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Lab Automation Market is expected to reach US$ 8,483.27 million by 2030

The lab automation market size is projected to surpass US$ 8,483.27 million by 2030. Report covers regional and global growth analysis

By The Insight Partners

Equipment, by Product, to Dominate Lab Automation Market During 2022–2030 

According to our new research study on "Lab Automation Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis," the market is expected to grow from US$ 5,166.31 million in 2022 to US$ 8,483.27 million by 2030; it is anticipated to record a CAGR of 6.4% from 2022 to 2030. Based on the lab automation market analysis, key factors driving the lab automation market growth are the rising applications and advantages of lab automation and the growing pharmaceutical industry. However, the limited adoption of lab automation due to high capital investment hinders the lab automation market growth.

Emerging countries such as India, China, Argentina, Brazil, the UAE, and South Africa are expected to offer significant growth opportunities for lab automation market players due to the rising disposable incomes, expanding patient population, increasing R&D activities, improving healthcare infrastructure, growing disease awareness, and relatively lenient guidelines compared to developed countries. According to the World Economic Forum, as of 2022, Russia, Brazil, China, India, and South Africa collectively accounted for a third of global health spending. As per the World Bank, health spending in India and China increased by 3.01% and 5.35%, respectively, from 2018 to 2019.

Lab Automation Market, by Geography, 2022 (%)

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPHE100001249

Source: The Insight Partners Analysis

Furthermore, there has been a surge in vaccine research and development in emerging markets over the past decade, resulting in the expansion of biotechnology companies and increasing the demand for lab automation. For instance, according to the National Investment Promotion and Facilitation Agency of India, India is an important center for clinical trials and contract manufacturing, and it exports vaccines to more than 150 nations. The rising domestic and international demand for vaccines is driving the biotechnology industry in India. Initiatives such as Make in India and Aatmanirbhar Bharat drive the vaccine production in India. India's globally competitive efficacy has resulted in a demand for its vaccines and biopharmaceuticals among global consumers. Thus, the biotech industry in emerging nations will fuel the demand for lab automation to reduce time and labor costs while providing greater accuracy and quality outcomes.

However, various companies, notably in the biotechnology and pharmaceutical industries, experience significant problems adopting laboratory automation due to high capital expenditure. While laboratory automation provides various benefits, such as higher efficiency, accuracy, and throughput, the initial cost of deploying automation systems can be unaffordable for certain businesses. Various factors contribute to the high capital investment required for laboratory automation, such as equipment costs, infrastructure requirements, integration and customization, maintenance and support, high expertise requirements, and risk of technology obsolescence. For instance, according to Retisoft Inc., the price range for a small automated robot system is between US$ 100,000 and US$ 300,000. However, more complicated and large lab automation systems can often cost over US$ 1 million. Thus, the high capital investment required for laboratory automation can hinder the adoption of lab automation by many biotechnology and pharmaceutical companies, especially smaller or emerging organizations with limited financial resources. Thus, the abovementioned factors are likely to hamper the global lab automation market growth.

Siemens Healthineers, Thermo Fisher Scientific Inc, Analytik Jena GmbH+Co. KG, Labman Automation Ltd, BD, Brooks Automation Inc, bioMerieux SA, CrelioHealth Inc., Danaher Corporation, and F. Hoffmann-La Roche Ltd are among the key companies operating in the lab automation market. The companies have been implementing various strategies that contributed to their growth and led to various changes in the lab automation market. The companies utilize organic strategies such as launches, expansion, and product approvals and inorganic strategies such as collaborations and partnerships. 

For instance, in May 2023, Opentrons announced the launch of the Opentrons Flex robot, an innovative class of reasonably priced, easily programmable liquid-handling lab robots that will level the playing field for labs of all sizes and make advanced lab automation accessible to more researchers than ever. The Flex robot combines cutting-edge robotics with a vast open-source software ecosystem. It can be used with AI tools and has a nearly limitless capability for selecting new protocols.

Similarly, in March 2023, Brooks Automation US, LLC announced the acquisition of Aim Lab Automation Technologies Pty Ltd. Brooks's acquisition of Aim Lab aligns with the company's expansion plan to offer more solutions in the lab automation market. With its PreciseFlex product solutions, Brooks leads the life sciences collaborative automation market. Brooks' position in clinical diagnostics has increased beyond drug discovery with this acquisition. With PreciseFlex, Aim Lab will provide its clients with more capabilities, a global footprint, and opportunities to work together more closely.

The report segments the lab automation market as follows:

Based on product, the lab automation market is bifurcated into equipment and software. The equipment segment held a larger lab automation market share in 2022. However, based on the lab automation market forecast, the software segment is anticipated to register a higher CAGR during 2022–2030. 

Based on equipment, the lab automation market is subsegmented into automated workstations, liquid handling systems, robotic systems, microplate readers, automated storage and retrieval systems (ASRS), and others.

Based on application, the lab automation market is differentiated into clinical diagnostics, drug discovery, proteomics solutions, genomics solutions, and others. The drug discovery segment held the largest share in lab automation market size in 2022, and the clinical diagnostics segment is anticipated to register the highest CAGR from 2022 to 2030.

Based on end user, the lab automation market is segmented into pharmaceutical companies, hospitals and diagnostic centers, educational and research institutions, and contract research organizations. In 2022, the pharmaceutical companies segment held the largest share in lab automation market size. However, based on the lab automation market forecast, the hospitals and diagnostic centers segment is anticipated to register the highest CAGR during 2022–2030.

The lab automation market report, based on geography, is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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