents in the laboratory. This can help to reduce the costs associated with workplace injuries.
- Improved Flexibility: Automation can help to improve the flexibility of laboratory operations. Automated systems can be easily modified for different applications, allowing laboratories to adjust their operations quickly and efficiently.
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Exploring the Lab Automation Market: Size, Technology Trends, Growth Drivers, Opportunities, Business Expansion, and Forecast Through 2028
In November 2022, F. Hoffmann-La Roche Ltd. collaborated with PathAI for artificial intelligence-based digital pathology applications for improved patient care.