PUBLISHER: Grand View Research | PRODUCT CODE: 1301170
PUBLISHER: Grand View Research | PRODUCT CODE: 1301170
The global lab automation market size is expected to reach USD 11.60 billion by 2030, registering a CAGR of 6.64% during the forecast period, according to a new report by Grand View Research, Inc. Factors such as increasing demand for higher efficiency & productivity coupled with the rising need for cost reduction are driving the growth. Moreover, technological advancements and the growing complexity of laboratory workflows are further contributing to the market expansion. For instance, advanced and modern labs deal with numerous complex processes and high throughput workflows, thus, to simplify such complex processes advanced lab systems are in high demand from laboratories.
The rising application of lab automation for speeding up laboratory processes is one of the major factors contributing to market expansion. For instance, Clinical chemistry applications have been replaced by lab automation for tasks such as solid-phase extraction, powder dosing, dilution to weight, sample extraction, and sample preparation for analysis. Similarly, for synthetic biology workflow processes, tasks such as DNA fragment construction, the culture of the host organism, colony selection, final data collection, and analysis have been replaced by automated processes. Therefore, an increase in the number of applications is expected to fuel their adoption in the coming years.
Moreover, the rising integration of lab automation with advanced digitalization and connectivity trends is likely to offer significant growth opportunities for the market in the coming years. Integration of advanced laboratory equipment with cloud-based platforms, and LIMS platforms allow real-time data monitoring, and convenient data exchange for better flexibility and efficiency. Also, recent digital product introductions are anticipated to offer more traction for the market over the forecast period. For instance, in December 2022 LabVantage Solutions, Inc. launched its new LIMS platform to help labs process faster and lower the overall cost of the process.
Furthermore, various organic and inorganic developments done by market players in term of new launches, collaborations, acquisitions, and new facility expansions are likely to have a positive impact on market growth. For instance, in January 2023 QIAGEN launched its new EZ2 connect MDX platform for automatic sample processing in diagnostic laboratories. Similarly, in April 2023 Molgen acquired Synchron lab automation, a leader in lab automated systems. This acquisition helped Molgen to efficiently build advanced automated solutions for its customers.