March 1, 2024

Lab Automation Market Poised to Propelled by Growth in Pharmaceutical Industry Automation

Lab automation systems streamline otherwise manually intensive laboratory processes through the integration of software, robotics, and laboratory information management systems (LIMS). These systems enable high-throughput screening, targeted synthesis, and consistent analysis of chemicals and biospecimens. The need for lab automation has grown sharply with increasing R&D activity in drug discovery and development across the pharmaceutical and biotechnology industries.

The global Lab Automation Market is estimated to be valued at US$ 4,903.9 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growth in the pharmaceutical industry automation is one of the key trends driving the lab automation market. Pharmaceutical companies are increasingly automating drug discovery and development processes to enhance efficiency, reduce costs, and ensure compliance with regulatory guidelines. Automation helps accelerate research processes, allows for high-throughput screening of potential drug candidates, and minimizes human errors. It is estimated that laboratory automation could cut preclinical research time by 30% and drug discovery costs by up to 40%. This is prompting more pharmaceutical firms to significantly expand their incorporation of automated systems and robots in R&D workflows.

SWOT Analysis

Strength: Automation reduces laboratory errors and increases productivity. It allows researchers to focus on more complex tasks rather than routine tasks.

Weakness: High initial investment costs for automation equipment. Require skilled professionals for operation and maintenance of automated equipment.

Opportunity: Growing demand for miniaturization and integration of laboratory automation processes. Increasing R&D spending in pharmaceutical and biotechnology industries.

Threats: Potential accidents due to faulty automated equipment. Rise in service and maintenance costs of aging automated systems.

Key Takeaways

The global lab automation market is expected to witness high growth in coming years. The global Lab Automation Market is estimated to be valued at US$ 4,903.9 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030.

North America dominates the market currently due to presence of major players and increasing biomedical research activities in the region. The market in Asia Pacific is expected to grow at fastest rate owing to rising patient population, increasing healthcare expenditure, and growing focus of international players on emerging economies in the region.

Key players operating in the lab automation market are Tecan Trading AG, PerkinElmer Inc., Thermo Fisher Scientific Inc., Danaher Corporation, QIAGEN, Agilent Technologies, F. Hoffmann-La Roche Ltd., Siemens Healthineers, bioMérieux SA, and Hamilton Company. Lab automation allows researchers to focus on complex tasks rather than routine tasks. It reduces laboratory errors and improves productivity. Growing demand for integrated lab automation solutions and rising R&D spending in life sciences are the major factors driving the growth of this market.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it