Lab Automation Market Size & Share to Surpass $8.97 Billion by 2030 | Vantage Market Research

WASHINGTON, Oct. 30, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Lab Automation Market is estimated to be valued at USD 8.97 Billion by 2030 at an exponential growth of 6.8% in the next seven years.

The increasing amount of laboratory tests performed on a global scale, the rising standardization of laboratory workflows, an upsurge in R&D spending in the pharmaceutical industry, and the incorporation of AI and analytical tools into laboratory workflows are the main factors fueling the market's expansion.

The Report Provides Insights on the Following Pointers

1. Market Penetration: Provides comprehensive information on the market the key players offer.
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets.
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
4. Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
5. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
6. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The cost of providing healthcare has risen as a result of many aspects, including the geriatric population base, the number of cases of chronic diseases, growing drug prices, the cost of providing healthcare services, and administrative expenses. In addition, the demand for Lab Automation continues to rise due to the expansion of hospitals, private laboratories, clinical research centers, and diagnostics centers.

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Factors Affecting the Growth of the Lab Automation Industry

Many variables may impact the development of the Lab Automation market. Some of these factors include:

• Advancements in technologies such as robotics, and artificial intelligence, machine learning drive the development of the Lab Automation industry. These technologies allow the automation of complex laboratory processes and surge efficiency and accuracy.
• The rise in demand for personalized medicine needs the high-throughput analysis and testing. Lab Automation aids the processing and analysis of large volumes of patient samples, enhancing diagnostics and treatment decisions.
• Miniaturization of lab processes and the development of microfluidic technologies have led to the expansion of Lab Automation. These technologies allow handling smaller sample volumes, lessen reagent costs, and enable high-throughput analysis.
• The growing investment in healthcare infrastructure, increasing research and development activities, and the need for increased productivity are driving the adoption of Lab Automation in emerging markets like the Asia Pacific and Latin America.

Key Highlights

• By Process, the Continuous Flow segment is estimated to have the most enormous growth in the market, above 57%.
• By End Use, the Immunoassay Analysis segment is expected to have a significant market share over the predicted period.
• In 2022, North America dominates the market with a 48.5% revenue share.
• The Asia Pacific region will observe maximum market growth over the forecast period.

Prominent Players in The Global Lab Automation Market Report Scope:

• F. Hoffmann-La Roche Ltd. (Switzerland)
• QIAGEN (Germany)
• PerkinElmer Inc. (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)
• Siemens Healthcare GmbH (Germany)
• Danaher Corporation (U.S.)
• Agilent Technologies Inc. (U.S.)
• Eppendorf SE (Germany)
• Hudson Robotics (U.S.)
• Aurora Biomed Inc. (Canada)
• BMG Labtech GmbH (Germany)
• Tecan Trading AG (Switzerland)
• Hamilton Company (U.S.)
  

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Key Trends   

• Rising usage of automation technologies such as robotics in laboratories to streamline and improve the productivity of workflows. This includes robotic arms, automated liquid handling systems, and robotic sample processors.
• With the development of technologies like artificial intelligence and big data analytics, there is an increasing trend of using data-driven approaches in laboratory automation. This includes the usage of machine learning algorithms to analyze and interpret lab data and optimize processes based on data-driven insights.
• To seamlessly integrate different lab instruments and systems, there is a growing trend of connectivity and interoperability in laboratory automation. This allows for better collaboration, data sharing, and more streamlined workflows.
  

Key Strategies in the Lab Automation Market

The companies compete on product innovation, quality, range of offerings, and global presence to cater to the growing demand for automated solutions. Here are crucial insights into key competitors and success strategies in the industry:

• One of the key strategies is the adoption of robotics and automation technologies in laboratory processes. This involves using robotic systems and automated instruments for tasks like sample handling and analysis. This advances efficiency and accuracy and lessens the risk of human error.
• Collaboration and partnerships among stakeholders, such as laboratory equipment manufacturers, software providers, and research institutions, are major strategies in this market. This allows for exchanging expertise, technology, and resources, expanding innovative solutions, and enhancing market competitiveness.
• Offering comprehensive training and support services to end-users is a key strategy for Lab Automation solution providers, which ensures that users can utilize the technology well and maximize its benefits, increasing customer satisfaction and loyalty.
• User-friendly interfaces and intuitive usability are vital considerations in Lab Automation solutions. By designing solutions that are easier to use and need minimal training, solution providers improve user adoption and enhance overall satisfaction.

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Recent Development of the Global Lab Automation Market

• In April 2022, small molecule discovery programs looking for a quicker, more automated method to complete Design, Make, Test, and Analyze (DMTA) cycles can now access an integrated solution from Strateos, Inc., a pioneer in the development of remote access laboratories and Lab Automation software for life science research.
• In March 2022, the Green Button Go software package has various new features and products that Biosero has added. This BICO firm develops laboratory automation systems to coordinate scientific discoveries. These solutions offer cutting-edge features to assist clients in optimizing, managing, and improving the output of their automated laboratory equipment. Scientists can automate processes across many labs, or just one workstation by using Biosero's Green Button Go software.

Lab Automation Market Segmentation

By Process

• Continuous Flow
• Discrete Processing

By Automation Type

• Total Automation Systems
• Modular Automation Systems

By End-use

• Photometry & Fluorometry
• Immunoassay Analysis
• Electrolyte Analysis
• Clinical Chemistry Analysis
• Other End-uses
  

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Lab Automation Market Forecast Report (2023-2030).

Highlights From Segments

Process Analysis

• Continuous flow segment contributing to the major market development in 2022.
• The segment's high revenue growth is because of the growing usage of continuous flow in laboratories for providing high-quality services and the increased need for continuous flow systems in industries.
• Continuous flow is one of the most popular procedures and is appropriate when many samples need to be analyzed.
  

Automation Type Analysis

• In 2022, the modular automation systems segment accounted for the foremost market growth.
• The mix-and-match and flexibility features provided by modular automation systems are responsible for the segment's most significant revenue share.
• Another aspect promoting market growth is the increasing use of modular systems among end users. These systems are appropriate for laboratories that require automation for particular processes.
  

End Use Analysis

• The clinical chemistry analysis category has the highest revenue share. This is attributed to the growing need for automation in clinical chemistry labs for sample handling, storage, and labeling, as well as the increasing desire for automated laboratory instruments.
• Immunoassay analysis is predicted to have the significant market growth during the expected timeframe. The need for Lab Automation for immunoassay analysis is expected to surge since it offers several benefits, including accuracy, cost reductions, easy data management & integration, and high efficiency.

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Scope of the Report:    

Regional Analysis

• North America dominated the Lab Automation market growth in 2022 owing to the increasing spending on advancing healthcare services.
• Other factors, like the adoption of various standard regulations to increase the productivity of several clinical laboratories and growth in the introduction of automation devices in numerous diagnostic and research laboratories, are propelling the North American laboratory automation market.

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