Lab Automation Market to reach USD 7.1 billion by 2028

"The lab automation market is projected to grow at a CAGR of 5.8% during the forecast period (2022-2028)."

The global lab automation market is projected to reach USD 7.1 billion by 2028 from USD 5.1 billion in 2022, growing at a CAGR of 5.8% during the forecast period. The rise in advantages offered by lab automation is one of the major factors anticipated to boost market growth in the forecasting years.

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"The automated workstation segment to hold the largest share of the market in 2022"

Based on the product, the lab automation market is segmented into automated workstations, off-the-shelf automated work cells, software, robotic systems, automated storage & retrieval systems, and lab automation equipment. The automated workstation market is further segmented into automated liquid handling systems, microplate readers, automated ELISA systems, and automated nucleic acid purification system surgical table. The automated workstations segment accounted for the largest market share in 2021.

"The drug discovery segment is projected to register the highest CAGR during the forecast period"

Based on application, the market is segmented as drug discovery, diagnostics, genomics, proteomics, microbiology, and other applications. By application, drug discovery segment has accounted for the highest CAGR during the forecast period. The prevailing diseases and the growing demand of their treatments had been the key factor driving for this application segment. In January 2020, Eli Lilly and Company (US) and Strateos, Inc. (US) set up a new robotic laboratory in California (US) to accelerate the former's drug discovery process. Thermo Fisher Scientific and the Biopharmaceutical Analysis Training Laboratory (BATL) at Northeastern University also entered into a collaborative agreement in a bid to advance analytical capabilities and drive innovation across the biopharmaceutical industry in areas such as personalized medicine, monoclonal antibodies, and gene and cell therapies.

"The biotechnology & pharmaceutical companies segment is projected to register the highest CAGR during the forecast period"

Based on end users, the global lab automation market is segmented hospital & diagnostic laboratories, biotechnology & pharmaceutical companies, research & academic institutes, forensic laboratories, environmental & testing laboratories, and the food & beverage industry. By end users, Biotechnology & pharmaceutical companies segment is projected to register the highest CAGR during the forecast period. Increasing pressure on pharmaceutical companies to develop new and effective drugs has led to a higher demand for automating laboratory processes and reducing the time spent by researchers on routine and repetitive tasks. Adopting lab automation in this process helps reduce the time and costs involved in drug development, as it increases the speed and accuracy of tests by reducing false positives and negatives.

"The market in the North America region is expected to hold significant market share for lab automation in 2022."

The lab automation market covers five key geographies-North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The market in the North America region is expected to hold significant market share for lab automation in 2022.Diagnostic testing is also on the rise in the region due to the higher penetration of healthcare facilities and growing health awareness. With the increasing geriatric population and the rising prevalence of lifestyle diseases, there has been a significant rise in the demand for diagnostics and therapeutics. To cater to this demand, diagnostic laboratories and research centers are increasingly adopting lab automation solutions.

Lab automation has been revolutionizing the scientific landscape, streamlining experiments, and boosting productivity. As we look to the future, lab automation promises even more transformative changes that will reshape the way research is conducted, leading to faster discoveries and breakthroughs in various fields.

One of the most significant trends in the future of lab automation is the integration of artificial intelligence (AI) and machine learning. AI-driven algorithms can analyze vast amounts of data, identify patterns, and make predictions, enabling researchers to gain deeper insights and make more informed decisions. From drug discovery to genomics, AI-powered automation has the potential to accelerate research and development processes significantly.

Furthermore, robotics is poised to play a more substantial role in lab automation. Advanced robotic systems can conduct repetitive tasks with higher precision and speed than human counterparts, freeing up researchers to focus on more complex and creative aspects of their work. Robotic automation also reduces the risk of human errors, enhancing the reliability of experimental results.

Another exciting aspect of the future of lab automation is the emergence of cloud-based solutions. Researchers can access and analyze data remotely, collaborate seamlessly with colleagues worldwide, and benefit from shared resources and expertise. Cloud-based lab automation platforms facilitate greater flexibility and accessibility, promoting more efficient and collaborative research efforts.

Additionally, the miniaturization of lab instruments and devices is on the rise. Microfluidics and lab-on-a-chip technologies enable researchers to perform experiments on a smaller scale, saving precious resources and reducing waste. This trend is particularly valuable for applications in personalized medicine and point-of-care diagnostics.

In conclusion, the future of lab automation is marked by the integration of AI, robotics, cloud-based solutions, and miniaturization. As these technologies continue to advance and become more widely adopted, researchers can expect a revolution in how experiments are conducted, leading to accelerated discoveries and transformative breakthroughs across various scientific disciplines. Embracing the potential of lab automation will undoubtedly shape a more efficient, collaborative, and innovative future for scientific research.

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This release was published on openPR.