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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Browse in-depth TOC on “Lab Automation Market”
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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.
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Lab Automation Market Dynamics:
Technological advancements and increasing R&D investments
Growing demand for process automation for food safety
Standardization of workflows
Stringent regulatory control in healthcare industry
Slow adoption of automation by small and medium-sized laboratories
Long gestation period for workflow implementation
Improving healthcare infrastructure across emerging countries
Growth in pharmaceutical and biotechnology industries
Limited feasibility with technology integration in analytical labs
Availability of refurbished lab automation equipment
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.
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 – Report Highlights
In this report, lab automation is considered, along with tables and accessories, used for healthcare applications in hospitals. In this version of the report, two new segments are added— application—for a better and deeper understanding of the market.
The study consists of the average selling price (ASP) analysis for different products in the lab automation market.
The research study comprises the patent analysis of technologies/solutions used in the lab automation market.
The new market study consists of the trends/disruptions impacting customers’ businesses.
The new market study consists of information on key conferences & events in 2020–2022.
The new market study consists of the region-wise regulatory landscape.
The new market study consists of Porter’s Five Forces Analysis
The new market study provides details of the strategies of the top 15 players operating in the market.
The competitive landscape chapter has been updated with the market evaluation matrix. The competitive landscape also includes the market share analysis of major global players (as of 2021), updated competitive leadership mapping, and competitive situations and trends.
The new market study comprises 25 players. These companies have emerged as key market players in recent years due to their products and various strategic investments undertaken in the lab automation market space.
Updated financial information/product portfolio of players: The new edition of the report provides updated financial information in the context of the lab automation market from 2022 to January 2023 (depending on availability) for each listed company in graphical representation.
Updated market developments of profiled players: The current report includes the market developments from January 2020 to January 2023
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