Lab Automation Market estimated to account for US$ 4,477.0 Mn in 2019 and forecast to reach US$ 6,262.3 Mn at a CAGR of 4.9% 2020-2027
Lab Automation Market report includes historic data, present market trends, environment, technological innovation, upcoming technologies and the technical progress in the related industry. Lab Automation Market offers complete, proficient report delivering market research data that is relevant for new market entrants or set up players. Key strategies of the companies operating in the market and their impact analysis have been included in the report.
Global Lab Automation Market Analysis
Laboratory automation is a multidisciplinary approach used to develop and optimize laboratory technology to improve medical testing and processes. It replaces manual steps with automated processes, which are potentially dangerous and error-prone.
The global lab automation market is estimated to be worth US$ 4.477 million in 2020, and is expected to reach US$ 6,262.3 million by the end of 2027.
During the forecast period, the demand for laboratory automation in the pharmaceutical and biotechnology fields continues to grow, which is expected to drive the growth of the global lab automation market. Laboratory automation uses high-end automation equipment, such as automatic liquid handling systems, micro-plate readers, and automatic storage and retrieval systems. It also includes software to perform various routine laboratory procedures, such as sample analysis, measurement performance, sample mixing, sample storage, and many other procedures. Laboratory automation improves productivity with less uptime and greater precision by minimizing human error in operational tasks. The automatic liquid handling system can perform three different procedures at the same time, such as sample preparation, adding reagents to different sample dishes, and moving laboratory utensils from the periphery to the front of the table.
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• Current and future of global Lab-on-a-chip Market outlook in the developed and emerging markets
• The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
• Regions/countries that are expected to witness the fastest growth rates during the forecast period.
• The latest developments, market shares, and strategies that are employed by the major market players.
Furthermore, the increase in the prevalence of chronic diseases is also expected to contribute to the growth of the market. According to data from the American Cancer Society, there will be 1,762,450 new cancer cases and 606,880 cancer deaths in the U.S. in 2019. 4,444 liquid handling products dominated the global lab automation market in 2019, accounting for 40.3% of the share value, followed by micro-plate readers and robots, among others.
It is expected that the cost of automation prevents the growth of the global lab automation market. The cost of automation is one of the objections facing each laboratory. A greater investment resists the laboratory to buy the product. The need to expand or remodel the laboratory workspace works as a barrier in the implementation of laboratory automation, as it functions as an additional charge at cost. In addition, the low adoption of laboratory automation in emerging economies is also expected to limit the global lab automation market growth.
The growing pharmaceutical industry is expected to provide profitable growth opportunities for participants in the global lab automation market. According to key data from the European Federation of Pharmaceutical Industries and Associations for 2019, the European pharmaceutical industry invested US $ 19 in 2000, US $ 509 million, and increased to US $ 39.895 million in 2018 (estimated value).
The increase of 4,444 labs testing for COVID19 is also expected to increase the demand for lab automation. In February 2020, the US Food and Drug Administration (FDA) expanded its Emergency Use Authorization (EUA) policy to allow more laboratories to apply for COVID19 testing approval.
In 2019, the global lab automation market value is US $ 4,268.9 billion and is expected to reach US $ 6,262.3 billion in 2027, with a CAGR of 4.9 percent from 2020 to 2027.
A growing number of clinical trials are expected to drive the growth of the global lab automation market. In addition, the development and launch of new laboratory automation solutions are also expected to contribute to market growth. In January 2018, Hamilton developed an automated SOPHiA GENETICS CEIVD labeling genetic cancer solution application library preparation method in an advanced and flexible way through an automated micro-let workflow system.
Key companies contributing in the global lab automation market are Agilent Technologies, QIAGEN, Abbot Diagnostics, Thermo Fisher Scientific, Danaher Corporation, PerkinElmer Inc., Tecan Group Ltd., Porvair Sciences, UiPath, Siemens Healthineers, Roche Diagnostics, Eppendorf, COPAN Diagnostics, Inc., and Hamilton Company.
In July 2020, the main market players focused on the launch of new products to expand their product portfolio. Porvair Sciences, a manufacturer of micro-plates and micro-plate instrumentation, released a series of new low-profile depths optimized for laboratory automation.
The major market players are also focusing on using collaborative strategies to expand their product portfolios. In April 2020, Hamilton and Integrated MicroChromatography Systems launched the affinityPure STAR analysis-ready workstation as part of their ongoing collaboration.
- By Product
- Liquid Handling Market
- Microplate reader
- Robotics and Others
- By End User
- Research Institutes
- Biopharmaceuticals and pharmaceuticals
- By Region
- North America
- Latin America
- Asia Pacific
- Middle East
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