April 16, 2024

The Lab Automation Market to Gain Immense Traction due to Increase in Research and Development Activities

Lab automation refers to the process of automating laboratory workflows and processes with minimal human assistance using robotic systems. Technological advancements have aided improved productivity, reproducibility, and reduced operational costs in various 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.

Lab automation products assist in streamlining processes in clinical and diagnostics laboratories through integration of robotic equipment to perform repetitive tasks with enhanced speed, accuracy, and efficiency. Factors such as increase in healthcare expenditure, rising need for improved productivity and shift towards miniaturization of lab processes are fueling market growth. Lab automation finds application in fields such as drug discovery, genomics, proteomics, and analytical chemistry and helps process large sample volumes 24/7 with high precision.

Key Takeaways
Key players: Tecan Trading AG, PerkinElmer Inc., Danaher, Thermo Fisher Scientific, and QIAGEN hold a majority market share due to their diverse product portfolio and wide geographical presence.
Key opportunities: Increasing research & development investments by pharma companies and growing point of care testing trends are expected to drive market opportunities over the forecast period.
Technological advancements: Integration of automation workflows, artificial intelligence and cloud-based technologies is streamlining lab processes and assisting with data analysis.

Market Drivers
Increase in drug discovery activities & clinical trials: With growing focus on developing novel treatment options, demand for lab automation equipment is rising across R&D centers and contract research organizations.
Rising complexities in testing procedures: Technological advancements have enabled development of integrated solutions performing complex diagnostic assays, immunoassays and protein analysis faster.
Scarcity of skilled labor: Lab automation helps address the shortage of technicians with capability to perform high-volume standardized tasks 24/7 without human errors or delays.
Current Challenges in Lab Automation Market
The lab automation market continues to face several challenges including high initial investment costs associated with lab automation systems. Limited budgets in smaller labs and diagnostic centers have been a key restraining factor restricting widespread adoption of advanced lab automation technologies. Furthermore, the need for specialized training to operate complex lab automation systems has also challenged the growth trajectory of this market to some extent. Lack of standardization between equipment from different vendors further complicates integration of various modules and poses interoperability issues. However, with growing awareness about time and cost saving benefits, the market is slowly overcoming these challenges in recent years.

SWOT Analysis
Strength: Automation increases lab productivity and throughput while boosting efficiency. It helps free up technician time by performing repetitive tasks.
Weakness: High initial investment costs of automation solutions pose affordability challenges for smaller labs.
Opportunity: Growing demand for miniaturized point-of-care testing is opening new avenues for portable lab automation devices. Rising need for integrated total lab automation is another key opportunity.
Threats: Lack of standardization between equipment from different vendors leads to integration issues. Technological changes at a fast pace can render some automated systems obsolete quickly.

Geographical Regions
North America currently dominates the global lab automation market in terms of value share due to advanced healthcare infrastructure and widespread technological adoption in the region. The U.S. accounts for the major share of the North American as well as global lab automation market.

Asia Pacific is emerging as the fastest growing regional market for lab automation. Factors such as rising healthcare spending, increasing number of diagnostic tests, and growing focus on developing state-of-the-art clinical laboratories are fueling demand across countries like China and India. Growing collaborations between global players and local labs are also stimulating market growth in Asia.

*Note:

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