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Lab automation refers to the utilization of robots, automated systems and process control in laboratories to augment the efficiency of research processes and reduce human errors. Key product categories enabling lab automation include robotic arms used for precise liquid handling and plate transportation, automated plate handlers, incubators and storage systems helping improve workflow by streamlining the management and transportation of plates and samples. While initial setup costs of automation can be high, it aids minimizing expensive errors from manual processes and improves consistency and quality of results.
The global lab automation market is estimated to be valued at US$ 4,903.9 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the lab automation market is the increasing adoption of novel technologies like artificial intelligence (AI), internet of things (IoT), robotics and cloud-based laboratory information management systems (LIMS) that are helping integrate the different stages of automated processes. This is allowing scientists to gain valuable insights in discovery stages itself while reducing wastage. Another key trend is the shift towards automated, high-throughput solutions from manual processes to enhance productivity and meet rising workloads in laboratories. Custom built automation solutions catering to the specific needs of research areas like genomics and proteomics are also being increasingly developed. Growing pressure to optimize costs combined with greater complexity of experiments is further propelling lab automation uptake across pharmaceutical and biotechnology companies.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the lab automation market is moderate as manufacturing lab automation equipment requires large capital investments and technologies may be protected by intellectual property rights.
Bargaining power of buyers: The bargaining power of buyers in the lab automation market is high as buyers have a variety of product options from various suppliers to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as switching costs are high for lab automation equipment and technology.
Threat of new substitutes: The threat of new substitutes in the lab automation market is low as the technology of lab automation provides a unique value proposition compared to manual approaches.
Competitive rivalry: The competitive rivalry in the lab automation market is high among top players as they continuously invest in R&D to develop new technologies and solutions.
Key Takeaways
The global Lab Automation Market is expected to witness high growth over the forecast period of 2023 to 2030. The global lab automation market is estimated to be valued at US$ 4,903.9 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030.
Regional analysis – North America region currently dominates the lab automation market and is expected to continue its dominance over the forecast period owing to the presence of major players and huge investments in R&D activities.
Key players operating in the Lab Automation Market are Tecan Trading AG, PerkinElmer Inc., Danaher Corporation, Thermo Fisher Scientific, Agilent Technologies, F. Hoffmann-La Roche Ltd, Qiagen N.V., Siemens, Hamilton Robotics, and bioMérieux SA. Tecan is a leading provider of automated laboratory equipment and solutions with integrated software. PerkinElmer develops instruments, consumables, and software used in clinical and research applications as well as life sciences research.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
