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Laboratory Automation Systems Market Insights 2024-2033 | Key Players Abbott Laboratories, Danaher Corporation, Thermo Fisher Scientific, Agilent Technologies, Inc.
Laboratory Automation Systems Market Share
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According to The Business Research Company's, The laboratory automation systems market size has grown strongly in recent years. It will grow from $5.28 billion in 2023 to $5.57 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increase in medical errors, growth in the number of healthcare facilities, economic growth in emerging markets, a rise in healthcare expenditure and rapid growth in the elderly population..
The laboratory automation systems market size is expected to see strong growth in the next few years. It will grow to $6.86 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to rapid technological advances, rising aging population, increasing prevalence of chronic diseases, covid-19 and increase in lifestyle diseases will drive the growth. . Major trends in the forecast period include emphasizing more on investing in research and development, collaborating with artificial intelligence companies, partnering with other players in the market, coming up with more efficient laboratory automation solutions, incorporating rfid technology, bringing new product launches and approvals and receiving aid from government initiatives..
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Market Drivers and Trends:
Increased demand for microbiology testing and standardization of sample-collection devices for microbiology culture has driven the adoption of automated laboratory systems for culture-based laboratory testing in clinical microbiology. Culture-based microbiology laboratory testing by manual methods is being replaced by automated methods with the help of total laboratory automation. For instance, popular systems such as Becton Dickinson's Kiestra TLA, Copan's WASPLab, and others enable total laboratory automation (TLA) for culture-based microbiology testing. The potential to affect laboratory efficiency, turnaround time, and the overall quality of culture-based microbiology testing, is driving the automated laboratory systems market growth.
The hospital laboratories are increasingly adopting RFID technology for laboratory automation systems due to its better productivity and product quality reduced costs for technology, error reduction, faster delivery of samples, and reduced human intervention. Radio Frequency Identification (RFID) technology is an automatic system of identification based on wireless communication, consisting of a tag and a reader which can communicate through radiofrequency. RFID technology is similar to bar code technology but is more beneficial as it can perform some additional functions and actions automatically without human intervention than bar code technology. An RFID system is equipped with a transponder, transceiver, and a data processing unit to meet enhanced identification and tracking requirements in hospital laboratories. Laboratory automated systems use RFID tags attached with patient samples for identification and smart cards to store patients' data under a workstation that monitors the process in the laboratory. For instance, Mayo Clinic, a healthcare company, adopted RFID-enabled laboratory automation systems to minimize errors by 70%, maximize efficiency and patient safety, and reduce specimen turnaround time by 50%.
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Major Key Players of the Market:
Microsoft, Amazon.com Inc, International Business Machines Corporation, Dell Technologies Inc, SAP SE, KDDI Corporation, OpenText Corporation, Tencent, CodeLab, Telefonaktiebolaget lm ericsson, Amadeus IT Group, Tensor, Kitopi, Wipro Ltd, Red Hat, Inc, Fulcrum Digital, T-Systems, Indra Sistemas, Kingsoft Corporation, Intel Corporation, Dimension Data, Wirecard, Neuron Soundware, Sequel, GFI Informatique, Acccenture, CGI Group Inc., BairesDev, T-Systems South Africa (TSSA), Apprenda Inc, Mimecast, Supercell, Infosys Technologies Ltd, DigitalOcean Inc, Alibaba, Wise, TCS, GoCardless, BlackBerry Limited, Salesforce.com, Inc., Constellation Software Inc, NetApp India Pvt. Ltd, Zenith Infotech Limited, Google LLC, Servionic, Fujitsu Ltd, Shopify Inc, Commerce Decisions, Softline, Sopra Steria Bechtle, Teraco Data Environments, Manta, Sage, Nippon Telegraph And Telephone Corp, Micro Focus, ATOS, Rostelecom, Hitachi Ltd, Oracle Software Systems Co. Ltd, SAVVIS Australia Pty Ltd, Cisco Systems, Inc., Oracle Corporation, Capgemini, SKB Kontur, Dassault Systèmes, Agfa-Gevaert, Barco, Genpact India Pvt Ltd, Comarch, LMKR, Main Data Nigeria Limited (MDXi), Duffel, UCloud Information Technology, Toshiba Corporation, Mango Telecom, Adobe Inc
Laboratory Automation Systems Market 2024 Key Insights:
• The laboratory automation systems market size is expected to see strong growth in the next few years. It will grow to $6.86 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Revolutionizing Clinical Microbiology Boosts Laboratory Automation Market
• Implementation Of Rfid Technology To Enhance Laboratory Automation
• North America was the largest region in the laboratory automation systems market in 2023
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