Market Research Report
Laboratory Automation Market - Forecasts from 2021 to 2026
|Laboratory Automation Market - Forecasts from 2021 to 2026|
Published: July 30, 2021
Knowledge Sourcing Intelligence
Content info: 111 Pages
Delivery time: 1-2 business days
The global laboratory automation market is evaluated at US$3,638.769 million for the year 2019 and is projected to grow at a CAGR of 7.55% to reach a market size of US$6,055.218 million by the year 2026. A Laboratory automation system is a multi-disciplinary strategy that promotes the use of instrumentation in perforating laboratory processes and requires minimal human input. Automation can be applied from a single step in an experimental process to an entire workflow. Laboratory automation strives to improve the overall efficiency in laboratory processes by speeding up tasks, minimizing wastage, and using lower quantities of reagents, thereby allowing higher throughputs in experiments. Laboratory automation collectively leads to higher efficiency and lower operational cost for labs.
The use of automated systems aid researchers by eliminating the need to carry out time-consuming repetitive tasks and focus on carrying out more specialized processes. Furthermore, lab automation helps in improving data reliability, accuracy in lab processes. Additionally, it also enhances lab safety through automated systems that help in managing correctly storing harmful substances, thereby providing extra protection for the personnel from harmful reagents and processes. Moreover, Growing awareness concerning the advantages of laboratory automation coupled with technological advancements in the market is expected to drive demand in the global laboratory automation market. Additionally, increasing investments by the governments and private funding in the drug discovery and biotechnology industry is anticipated to further augment growth in the market. Furthermore, emerging markets such as South America, Asia Pacific offer significant business opportunities over the forecasted period. However, the slower adoption of automation technologies in SMEs is expected to hinder growth in the global laboratory automation market. Moreover, higher production and deployment costs may hamper growth in the market over the forecasted period.
The outbreak of the novel coronavirus disease has positively impacted the global laboratory automation market. The COVID-19 pandemic has put laboratories under immense pressure owing to increasing demand and staff shortages. However, laboratories that have embraced workflow automation were able to return to full productivity quicker and meet the growing demand in lab testing, resulting in an increased demand for laboratory automation solutions. Moreover, Notable companies such as Roche, Intel are augmenting development in laboratory automation to deliver solutions corresponding to the COIVD-19 outbreak.
The hardware segment is expected to hold the largest market share.
The Hardware segment is widely employed across laboratory automation systems. The growing need for accelerated research and pharmaceutical development coupled with the growing involvement of laboratory robotics is boosting demand for instrument components in the global laboratory automation market. Moreover, the growing adoption of automated laboratory workstations in automation processes as an effective way to enhance productivity within processes is further expected to boost demand in the market.
The clinical chemistry application segment holds a dominant market share.
Laboratory automation systems are widely used in the Clinical Chemistry segment. The widespread adoption of laboratory automation can be associated with the growing requirement to process more workload with less manpower involvement, thereby boosting demand for laboratory automation systems in the clinical chemistry segment. Moreover, the increasing availability of specialized laboratories instilled automation functions coupled with the increasing need to automate additional functions such as managing, storing, and archiving results is estimated to further boost demand in the market.
The biotechnology and pharmaceutical companies end-user segment holds a dominant market share.
The biotechnology and Pharmaceutical companies segment holds a notable market share in the global laboratory automation market. The growing need for companies to maintain product intricacy coupled with the rising adoption of automation solutions in the drug delivery process is fueling demand in the global laboratory automation market. Moreover, the growing adoption of laboratory automation solutions in the pharmaceutical industry for increasing productivity, decreasing lead time, and reducing operational costs is expected to further drive demand in the market.
Regional insights in the global laboratory automation market.
The North American market segment holds a dominant market size in the global laboratory automation market. The notable market share in the region can be attributed to the presence of well-developed healthcare infrastructure coupled with the widespread adoption of novel innovative technologies. Moreover, the presence of prominent market players in the region is expected to boost demand in the market. However, the Asia Pacific region is expected to witness mountainous growth over the forecasted period. Increasing investments in healthcare infrastructure, growing adoption of advanced technologies within hospitals, and the rapidly developing R&D sector are anticipated to drive demand in the region over the forecasted period.
Participation by market players.
The increasing investments in R&D in pharmaceutical industries and inclining market trends across emerging economies have led to the companies adopting novel product solutions to expand their market share across various applications and end-user segments. For instance, F. Hoffmann- La Roche AG announced the launch of the Cobas SARS-CoV-2 Variant Set 1 Test that enables the detection of key spike mutations in virus variants. The product is widely available on Cobas 6800/8800 Systems that facilitate reduced complexity and increases walkaway time.
Enterprises in the Global Laboratory Automation market are implementing various collaborative growth strategies to gain a competitive advantage including the adoption of technologically advanced solutions including machine learning, AI, Robotics for delivering novel product solutions in the market across end-user segments.
Reagents And Consumables
Research And Academic Institutes
Biotechnology And Pharmaceutical Companies
Hospitals and Diagnostic Laboratories
Middle East & Africa