Lab Automation Market worth $7.71 billion by 2029: Increased Expenditure on Healthcare, and Growth in Pharmaceutical and Biotechnology Industries Fueling Opportunities

The report provides a perspective of opportunities and challenges ahead for stakeholders, besides profiling the details of leading players' competitive landscape.
The global lab automation market [https://www.marketsandmarkets.com/Market-Reports/lab-automation-market-1158.html?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=labautomationmarket], valued at US$5.65 billion in 2023, is forecasted to grow at a robust CAGR of 6.9%, reaching US$5.85 billion in 2024 and an impressive US$7.71 billion by 2029. The increasing demand for high-throughput screening is the primary driving force in the lab automation market as it allows laboratories to process large volumes of samples more efficiently in drug discovery and diagnostics. Automated systems are error-free as human intervention will be minimized, thus resulting in accurate results for both clinical and research applications. A shortage of skilled manpower increases the need for minimal supervision solutions that reduce labor costs and enhance efficiency. Further development in robotics, artificial intelligence, and machine learning contributes to the capability of automation. Personalization of medicine, rising R&D investment, regulatory compliance, and cost-effectiveness are other factors contributing to this market's growth.

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Automated workstations accounted for the largest share of the Lab Automation market.

The highest market share in laboratory automation is covered by workstations that automate repetitive and long-duration tasks in laboratories. It also increases throughput and improves reproducibility when it comes to research diagnostics and drug development. Nowadays, the demand for accuracy in data and quick results makes automated workstations appealing. Some of the world's leading companies that supply advanced automated workstations include Thermo Fisher Scientific Inc. (US), Hamilton Company (US), PerkinElmer (US), Beckman Coulter (US), and Tecan Group (Switzerland). Such automated workstations serve various applications- sample preparation, liquid handling, and assay setup- among others. They significantly support research in any domain such as clinical, pharmaceutical, and biotechnology.

By application, drug discovery accounts for the largest share in 2023.

Applications associated with drug discovery account for the largest share of the lab automation market. With automation technologies, the various stages of compound testing and high-throughput screening can be simplified. This increases the efficiency of finding drug candidates but also substantially saves on labour costs. With an increasing requirement for newer therapeutics across various fields, comprising oncology, neurology, and infectious diseases, the lab automation market will continue to be dominated by automated solutions in drug discovery.

By end user hospitals & diagnostic laboratories account for the largest share in 2023.

the high-throughput, efficient automation solutions address the growing needs of the healthcare sector. The market for lab automation primarily targets hospital and diagnostic laboratories. The increasing prevalence of chronic diseases, outbreaks of infectious diseases, and the pressure for rapid diagnosis have necessitated these labs to implement automation in their systems so that they can ensure speedy diagnostic procedures, accurate results, and reduced human error. Automation in technologies includes sample handling systems, liquid processing, and data management to handle many tests. The prominent players in automation solutions are Roche (Switzerland), Siemens Healthineers (Germany), Abbott Laboratories (US), and Beckman Coulter (US).

North America dominates the Laboratory Automation market in 2023.

North America has the largest market share with strong healthcare infrastructure, rapid acceptance of innovative technology, and investment in R&D. There is a requirement for chronic disease diagnosis due to increased disease prevalence that has increased the application of automation in hospitals, diagnostic labs, and research centers. The leading companies from North America, including Thermo Fisher Scientific Inc., Beckman Coulter, Agilent Technologies, and PerkinElmer. With further innovation and supporting regulatory frameworks, North America is likely to hold a strong position in the market for lab automation.

The lab automation market is highly competitive with continuous innovation. A few of the competitive factors include the development of automated high-throughput systems, artificial intelligence/data analytics integration, and increased accuracy, reliability, and speed. Additionally, companies are investing majorly in research and development for their products to develop and maintain their competitive edge, and therefore, this lab automation market is constantly growing. The leaders of the market in this space are continuously broadening their product lines to suit the evolving needs of the laboratories in the sectors, such as diagnostics, pharmaceuticals, and biotechnology. Here are some of the key players in the Lab automation market: Thermo Fisher Scientific (US), Tecan Group (Switzerland), Danaher Corporation (US), Agilent Technologies (US), F. Hoffmann-La Roche Ltd. (Switzerland), Revvity (US), Eppendorf AG (Germany), Becton, Dickinson and Company (US), Waters Corporation (US), Siemens Healthineers (Germany), Abbott Laboratories (US), Biomerieux (France), Hamilton Company (US), Hudson Robotics (US).

Thermo Fisher Scientific, Inc. (US): Thermo Fisher Scientific is a well-known player in the lab automation market and is known for offering analytical equipment, reagents & consumables, laboratory equipment, and software & services. The firm has a global presence in over 50 countries North America, Europe, APAC, and Latin America. The firm offers lab automation products such as automated liquid handling systems, automated ELISA Systems, automated nucleic acid extraction kits, laboratory robot systems & mobile robots, laboratory data management solutions, microplate readers, multidrop dispensers, and microplate washers. These products are provided through the Analytical Instruments and Laboratory Products & Biopharma Services segment. The firm engages in strategic acquisition to mark its presence in the market. For instance, it recently acquired Olink Holding AB (Sweden) in October 2023, to grow in the proteomics sector.

Tecan Group (Switzerland): Tecan Group leads the lab automation market and is developing robotic sample processors, detection devices, laser scanners, integrated systems, and pumps and valves for high-precision liquid handling. The firm has manufacturing and R&D sites in North America and Europe and operates its services in over 52 countries. The core products offered include microplate readers & washers, liquid handling & automation products, robotic arms, nucleic acid purification systems, automated ELISA systems, and software. The company works through two business segments-Life Sciences Business and Partnering Business. One of the recent developments includes launching Resolvex i1300 (a component of Fluent automation workstation) in February 2024, which supports proteomics workflows. This product may be applied in biomarker discovery, drug development, and personalized medicine applications.

Danaher Corporation (US): Danaher Corporation is the laboratory automation market major in designing, developing, and marketing medical, industrial, and commercial products. The firm has 93 sites in the US and 119 sites in 30 other countries. The lab automation products include microplate readers, DNA Extraction Kits, liquid handlers, Clinical Laboratory Diagnostic Products, and software. These are offered through the life sciences business segment. In August 2024, the company acquired Genedate (Switzerland) to include Genedata's life sciences software solutions in its product portfolio.

Agilent Technologies (US): This firm is involved in designing, manufacturing, and delivering products and services within its diagnostics, life sciences, and applied chemicals divisions. With operations worldwide across the Americas; Europe; the Middle East and Africa; and Asia/Pacific, this global company has its manufacturing and research and development sites in Australia, China, Germany, Italy, Malaysia, Singapore, the UK, and the US. The lab automation products offered by this firm include automated Liquid Handling Platforms, Microplate Readers, Microplate Washers & Dispensers, Microplate Stackers & Incubators, Microplate Automation Software, and Software & Informatics. Under its business segment Life Sciences and Applied Markets, Agilent offers lab automation products. In January 2024, Agilent launched ProteoAnalyzer, which is an automated parallel capillary electrophoresis of proteomics.

F. Hoffmann-LA Roche Ltd. (Switzerland): It is a leading player in the lab automation market, with global presence across North America, Europe, Latin America, Africa, and Asia for Roche. The firm operates through two business segments-Pharmaceuticals and Diagnostics. This firm delivers workflow solutions and lab automation solutions under the Diagnostics segment. Some of the products included in its portfolio are Cobas P 312 Preanalytical System, Cobas mobile solution, Cobas P 501/Cobas P 701 Postanalytical Units, and Cobas P 512 Preanalytical System.

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