Lab Automation Market Overview 2023 to 2033 | By Component Type, Application, End User & Region
During the forecast period, the Lab Automation Market Demand is expected to develop at a CAGR of 10.1%. The market is predicted to grow from 2.1 billion US$ in 2023 to 5.5 billion US$ by 2033.
Research and Innovations Aid Market Growth
Consistent demand for pharmaceutical research holds the market together. Furthermore, automation is becoming more prevalent in the pharmaceutical and healthcare industries. Both of these are advantageous to the market, especially in developing countries. Furthermore, key players are interested in developing industry-specific products that address the needs of certain Lab Automation users.
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Fertile Ground for Market Growth
Key businesses must spend more on product development to stay up with the quick rate of product acceptance. Because of variables such as improving diagnostic rates, this year is predicted to be beneficial for global market expansion. Current trends show that significant competitors are merging resources to strengthen their market positions through mergers and acquisitions.
Technological Innovations Emerge as an Integral Part of Market Growth
End-user demand for high-end, advanced Lab Automation technology is projected to drive long-term Lab Automation market prospects. Advances in lab robotics technology, which is still in its early stages, are expected to drive market growth. Lab Automation solutions must be exceptionally frictionless and efficient in order to attract pharmaceutical and healthcare enterprises of all sizes.
Can Market Key Players Rise Above the Hurdles of High Cost?
Lab Automation system adoption and maintenance are currently costly. As a result, small and medium-sized firms are wary about implementing laboratory automation technologies. The primary consumer base of key players is currently comprised of mega-corporations willing to spend millions on high-end efficient Lab Automation systems. By offering low-cost products, key companies can readily access the small and medium-sized business category. When the major organisation category reaches saturation, key players will be obliged to migrate to smaller firms in order to maintain market growth.
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Recent Market Developments:
- Beckman Coulter Life Sciences will launch the CellMek SPS in March 2022. The product allows for easy manual sample preparation. It has contributed to the reduction of data management bottlenecks in clinical flow cytometry. It is a completely automated sample preparation system (SPS) that would help laboratories greatly increase their existing production capacities.
- Strateos Inc. released an integrated system for small molecule discovery programmes that aid in automating the DMTA cycles in April 2022.
- Biosero will deliver the Green Button Go software bundle in March 2022. It includes additional capabilities to help users have 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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