The lab automation market is poised for a 7.3% growth, driven by the increasing elderly demographic, which is a key catalyst for market expansion.

ROCKVILLE, MD, UNITED STATES, October 23, 2023 /EINPresswire.com/ -- The lab automation industry is poised for significant growth from 2022 to 2032. According to Fact.MR's projections, the market is set to attain a valuation of US$ 3.87 Billion, with a projected Compound Annual Growth Rate (CAGR) of 5.3% during this forecasted timeframe. This growth is primarily fueled by the increasing adoption of miniaturization processes, which not only reduce reagent costs but also enhance productivity.

Over the forecast period, North America is expected to emerge as the frontrunner in this market. This prominence can be attributed to the presence of major pharmaceutical companies, which has led to heightened investments in the fields of drug discovery and genomics.

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In 2022, the worldwide demand for comprehensive lab automation services surged, registering an impressive year-over-year growth rate of over 11% compared to 2021. This increase took the market value from US$ 1.8 billion to US$ 2 billion. The global lab automation market encompasses various applications, including drug discovery, clinical diagnostics, genomics solutions, and proteomics solutions. Among these applications, the clinical diagnostics segment emerged as the market leader, contributing 27.1% of the total revenue in 2022.

Looking ahead, the global lab automation market is poised for significant expansion, with a projected compound annual growth rate (CAGR) of 7% from 2022 to 2032. This growth trajectory is expected to propel the market from its 2021 value of US$ 1.8 billion to a substantial US$ 4 billion by 2032.

Global Lab Automation Market: A Journey from 2015 to 2021 and Beyond

From 2015 to 2021, the global lab automation market demonstrated robust growth with a notable CAGR of 6.1%. Notably, the clinical laboratory sector played a pivotal role, dominating the market during this period. Several factors, including an aging population facing escalating healthcare expenses, a surge in infectious diseases, a growing number of clinical studies, and continuous technological advancements in lab automation, drove the market's remarkable expansion.

The outbreak of the COVID-19 pandemic brought a substantial surge in testing volumes, prompting major healthcare providers to adopt precision-based diagnostic and treatment solutions. This led to a substantial increase in demand for laboratory automation solutions throughout 2020 and most of 2021. Moreover, the global pharmaceutical industry is poised to surpass the remarkable milestone of US$ 1 trillion by 2025. As pharmaceutical manufacturers continue to explore innovative therapeutic approaches, the demand for automation in laboratories is expected to soar.

The growing demand for lab automation is further bolstered by government initiatives providing financial and technical support to facilitate the development of automated laboratories in key markets. According to insights from market research and competitive intelligence provider Fact.MR, the demand for lab automation is projected to more than double during the forecast period spanning from 2022 to 2032.

Key Companies Profiled

- Thermo Fisher Scientific
- Agilent Technologies
- PerkinElmer
- Hudson Robotics
- Qiagen NV
- F. Hoffmann-La Roche Ltd.
- Hamilton Robotics
- Siemens Healthineers
- Becton Dickinson and Company
- Bio-Rad Laboratories
- FORMULATRIX
- BioMerieux SA
- Danaher Corporation

Expanding the Utilization of Laboratory Automation in Large Integrated Healthcare Systems

Emerging Asian Pacific nations like China and India present significant investment opportunities due to their rapid growth in molecular-based diagnostics, quality enhancement efforts, increasing collaborations, and healthcare modernization.

To enhance their market share, medical device manufacturers are concentrating on the development of automated devices for in-vitro diagnostics and research, incorporating advanced features. This will indirectly stimulate the growth of the lab automation market and lead to increased revenue from software and services in the foreseeable future. Additionally, the rise in government initiatives aimed at enhancing healthcare infrastructure in Saudi Arabia and the UAE is expected to foster demand for lab automation solutions.

The demand for advanced, high-end lab automation equipment from end-users such as pharmaceutical and biotechnology companies, hospitals, diagnostic centers, ambulatory surgical centers, educational institutions, and research organizations, aiming to achieve improved efficiency and performance, will create opportunities for the introduction of innovative lab automation technologies and services in the long term.

The Market for Laboratory Automation is Flourishing Due to Increasing Acceptance

In the past decade, the adoption of laboratory automation services has experienced remarkable growth. These services have significantly boosted productivity by ensuring precise and consistent report generation while increasing throughput. The integration of automation techniques has led to a threefold surge in demand for automated devices, advanced software, and related services, primarily driven by the rising number of diagnostic cases and the need for real-time result analysis.

Furthermore, a key catalyst for future market expansion is the growing demand for miniaturization. Automated systems and workstations in clinical laboratories are being increasingly employed to downsize research processes, especially in areas like biotechnology, microbiology, and clinical chemistry. This shift toward miniaturization not only simplifies cell expansion, monitoring, and cultivation but also results in quicker turnaround times, particularly in point-of-care settings.

To secure a substantial market share, many industry players are placing a strong emphasis on launching new automated devices and services aimed at reducing the costs associated with lab automation services. Strategic acquisitions, mergers, collaborations, and technological advancements are also pivotal drivers of growth within the lab automation market.

Challenges in Automation Adoption for Small and Medium-Sized Laboratories

Automation adoption has been sluggish in small and medium-sized laboratories, primarily due to financial limitations. The substantial maintenance and service expenses associated with laboratory informatics solutions pose a notable hindrance to implementation.

Industry specialists note that the upkeep costs of IT solutions surpass the actual software costs. Furthermore, the hesitance to take risks and the absence of compelling evidence regarding the cost-effectiveness of automation solutions for smaller laboratories are factors restraining the expansion of the lab automation market in this sector.

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Competitive Scenario

The primary expansion strategies employed by the aforementioned industry leaders mainly involve the introduction of new automation equipment and customizable software tailored to specific industry needs. Moreover, they leverage strategic partnerships, collaborations with academic and research institutions, government affiliations, and acquisitions of smaller players.

- In February 2020, Thermo Fisher Scientific, Inc. launched the Rapid EZ DNA-Seq library preparation kit, enabling the PCR-free generation of sequencing-ready libraries for Next-Generation Sequencing (NGS).

- In July 2020, Danaher Corporation (specifically Beckman Coulter, Inc.) entered into a marketing agreement with Clever Culture Systems (CCS), a pioneering player in AI-driven microbiology automation. This collaboration was aimed at promoting the APAS Independence as part of their comprehensive suite of laboratory automation solutions.

- Furthermore, in February 2020, Becton, Dickinson, and Company announced the FDA approval of the BD Kiestra ReadA. This standalone device enhances operational efficiency in clinical microbiology laboratories by automating repetitive plate management tasks and ensuring accuracy through standardized digital image acquisition.

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