April 17, 2024

Lab Automation Market is poised to grow by enhanced productivity and accuracy trends by technological advancements

The global lab automation market comprises equipment and software that facilitate automated laboratory processes such as sample handling, analysis, and examinations. Lab automation products help streamline workflow in laboratories, improve productivity, reduce errors, and minimize laboratory space requirements. Key advantages include higher accuracy and reproducibility, minimal human errors, optimized workflows, and improved laboratory safety.

The Global Lab Automation Market is estimated to be valued at US$ 4,903.9 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the lab automation market are Tecan Trading AG, PerkinElmer Inc., Danaher, Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Inc., Hamilton Company, COPAN Diagnostics Inc., Abbott, Merck KGaA, F. Hoffmann-La Roche Ltd, Siemens Healthcare Private Limited, UiPath, Porvair Sciences, SPT Labtech Ltd, Endress+Hauser Group Services AG, Automata, accroma, Molecular Devices, LLC, Beckman Coulter, Inc., BD, Reshape Biotech, Peak Analysis & Automation. The companies are focusing on developing advanced lab automation solutions and integrating them with artificial intelligence and IoT technologies.

Growing investments by pharmaceutical and biotechnology companies in R&D is augmenting the demand for lab automation. Furthermore, shifting focus towards decentralized laboratories and point-of-care testing is also fueling the adoption of lab automation solutions globally.

The lab automation market is witnessing rising global expansion with active mergers and acquisitions by key players. Established companies are expanding their footprint in emerging markets of Asia Pacific and Latin America to tap the untapped potential. New product launches catering to needs of mid-sized laboratories are also boosting the lab automation market growth.

Market Key Trends

The integration of robotics and artificial intelligence is emerging as a key trend in the lab automation market. Leaders are developing robots capable of conducting a wide range of tasks like liquid handling, transporting specimens, and workflow management. AI-powered solutions can analyze large datasets, monitor equipment performance, and assist in research studies. Another notable trend is the rising adoption of microfluidic-based automated analytical systems due to advantages like low sample consumption and portability. Customized automation solutions tailored for mid-sized laboratories are gaining popularity. This is expected to make lab automation accessible to more end-users.

Porter’s Analysis

Threat of new entrants: Low setup costs and specialized skills required to enter the lab automation market make threat of new entrants low.

Bargaining power of buyers: Large customer base of research institutes and pharma companies gives buyers higher bargaining power in lab automation market.

Bargaining power of suppliers: Established global players and proprietary technologies make suppliers powerful in lab automation market.

Threat of new substitutes: Limited substitutes for lab automation make threat of substitutes low.

Competitive rivalry: Highdegree of competition among top players intensifies competitive rivalry.

North America leads the lab automation market in terms of value due to presence of large pharmaceutical and biotechnology industries in the region. The Asia Pacific region is expected to be the fastest growing market for lab automation during the forecast period owing to rising investments in R&D activities by pharmaceutical companies in countries like China and India.

The lab automation market is concentrated in developed countries of Europe such as Germany, the United Kingdom, France, Italy, and Spain. Strong pharmaceutical industry coupled with large funding for life science research drives the lab automation market value in Europe. Rising globalization of clinical trials has further propelled adoption of lab automation solutions in European countries.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it