The lab automation market is expected to grow at 6.6% CAGR from 2022 to 2029. It is expected to reach above USD 10.17 billion by 2029 from USD 5.16 billion in 2020.
Automation in the laboratory refers to the use of technology to enhance existing procedures and enable new, more effective ones. Better accuracy, quality, and consistency can be attained in clinical, nonclinical, and industrial settings thanks to laboratory automation. Using laboratory automation boosts productivity by enhancing experimental data quality and assisting in shortening overall lab process durations. A laboratory automation system is made up of several different parts, including computer hardware and software, robotics, conveyor systems, and machine vision.
For laboratories to stay competitive in the market today, lab automation is becoming a more viable choice and a necessary solution. The use of contemporary automation technology spares researchers from doing tedious chores. Automation in the lab assists by enabling lab staff to control the influx of samples and, as a result, optimizing workflow to deliver patient findings on time. The lab automation solution is also having a favorable effect on the healthcare sector.
| ATTRIBUTE | DETAILS |
| Study period | 2020-2029 |
| Base year | 2021 |
| Estimated year | 2022 |
| Forecasted year | 2022-2029 |
| Historical period | 2018-2020 |
| Unit | Value (USD Billion) |
| Segmentation | Application, End User, and Region |
| By Application |
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| By End User |
|
| By Region |
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The expansion of benefits provided by lab automation is one of the elements anticipated to boost market growth in the upcoming years. Lab automation reduces and minimizes the physical strain caused by manual activities, making it easier to use laboratory equipment for repetitive work. It also lowers expenses and frees up lab space. It is anticipated that both small and large laboratories would be motivated to deploy these workstations due to the multiple advantages afforded by automated systems.
In order to ensure that work is finished quickly and accurately, laboratory automation is essential in maximizing the accuracy of laboratory results and reducing human error. Additionally, it enables the laboratory to produce reports rapidly, guaranteeing that reviewers will have access to actionable data immediately. Laboratories can reduce manual labor by using automation. Several testing procedures that would ordinarily require a sizable amount of manual labor can be completed by automation systems. A sizeable portion of the total lab expenses go for labor. Automation solutions also increase lab productivity and lower potential cost increases brought on by waste.
The productivity of the drug discovery process has significantly increased as a result of the use of automated systems. These systems can run continuously with little supervision and guidance. They also provide researchers more time to concentrate on their main projects and spend less time on repetitive work. Data protection and easy accessibility for lab workers are made possible by automated testing systems. These systems also increase lab teams' efficiency by allowing them to view a sample's whole history and trace everything that occurs to it.
The Lab automation market is expected to grow at 6.6% CAGR from 2022 to 2029. It is expected to reach above USD 10.17 billion by 2029 from USD 5.16 billion in 2020.
North America held more than 38% of the lab automation market revenue share in 2020 and will witness expansion in the forecast period.
Due to technical advancements in laboratory equipment and a rise in the usage of automated laboratory equipment in pharmaceutical and R&D organizations, the laboratory automation market is predicted to increase over the forecast period. Increased demand for miniature process equipment also contributes to the market's expansion.
The top companies to hold the market share in Lab automation market are Thermo Fisher Scientific, Tecan Group, Danaher Corporation, Agilent Technologies, F. Hoffmann-La Roche, PerkinElmer, Eppendorf, Becton, Dickinson and Company, Waters Corporation, Siemens Healthineers, Abbott Laboratories, bioMérieux, Endress+Hauser Group, Hamilton Company, and Hudson Robotics, and others.
North America is the largest regional market for lab automation market.
The lab automation market is segmented into automated workstations, automated work cells that are readily available off the shelf, robotic systems, automated storage and retrieval systems, and others based on product. The largest portion of the global market is accounted by the automated workstation segment. Workstations decrease turnaround times, increase efficiency, and lower expenses. These are the main elements fueling market expansion.
Lab automation is divided into various types depending on the application, including drug discovery, diagnostics, genomics solutions, proteomics solutions, microbiology, and other applications. Throughout the projection period, the diagnostics segment is anticipated to experience considerable expansion. Radiation therapy, proton therapy, and precision therapy are examples of cancer treatments that target the area of the body where tumors are located. The market for this application segment is predicted to expand due to rising demographics, urbanization, penetration, and affordability.
The hospital & diagnostic laboratories, biotechnology & pharmaceutical firms, research & academic institutes, forensic laboratories, environmental & testing laboratories, and the food & beverage industry are the end user segments of the worldwide lab automation market. Automation makes it possible for hospital and diagnostic laboratories to transport, track, and produce precise results from patient samples in the least amount of time. Rapid illness detection makes preventative treatment easier to provide, and it also boosts productivity, increases patient safety, and lowers healthcare costs. Moreover, automation software enables hospitals to track patient data and keep a patient registry system to recall data whenever required quickly and conveniently.
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The Lab automation market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).
In terms of revenue share, North America dominated the lab automation market in 2020 and is anticipated to hold that position during the forecast period. The expansion is ascribed to the region's increased adoption of lab automation technology as a result of the region's established healthcare infrastructure. Also, the local presence of significant firms and the favorable reimbursement system in this area are promoting the market adoption of new solutions.
Due to the rising need for lab automation in developing countries like China and India, the market in Asia Pacific is anticipated to rise at an exponential rate during the forecast period. This region's profitable expansion is also believed to be the result of increased efforts by regional and international businesses to make revolutionary lab automation technologies available in these potential markets.
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