Major Players Invest Significantly in Lab Automation Market to Diversify Product Offerings and Secure Market Positions
According to a recent study published by Regal Intelligence, the global Lab Automation Market will reach USD 7.2 billion by 2027, growing at an annual compound growth rate (CAGR) of 7.2% during the forecast period. This growth is being spurred by rising automation demands in healthcare facilities, increasing investment into drug discovery and development activities, as well as advances in robotics and software technologies.
The lab automation market consists of three segments: hardware, software, and services. Hardware is anticipated to lead the market during the forecast period due to the rising adoption of automated liquid handling systems and robotics in laboratories. Software is projected to experience the highest compound annual growth rate during this time due to increased demands for data management and analysis within laboratories.
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The lab automation market is highly competitive, featuring several major players such as Thermo Fisher Scientific, Danaher Corporation, PerkinElmer Inc., Agilent Technologies Inc., Bio-Rad Laboratories, Tecan Group Ltd., Hamilton Company, Abbot Laboratories, Qiagen NV and Becton Dickinson and Company. These firms are investing heavily in new product launches, collaborations and acquisitions to maintain their market positions and diversify their product offerings.
Thermo Fisher Scientific, one of the key players in lab automation market, recently unveiled their Gibco ExpiSf system - a next-generation protein expression system designed for high yield protein production in insect cells. Danaher Corporation additionally acquired Integrated DNA Technologies - an established provider of nucleic acid products - to expand their life sciences portfolio. These strategic initiatives by major players are expected to fuel market growth over the forecast period.
The lab automation market is driven by several market dynamics, such as rising demand for high-throughput screening, rising adoption of automation in clinical diagnostics and increasing focus on personalized medicine. High-throughput screening involves screening large numbers of compounds quickly which is essential in drug discovery and development. Automation in clinical diagnostics has also seen an uptick in recent years as it helps improve accuracy and reduce turnaround time for treatments. Furthermore, personalized medicine is driving growth within this space through advanced laboratory automation technologies.
However, the high cost of lab automation systems and lack of skilled professionals could potentially hinder market growth during the forecast period. Small and medium-sized laboratories find it costly to adopt these technologies due to their often high price tags; furthermore, a shortage of experienced personnel in lab automation could further hamper growth prospects.
The lab automation market looks promising, with potential growth opportunities in emerging markets and increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies for laboratory automation. Furthermore, growing applications in biobanking, drug discovery, precision medicine and genomics are expected to fuel market expansion.
AI and Machine Learning (ML) technologies are increasingly being employed in laboratory automation to facilitate data analysis and decision-making processes. Tecan Group Ltd. recently unveiled Fluent Gx Automation Workstation, a highly versatile and efficient lab automation platform that utilizes AI and ML techniques for improved sample preparation and analysis.
The lab automation market is experiencing tremendous growth with ample opportunities in the coming years. This growth is being driven by factors such as increasing demand for automation in healthcare and drug discovery, advances in robotics and software technologies, and high-throughput screening requirements. As this sector matures, key players are expected to invest heavily in research & development and innovation to maintain their position within it.
- Regal Intelligence
- Regal Intelligence
- Website: Total Lab Automation System Market