Lab Automation Market is expected to surpass US$ 5.5 billion by 2033, at a CAGR 10.1%
During the forecast period, the lab automation market is expected to register a CAGR of 10.1%. The market is anticipated to grow from a valuation of USD 2.1 billion in 2023 to USD 5.5 billion by 2033.
Research and Innovations Aid Market Growth
The market is secured by steady demand for pharmaceutical research. In addition, currently, there is a growing trend of automation across the pharmaceutical and healthcare sectors. Both of these are working in favor of the market even in developing nations. Further key players are keen on developing industry-specific products, catering to specific lab automation user demands.
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Fertile Ground for Market Growth
Key players need to increasingly work on product development to sustain the fast-paced product adoption. Owing to factors such as rising diagnostic rates, globally, this period is projected to be fruitful for market growth. As per recent trends, key players are pooling resources through mergers and acquisitions to consolidate their market positions.
Technological Innovations Emerge as an Integral Part of Market Growth
End-user demand for high-end, advanced lab automation devices is anticipated to generate lab automation market opportunities in the long run. Factors such as advancement in lab robotics technology, which is currently in its nascent stages are also expected to aid market growth. The lab automation technology needs to be made extremely seamless and efficient to attract pharmaceutical, and healthcare organizations of different sizes.
Can Market Key Players Rise Above the Hurdles of High Cost?
Adoption and maintenance of lab automation equipment currently amount to considerable costs. Hence, small and medium enterprises tend to shy away from the adoption of lab automation tools. The major consumer base of key players currently consists of mega-corporations, that are willing to spend millions for high-end efficient lab automation systems. By developing affordable products, key players can easily break into the small and medium enterprises segment. Once the large organization segment reaches saturation, key players will naturally have to turn to smaller enterprises to sustain market growth.
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Recent Market Developments:
- In March 2022, Beckman Coulter Life Sciences introduced the CellMek SPS. The product enables seamless manual sample preparation. It has aided in easing data management bottlenecks in clinical flow cytometry. It is a fully automated sample preparation system (SPS) that would aid laboratories in vastly expanding their current production capabilities.
- In April 2022, Strateos Inc. launched an integrated solution for small molecule discovery programs that aid in automating the DMTA cycles.
- In March 2022, Biosero released the Green Button Go software suite in March 2022. It comes with advanced features to assist customers in yielding better control over laboratory systems.
- In March 2022, Thermo Fisher Scientific and Hamilton Company jointly launched an advanced product. It is their forensic laboratory-qualified automated nucleic acid extraction platform.
Key Market Players:
- Abbott Laboratories
- Agilent Technologies
- Perkin Elmer, Inc
- Thermo Fisher Scientific, Inc
- Siemens Healthcare
- Danaher Corporation
- Dickinson and Company
- Transcriptic, Inc.
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By Component Type:
- Biochemistry Devices
- Molecular Devices
- Hematology Devices
- Immunology Devices
- Microbiology Devices
- Scheduling Software
- Momentum Integration Software
- Life Sciences Research and Development
- Drug Discovery
By End User:
- Pharmaceutical Companies
- Hospitals and Diagnostic Centers
- Educational Institutions
- Contract Research Organizations (CROs)
- Research Institutes
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