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Global Lab Automation In Genomics Market Report By Size, Share And Forecast To 2024-2033
Global Lab Automation In Genomics Market
According to The Business Research Company's, The lab automation in genomics market size has grown rapidly in recent years. It will grow from $2.01 billion in 2023 to $2.33 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to the increased demand for precision medicine, rise in the complexity of genomic data, increased focus on genomic research, increased adoption in clinical diagnostics, demand for scalability and flexibility.
The lab automation in genomics market size is expected to see rapid growth in the next few years. It will grow to $4.17 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to the expansion of point-of-care testing, shift towards cloud-based solutions, focus on real-time and continuous monitoring, expansion of precision agriculture, rise of multi-omics integration. Major trends in the forecast period include the adoption of automated instruments, adoption of lab automation systems, automated technologies, cloud-based platforms.
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Market Drivers and Trends:
The growing adoption of precision medicine is expected to propel the growth of lab automation in the genomics market going forward. Precision medicine is a personalized approach to healthcare that considers individual diversity in genes, environment, and lifestyle to deliver individualized medical therapies. The demand for precision medicine is rising due to several factors, such as advances in genomics, targeted therapies, patient-centered care, and drug development. Precision medicine needs lots of genetic tests to find disease-related genes, pushing labs to process many samples fast and accurately, leading them to use automated systems. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, the growing adoption of precision medicine is driving the growth of lab automation in the genomics market.
Major companies operating in lab automation in the genomics market are focused on developing advanced solutions such as automated whole genome sequencing (WGS), to significantly advance genomics research, clinical diagnostics, and personalized medicine. Automated whole genome sequencing (WGS) is sequencing an individual's genome using high-throughput, automated sequencing technologies. For instance, in May 2023, Clear Labs, Inc., a US-based genomics testing company, launched Clear Dx. This new solution provides fully automated sample processing, guaranteeing precise and consistent library preparation and management for genomics. Clear Dx automation reduces human variability and promises consistency throughout sequencing, resulting in consistent and reproducible outcomes. It streamlines genome sequencing, cutting hands-on time to just 30 minutes with a single touch point, enabling easy whole genome sequencing even without training.
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Major Key Players of the Market:
Pfizer Inc., Robert Bosch GmbH, Johnson & Johnson, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Novartis International AG, GlaxoSmithKline plc, Danaher Corporation, Becton, Dickinson and Company, Agilent Technologies Inc., PerkinElmer Inc., Bio-Rad Laboratories Inc., Qiagen N.V., Tecan Group Ltd., Illumina Inc., Hamilton Company, Promega Corporation, Oxford Nanopore Technologies Ltd., Fluidigm Corporation, Gilson Incorporated
Lab Automation In Genomics Market 2024 Key Insights:
• The lab automation in genomics market size is expected to see rapid growth in the next few years. It will grow to $4.17 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%.
• Precision Medicine Propels The Genomics Lab Automation Growth
• Revolutionizing Genomic Sequencing With Cutting-Edge Automation Technology
• North America was the largest region in the lab automation in genomics market in 2023
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