Lab Automation Market to be Worth $10.54 Billion by 2030- by Meticulous Research®

Lab Automation Market by Product (Liquid Handling, Nucleic Acid Purification System, Microplate Reader, ELISA, Storage & Retrieval, LIMS, ELN Software), Application (Drug Discovery, Diagnostics, Genomics & Proteomics), End User - Global Forecast to 2030

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Lab automation refers to the use of automated systems, instruments, and software to streamline and optimize various laboratory processes and tasks. It involves the deployment of automated systems and technologies that are intended to enhance efficiency and accuracy in laboratory processes. Lab automation is used in a wide range of industries, including pharmaceuticals, biotechnology, and healthcare, among others. Lab automation equipment streamlines workflows, reduces manual errors, and increases productivity, which makes it suitable for laboratories with higher workloads.

Meticulous Research®, in its latest publication on the lab automation market, states that the lab automation market is projected to reach $10.54 billion at a CAGR of 7.2% from 2023 to 2030.

The growth of this market is driven by the increasing pharmaceutical and biotech R&D expenditure, growing demand for automated labs and instruments, increasing prevalence of chronic and infectious diseases, and government initiatives supporting life sciences R&D. Factors such as growth in genomics & proteomics, increasing focus on food safety and quality, increasing awareness and growing adoption of personalized medicines, and emerging economies are a few opportunities that would help grow the market in the future.

However, the high costs of advanced automation equipment and funding and infrastructure limitations in developing countries restrain the growth of this market. In addition, equipment maintenance and repair and data security and privacy concerns are the major challenges for the growth of this market.

To provide efficient analysis, Meticulous Research® has segmented this market based on product, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on product, in 2023, the systems segment is expected to account for the largest share of the lab automation market. The large market share of this segment is attributed to factors such as rising pharmaceutical R&D expenditure, increased focus on drug development, and the advantages of automated liquid handling systems to increase efficiency and productivity while reducing errors. Systems are completely automated instruments that are integrated with advanced technologies that carry out experiments without the need for manual intervention. These systems provide faster results of the experiments conducted which will lead to decreased sample workload. Apart from this, the faster and more accurate result will also make diagnosis of several diseases easy.

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Based on application, in 2023, the drug discovery segment is expected to account for the largest share of the lab automation market. The large market share of this segment is attributed to factors such as cost-efficient processes carried out for drug discovery, high-throughput capability, and faster decision-making, along with the increasing pharmaceutical R&D and the high reproducibility and consistent results of the experiments. Initially, lab automation was only used to develop drugs and production to aid high-throughput analysis. Moreover, technological advancements have enabled lab automation to be used in drug discovery for applications other than drug development and production, such as improved precision, compliance, and replicability of results, therefore leading to the segment's large market share.

Based on end user, in 2023, the pharmaceutical and biotechnology companies segment is expected to account for the largest share of the lab automation market. The large market share of this segment is attributed to factors such as rising demand for the discovery of new drugs, growing focus on increasing overall productivity, and initiatives by pharmaceutical and biotechnology companies to expand their research capabilities by opening new research centers.
In 2023, North America is expected to account for the largest share of the lab automation market, followed by Europe and Asia-Pacific. North America's major market share is attributed to the increasing prevalence of chronic and infectious diseases, the surging need for high-throughput analysis, escalating investments in research and development, increasing focus on genomics research and genetic testing, and the presence of key market players.

The report provides competitive intelligence, such as financials and key growth strategies of major market players. The report also provides an extensive assessment of the market based on product, application, end user, and the geographical presence of the key players operating in the lab automation market, such as Thermo Fisher Scientific, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Revvity, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Waters Corporation (U.S.), Tecan Group Ltd. (Switzerland), F. Hoffmann-La Roche AG (Switzerland), Siemens Healthineers AG (Germany), Abbott Laboratories (U.S.), Becton, Dickinson, and Company (U.S.), Hudson Robotics, Inc. (U.S.), and Hamilton Company (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: @ https://www.meticulousresearch.com/product/lab-automation-market-1221

Scope of the Report:

Lab Automation Market Assessment-by Product
• Systems
o Automated Liquid Handling Systems
o Automated Nucleic Acid Purification Systems
o Automated ELISA Systems
o Automated Microplate Readers
o Automated Storage and Retrieval Systems
o Other Lab Automation Systems
Note: Other lab automation systems include automated incubators, automated cell counters, and automated cell imaging systems, among others
• Software
o Laboratory Information Management Systems (LIMS)
o Electronic Lab Notebook (ELN)
o Workstation/Equipment Automation Software
o Scientific Data Management Systems (SDMS)

Lab Automation Market Assessment-by Application
• Drug Discovery
• Clinical Diagnostics
• Genomics & Proteomics Research
• Other Applications
Note: Other applications include bioprocessing in biotechnology, cell analysis, basic research, forensic analysis, and quality control in the F&B industry.

Lab Automation Market Assessment-by End User
• Pharmaceutical & Biotechnology Companies
• Hospitals & Diagnostic Laboratories
• Research & Academic Institutes
• Other End Users
Note: Other end users include the food & agriculture industry, forensic laboratories, blood banks, and environmental & quality testing.

Lab Automation Market-by Geography
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe (RoE)
• Asia-Pacific (APAC)
o China
o Japan
o India
o Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

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This release was published on openPR.