Global Laboratory Automation Market Size To Grow At A CAGR Of 5.6% In The Forecast Period Of 2023-2028

The 'Global Laboratory Automation Market Size Report and Forecast 2023-2028' by Expert Market Research gives an extensive outlook of the global laboratory automation market, assessing the market on the basis of its segments like type, equipment and software type, end use, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.

Laboratory Automation Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

Forecast CAGR (2022-2027): 5.6%

The global laboratory automation market is expected to register growth during the forecast period on account of the rapid expansion of laboratories worldwide and advancements in laboratory and automation technology. The rising usage of automated instruments in drug discovery units of pharmaceutical manufacturers is likely to increase the research and development activities using automation which is further expected to boost the market growth of laboratory automation over the coming years.

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The increasing benefits provided by laboratory automation are expected to fuel the market growth across the globe. Some of the key benefits of laboratory automation include enhanced productivity, safe working conditions, reliable results, as well as savings on space, costs, and time. This is expected to enhance the laboratory automation market demand over the forecast period.

Lab automation enables the utilisation of laboratory equipment for repetitive tasks like sample verifications and labelling, reducing the physical pressure caused by manual tasks, minimising risk of error, and decreasing costs incurred. Through laboratory automation, companies can save space that would otherwise be required for manual operations. Hence, several benefits provided by automated systems are likely to drive large and small laboratories to implement such systems in the coming timeframe.

Laboratory Automation Industry Definition and Major Segments

Laboratory automation is the usage of automation with devices, software, and instruments typically used in laboratories, involving the least input by humans. The laboratory automation is designed to conduct specific tasks required in laboratory settings, with the capabilities of improving over time through machine learning. Further, automation can be employed everywhere from small steps of any specific experimental process all the way through to the whole workflow.

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Based on type, the market is classified into:

Modular Automation
Whole Lab Automation

By equipment and software type, the market is segmented into:

Automated Clinical Laboratory Systems
Workstations
LIMS (Laboratory Information Management Systems)
Sample Transport Systems
Specimen Handling Systems
Storage Retrieval Systems
Automated Drug Discovery Laboratory Systems
Plate Readers
Automated Liquid Handling Systems
LIMS (Laboratory Information Management Systems)
Robotic Systems
Storage Retrieval Systems
Dissolution Testing Systems

By end use, the market is classified into:

Biotechnology and Pharmaceutical Companies
Hospitals and Diagnostic Laboratories
Research and Academic Institutes

Based on region, the market is divided into:

North America
Latin America
Asia Pacific
Europe
Middle East and Africa

Laboratory Automation Market Trends

The demand for the laboratory automation market is expected to rise from biotechnology and pharmaceutical end users, on account of the increasing adoption of laboratory automation in drug discovery processes. With a rapidly increasing demand for new drugs to treat various conditions, laboratory automation can help lower prices, while meeting the needs for product intricacy and quality consistency, and also lowering costs due to errors.

Geographically, the North American region is anticipated to drive the laboratory automation market growth on account of the well-established healthcare infrastructure present in the region. With the increasing presence of key players like Danaher Corp. and PerkinElmer Inc., among others as well as a supportive compensation framework across the region, the market growth of laboratory automation is expected to boost over the coming years.

Meanwhile, the Asia Pacific region is expected to gain momentum in the laboratory automation market share over the coming years on account of the surging demand from developing countries like India and China. The increasing number of pharmaceutical companies along with the rising awareness regarding innovative laboratory automation systems is expected to fuel the market growth of laboratory automation across the region. The growing research and development sector is likely to drive the market demand for laboratory automation in the upcoming years in the Asia Pacific.

Key Market Players

The major players in the global laboratory automation market report are Danaher Corp., Abbott, PerkinElmer Inc., Tecan Trading AG, Siemens Healthcare GmbH, ThermoFisher Scientific Inc., and Agilent Technologies, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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