Lab Automation Market is witnessed to reach USD 14,275.41 million during the forecast period
Laboratory automation is the combination of automated technologies in the laboratory to enable new and improved processes. It is used as a strategy to research, develop, optimize and capitalize on technologies in the laboratory. It is specially used for automating laboratory processes requiring minimal human input and eliminating human error. Lab automation is used with the aim of providing more efficient testing and diagnostics.
The global lab automation market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.6% in the forecast period of 2022 to 2029 and is expected to reach USD 14,275.41 million by 2029.
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Some of the major players operating in the global lab automation market are QIAGEN, Siemens Healthcare, F. Hoffman Roche, Hamilton Company, Hudson Robotics, LabVantage Solutions Inc., Abbott, BD, BIOMERIEUX, Aurora Biomed Inc., Danaher, Tecan Trading AG, PerkinElmer Inc, Thermo Fisher Scientific, Agilent Technologies, Azenta US Inc, Eppendorf SE and Labware among others.
Global Lab Automation Market Dynamics
Drivers
- Increasing investment & strategic initiatives by market players
The market for laboratory automation is increasing as there is high demand for specialized advanced automated services which eliminate human errors. The focus of the market players and the companies is to provide a variability of tools, equipment, machines and techniques to support the development and manufacturing of automated laboratory infrastructure. The market for laboratory automation is increasing as there is high demand for specialized advanced automated services which eliminate human error. In order to capture the global market share, the market players are coming up with more investments and funding to build advanced technology and methods. These players are more focused on reducing manual efforts and hands-on time for the traditionally labor-intensive process. This is expected to drive the market’s growth.
- Government initiatives to strengthen laboratory infrastructures
In order to further strengthen the healthcare sector and laboratory infrastructure, government organizations play a significant role. The government’s funding and initiative to expand laboratory automation will help the market growth and increase the market players. The government collaborations and agreements with the market’s key players will further strengthen the laboratory infrastructure.
- Growing expenditure on lab automation tools and equipment
The growing expenditure on lab automation tools and equipment is increasing. This is mainly due to the demand for laboratory examinations increasing rapidly for various reasons, such as an aging population, chronic disease growth, the discovery of new and more effective biomarkers and an increase in general health or diagnostic demands.
- Reducing human efforts and eliminating human error
There are several traditional ways to reduce human errors, but developing a system to minimize the risk of human error will help ensure that you don’t repeat the same mistakes again. Manufacturing facilities are focused on building advanced systems in order to utilize artificial intelligence technology to recognize and correct issues before they occur.
Opportunities
- Rising healthcare expenditure
Healthcare expenditure has become higher due to several factors, such as the aging population, chronic disease prevalence, rising drug prices, healthcare service costs and administrative costs among others. However, 2020 was the turning point where the expenses ranked the highest due to the COVID-19 pandemic. It has been found that in 2020, healthcare expenditure grew at the fastest rate of growth experienced since 2002 due to the pandemic.
- Strategic initiatives by key players
Various initiatives have been taken by the leading pharma & healthcare companies to automate the labs to deliver advanced healthcare services to the doorstep within less time. The growing healthcare demand in the market is the main cause of competition between the leading healthcare & pharma companies in the improvement of lab automation worldwide. Hence, the strategic initiatives by market players are expected to act as an opportunity for the lab automation market’s growth.
- Rise in the number of pharma companies
The pharmaceutical industry has experienced significant growth during the past two decades. Growing disposable incomes, increased access to healthcare facilities, growing consciousness towards healthcare among people and increased penetration of medical services are making the pharma companies rise in number to fulfill the demand.
The COVID-19 pandemic had a great impact on the pharmaceutical industry because of the increased demand for medical services and drug supplies. Pharma industries have been growing fastly worldwide to fulfill the high demand of mankind and hence the service should be delivered at the earliest. So, to achieve error-free fast serving advanced healthcare facilities within less time, lab automation is needed. Thus, the rise in the number of pharma companies is expected to act as an opportunity for the lab automation market growth.
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Global Lab Automation Market Scope
The global lab automation market is segmented into product type, product category, automated systems, application and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Product Type
- Equipment
- Analyzer
- Software & Informatics
Based on product type, the global lab automation market is segmented into equipment, analyzer and software and informatics.
Automated Systems
- Total Lab Automation
- Modular Lab Automation
Based on automated systems, the global lab automation market is segmented into total lab automation and modular lab automation.
Application
- Clinical Diagnostics
- Drug Discovery
- Genomics Solutions
- Proteomic Solutions
- Analytical Chemistry
- Protein Engineering
- Lyophilization
- Bio Analysis
- System Biology
- Others
Based on application, the global lab automation market is segmented into drug discovery, clinical diagnostics, genomic solutions, proteomic solutions, bio analysis, protein engineering, lyophilization, system biology, analytical chemistry and others.
End User
- Biotechnology And Pharmaceuticals
- Hospitals & Laboratories
- Research And Academic Institutes
- Others
Based on end user, the global lab automation market is segmented into biotechnology & pharmaceuticals, hospitals & laboratories, research and academic institutions and others
Global Lab Automation Market Regional Analysis/Insights
The global lab automation market is analyzed and market size insights and trends are provided by country, product type, automated systems, application and end user. Countries covered in market are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Netherlands, Russia, Belgium, Switzerland, Turkey, Rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, U.A.E and Rest of Middle East and Africa.
Asia-Pacific is expected to dominate the global lab automation market due to a growing number of research activities. An increase in demand for equipment, analyzer and software is expected to drive market growth in the forecast period.
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The region section of the report also provides individual market impacting factors and changes in regulations in the market that impact the current and future trends of the market. Data points, such as new and replacement sales, country demographics, disease epidemiology, and import-export tariffs, are some of the major pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of Central America brands and their challenges faced due to high competition from local and domestic brands, and the impact of sales channels are considered while providing forecast analysis of the country data.
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