The global lab automation market is expected to reach USD 5.5 Billion by 2027 from USD 4.3 Billion in 2020, at a CAGR of 5.2 %. The market for lab automation is expected to grow during the forecast period from 2020 to 2027 owing to the rising need of efficiency of the process of drug discovery and clinical diagnostics. This escalating need is currently acting as a driver for this market worldwide. In addition, advantages that lab automation offers are low regent cost and high productivity, reproducibility and accuracy. These benefits are also raving up the demand of lab automation in various application sectors.
Laboratory automation capitalizes and optimizes the technologies in the laboratory. Laboratory automation system includes automated lab instruments, software and devices which offer benefits such as reduction of cycle time, increasing productivity, improvement of workflow coverage and improvement of data quality. The laboratory automation or robotic products are offered in modified form, according to the necessity of specific laboratories or researcher. Therefore, lab automation becomes essential in laboratories for handling high volumes of sample at faster rate. This system offers smooth solution to lab procedures such as decapping, centrifugation, aliquoting, recapping and sorting among others.
The global lab automation market is expected to witness steady growth during the forecast period owing to an increasing gap between the demand for laboratory procedures and the availability of trained laboratory personnel. The high accuracy and reproducibility obtained through lab automation are among the major advantages affecting the market positively. Other drivers expected to fuel the growth of this market are personnel safety, smaller volumes of sample and reagents required, miniaturization of the process leading to low reagent cost, progressing drug discovery, and clinical diagnostics. The market is expected to witness lucrative opportunities for growth owing to an increasing prevalence of infectious diseases and a rising number of clinical studies, which are expected to increase the number of diagnostic tests performed in the laboratories.
However the expensive production cost inhibits the lab automation market. In addition, lack of planning for technology development in laboratory is also acting as a restraining factor for the lab automation market at the global level. Furthermore, increasing demand for lab automation in the emerging markets such as China, India and Brazil are expected to have a positive impact on the growth of this market. In addition, rising aging population along with growing number of diagnostic test performed in laboratories is fueling the market for lab automation market.
The key players have adopted research and development along with product innovation as major strategies in order to strengthen their foothold in the lab automation industry. The major players operating in the lab automation market are Thermo Fisher Scientific, Inc., Tecan Group Ltd., Siemens Healthcare (Subsidiary of Siemens AG), Roche Holding AG, Qiagen N.V., Perkinelmer, Inc., Hamilton Robotics, Inc., Beckman Coulter, Inc., Biomérieux SA. and Agilent Technologies among others.
Asia-Pacific presents lucrative opportunities for the key players operating in the laboratory automation market. Surge in awareness about advanced laboratory automation systems, rise in number of pharmaceutical companies, and increase in demand for laboratory automation systems support the market growth. However, higher cost of laboratory automation systems hamper the market growth in Asia-Pacific. In addition, factors such as improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, the developing R&D sector, and rise in healthcare reforms drive the market growth. Furthermore, surge in focus of leading manufacturers on expanding their geographic presence in emerging countries in Asia-Pacific further creates growth opportunities in this region.
Report : Lab Automation Market - By Equipment (Automated Workstations, Off-the-shelf Automated Work cells, Robotic Systems, Automated Storage & Retrieval Systems, Other Equipment) By Application (Drug Discovery, Clinical Diagnostics, Microbiology Solutions, Others) By End Users (Biotechnology and Pharmaceutical Companies, Hospitals and Diagnostic Laboratories, Research and Academic Institutes) By Region (North America, Europe, Asia Pacific, Rest of the World) - Industry Analysis, Opportunity and Forecast 2020 To 2027