The lab automation market size has become a game-changer for scientific testing and research. In order to improve and streamline laboratory procedures, sophisticated robots, software, and instrumentation are all integrated as part of this technological evolution. Lab automation has emerged as a key enabler in accomplishing the increased efficiency, accuracy, and reproducibility that enterprises and researchers are aiming for.
One of the key drivers behind the rapid adoption of lab automation is its ability to significantly boost efficiency and precision. Tedious and time-consuming tasks that were once performed manually can now be automated, freeing up valuable time for researchers to focus on more intellectually demanding activities. This not only accelerates the pace of research but also reduces the potential for human errors, ensuring the reliability of results.
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The lab automation market is expected to be worth US$ 2.1 billion in 2023. The lab automation market is expected to grow at a CAGR of 10.1% during the forecast period, reaching US$ 5.5 billion by 2033, owing to the increasing adoption of lab automation across various end-use verticals.
Research and Innovations Aid Market Growth
Pharmaceutical research is in constant demand, which protects the market. In the pharmaceutical and healthcare industries, automation is also a major trend right now. Even in emerging countries, both of these are assisting the market. In order to meet the unique needs of lab automation users, additional important companies are eager to offer products that are industry-specific.
Fertile Ground for Market Growth
To maintain the rapid product uptake, key players must work more on product development. This era is anticipated to be profitable for market growth due to factors like rising diagnostic rates internationally. Recent trends show that major businesses are combining their resources through mergers and acquisitions to strengthen their market positions.
Technological Innovations Emerge as an Integral Part of Market Growth
Long-term market potential for lab automation are predicted to result from end-user demand for high-end, sophisticated lab automation technologies. The development of lab robotics technology, which is still in its infancy, is one factor that is anticipated to support market expansion. For lab automation technology to be appealing to pharmaceutical and healthcare enterprises of various sizes, it must be exceedingly frictionless and effective.
Can Market Key Players Rise Above the Hurdles of High Cost?
Adoption and maintenance of lab automation equipment currently amount to considerable costs. Hence, small and medium enterprises tend to shy away from the adoption of lab automation tools. The major consumer base of key players currently consists of mega-corporations, that are willing to spend millions for high-end efficient lab automation systems. By developing affordable products, key players can easily break into the small and medium enterprises segment. Once the large organization segment reaches saturation, key players will naturally have to turn to smaller enterprises to sustain market growth.
Recent Market Developments:
- In March 2022, Beckman Coulter Life Sciences introduced the CellMek SPS. The product enables seamless manual sample preparation. It has aided in easing data management bottlenecks in clinical flow cytometry. It is a fully automated sample preparation system (SPS) that would aid laboratories in vastly expanding their current production capabilities.
- In April 2022, Strateos Inc. launched an integrated solution for small molecule discovery programs that aid in automating the DMTA cycles.
- In March 2022, Biosero released the Green Button Go software suite in March 2022. It comes with advanced features to assist customers in yielding better control over laboratory systems.
- In March 2022, Thermo Fisher Scientific and Hamilton Company jointly launched an advanced product. It is their forensic laboratory-qualified automated nucleic acid extraction platform.
Leading companies operating in the lab automation market are Abbott Laboratories, Agilent Technologies, Perkin Elmer, Inc, Thermo Fisher Scientific, Inc, Siemens Healthcare, Danaher Corporation, Becton, Dickinson and Company, Transcriptic, Inc. among others.
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Key Segments:
By Component Type:
- Devices
- Biochemistry Devices
- Molecular Devices
- Hematology Devices
- Immunology Devices
- Microbiology Devices
- Others
- Software
- Scheduling Software
- Momentum Integration Software
By Application:
- Life Sciences Research and Development
- Drug Discovery
- Diagnostics
By End User:
- Pharmaceutical Companies
- Hospitals and Diagnostic Centers
- Educational Institutions
- Contract Research Organizations (CROs)
- Research Institutes
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
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