by Market Overview:
Lab automation refers to the increased adoption of robotics and artificial intelligence in laboratory processes to streamline workflow and improve efficiency. Lab automation systems automate repetitive tasks like sample preparation, analysis and lab management to reduce manual errors and save time. They include instruments and software solutions for liquid handling, clinical diagnostics, drug discovery and life science research. For example, automated liquid handling systems are used to perform pipetting of liquids and their transfer between microplates and storage/assay platforms.
Market Dynamics:
Growth in point-of-care testing and decentralized labs is expected to drive the lab automation market during the forecast period. Point-of-care testing allows diagnostic tests to be done closer to where patients receive treatment instead of referring samples to centralized labs. This has generated demand for compact, easy-to-use lab automation products. Additionally, increasing R&D investments in drug discovery and life science research by biotechnology and pharmaceutical companies is also boosting adoption of lab automation solutions to improve efficiency and productivity of research processes. Automation helps analyze large volumes of samples and data more quickly. This allows researchers to make better data-driven decisions and accelerate drug development timelines.
Segment Analysis
The Lab Automation Market Demand can be segmented into equipment type and application. Based on equipment type, the dominating segment is robotic systems which accounts for over 30% of the market share. This is because robotic systems provide increased productivity and efficiency by allowing high throughput screening of samples with minimal human errors.
PEST Analysis
Political: Government regulations around safety, accuracy and quality control are driving adoption of automated systems in labs to ensure compliance.
Economic: Growth of pharmaceutical and biotechnology industry along with rising R&D spending on drug discovery and clinical diagnostics is fueling demand for lab automation solutions to boost research productivity.
Technological: Introduction of artificial intelligence, robotics and internet of things enabled solutions are enhancing functionality of automated equipment and optimizing workflows in labs.
Key Takeaways
The global lab automation market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing demand for accuracy and efficiency in analysis especially in drug discovery and clinical studies.
North America dominates the global lab automation market currently holding over 30% share due to strong pharmaceutical industry and presence of leading automation players in the region. Asia Pacific is expected to witness fastest growth due to rising investments by pharma companies and setting up of new research facilities.
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, and Porvair Sciences, SPT Labtech Ltd, Endress+Hauser Group Services AG, Automata, accroma, Molecular Devices, LLC, Beckman Coulter, Inc., BD, Reshape Biotech, Peak Analysis & Automation. These players are focusing on new product launches and acquisitions for sustained growth.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
