Laboratory Automation Market valued at $4.5 billion in 2021, is set to grow at a decent CAGR of 8% to Reach $6.8 Billion By 2026

During the past decade, automation has become indispensable in laboratories globally, with manual processes being replaced by machines in every area of science and technology. The market continues to witness several new product launches.

For instance,
• In March 2022, Biosero, Inc., a developer of laboratory automation solutions extended its laboratory automation capabilities with the launch of several new products and features in the company's Green Button Go software suite. The software allows scientists to automate workflows ranging from a single workstation to operations that span multiple labs.

The Global Laboratory Automation Market valued at $4.5 billion (2021) is set to witness a growth rate of 8% in the next 5 years. Integration of automation, AI, & machine learning (ML) in laboratory workflows, transformative benefits of laboratory automation, technological advancements in automation technology, and increased spending on healthcare are key factors driving the Global Laboratory Automation Market.

Automation, AI, and Machine Learning (ML) Set to Bolster the Laboratory Automation Market
Addition of AI and automation in laboratory workflows not only reduces several manual processes of lab testing but also streamlines logistics and accessioning, and helps optimize delivery and use of resources. The automation of processes, workflows, and data enables laboratories to reduce downtime, increase stability and optimize efficiency.

Machine learning is also expected to play a critical role in developing effective molecular diagnostics. Machine learning-based diagnostics will be the key to simplifying and automating the R&D process, allowing scientists to respond rapidly to testing needs.

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Citing these potential benefits, laboratories across the globe are leveraging AI/ML to automate workflows, triage and prioritize samples, distinguish between conditions, authenticate results, and perform quality checks.

"The advantage of automation is that instruments are more powerful, can aggregate data more quickly, and can find analytical insights that otherwise wouldn't be found." - CEO, Diagnostics Technology Company, United States

Skill Gap in Technology, Shortage of Skilled and Trained Healthcare Professionals and Sluggish Adoption of Automation by Small & Medium-Sized Laboratories - Major Deterrents for the Market
The skill gap in handling state-of-the-art software designed to automate the machinery performing laboratory tasks and shortage of skilled and trained healthcare professionals for operating the advanced laboratory equipment which requires specialized skill sets presents a major challenge in embracing laboratory automation.

Due to high maintenance & service costs associated with laboratory informatics solutions, the adoption of laboratory automation solutions has been slow among small & medium-sized laboratories.

Competitive Landscape Analysis: Laboratory Automation Market
The Laboratory Automation market is marked by the presence of key players such as Thermo Fisher Scientific, Inc., PerkinElmer Inc., Agilent Technologies, Danaher Corporation, Gilson Inc., BMG Labtech, Aurora Biomed, and others.

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Contact:
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com

About Medi-Tech Insights:
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

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