PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250792
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250792
According to Stratistics MRC, the Global Lab Automation Market is accounted for $5.1 billion in 2022 and is expected to reach $8.0 billion by 2028 growing at a CAGR of 7.8% during the forecast period. Lab automation is a multidisciplinary, cutting-edge strategy utilised in laboratories to boost output, shorten turnaround times, and improve process efficiency. Due to technical developments in laboratory equipment and a rise in the usage of automated laboratory equipment in pharmaceutical and R&D organisations, the lab automation market is predicted to increase over the forecast period. Increased demand for miniature process equipment also contributes to the market's expansion. However, a higher initial investment limits market expansion.
According to the World Health Organization's report, the manifestation of coronavirus has resulted in more than 651,918,402 confirmed cases which means huge number of people was infected by COVID-19 globally as of December 2022.
Increasing investment & strategic initiatives by market players
Due to the increased need for specialised advanced automated services that remove human error, the market for laboratory automation is expanding. The goal of the companies and market participants is to offer a variety of tools, machineries, machines, and processes to aid in the design and production of automated laboratory infrastructure. Due to the increased need for specialised advanced automated services that remove human error, the market for laboratory automation is expanding. The market participants are coming up with more investments and funds to develop cutting-edge technology and methodologies in order to win the majority of the global market share. These participants place a greater emphasis on minimising manual labour and hands-on time for the customarily labor-intensive activity. This is anticipated to fuel the market's expansion.
Limitation analyzing novel complex product
The complexity of innovative products employed in automated laboratories is influenced by a variety of factors. Early in the development phase, there is a great requirement for ongoing communication between employees and device manufacturers, and it becomes essential to comprehend this communication in order to use the part or entire setup. The installation and operation of automated labs in the market are being hampered by limitations in the detection and analysis of novel complicated products like machinery, tools, and equipment.
Government initiatives to strengthen laboratory infrastructures
Government organisations play a key role in progressively strengthening the healthcare sector and laboratory infrastructure. The financing and initiative taken by the government to increase laboratory automation would aid market expansion and add to the number of market competitors. The agreements and collaborations between the government and the major businesses in the market will improve the laboratory infrastructure even further.
Upgradation, maintenance and periodical checkups
The first priority following setup is to operate labs efficiently. In order to operate, equipment needs to be maintained, upgraded, and given routine inspections. One of the key problems preventing the market competitors from competing is the expense necessary for this. Independent of the production firms, laboratory holders are required by regulation or quality control to test their products in order to operate efficiently and prevent situations. This can limit market expansion.
The worldwide COVID-19 pandemic has affected a variety of enterprises. Because to staff shortages, the need to maintain safe and socially segregated working conditions, and the need to fast expand testing menus, the COVID-19 pandemic has put diagnostic laboratories under a great deal of stress. Diagnostic labs that have embraced process automation have been among the best at minimising disruption and even thriving in these challenging environments. Innovative laboratories have been able to quickly resume near-full output while maintaining local social distance norms thanks to the flexibility that automated technologies offer. These laboratories will be in a fantastic position to take use of their automated processes to increase their capabilities once the restrictions are eased and the staff is allowed to work again.
The discrete processing segment is expected to be the largest during the forecast period
The discrete processing segment is estimated to have a lucrative growth, due to a number of advantages discrete processing has over continuous flow, which are expected to encourage its adoption during the predicted period. Every sample is given its own discrete space in discrete processing, which improves the analysis samples used in this method. Hence, unlike continuous flow processing, there is no waste of extra reagents utilised for flow. Due to its many advantages over continuous processing, this market is expected to increase significantly during the forecast period.
The biotechnology & pharmaceutical segment is expected to have the highest CAGR during the forecast period
The biotechnology & pharmaceutical segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the widespread presence of pharmaceutical firms and the growing use of robotics and laboratory automation, the biotechnology and pharmaceutical industries segment accounts for the majority of revenue. Also, laboratory automation is being used more for R&D in pharmaceutical businesses as opposed to supporting product manufacturing and quality control in laboratory applications. This development contributes to the market's continued expansion.
Asia Pacific is projected to hold the largest market share during the forecast period owing to the rise in pharmaceutical firms, increased demand for laboratory automation systems, and increased awareness of advanced laboratory automation systems all contribute to the market's expansion. The Asia-Pacific market is growing, but rising laboratory automation system costs are impeding its development. The development of the R&D industry, the rise in healthcare reforms, the expansion of hospitals with cutting-edge medical equipment, and other factors also contribute to the market's expansion. Growth potential in this region are further boosted by the increased attention of major manufacturers on increasing their geographic presence in developing nations in the Asia-Pacific.
North America is projected to have the highest CAGR over the forecast period, owing to the increased adoption of lab automation technologies, which has resulted from the presence of a strong healthcare infrastructure in the area. The market penetration of novel solutions is also being aided by the local presence of large businesses and the favourable reimbursement system in this area.
Some of the key players profiled in the Lab Automation Market include Danaher Corporation, PerkinElmer Inc., ABBOTT, Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., BD, AZENTA US INC, F. Hoffmann-La Roche, Eppendorf AG, Aurora Biomed Inc., Hamilton Company, BIOMERIEUX, LABLYNX LIMS, LABWARE, Siemens Healthineers, Tecan Group Ltd., Qiagen N.V., Hudson Robotics, LABVANTAGE SOLUTIONS INC. and Bio Tek Instruments, Inc.
In June 2022, BD announced that they had completed the acquisition of Straub Medical AG, a privately held company. With this acquisition, the company has added the valuable expertise and experience of Straub Medical AG and expanded its product portfolio.
In January 2022, QIAGEN announced that it has entered into new collaborations with Atlia Biosystems to provide non-invasive prenatal testing solutions.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.