REDDING, Calif., Sept. 16, 2024 /PRNewswire/ -- According to a new market research report titled, 'Lab Automation Market [https://www.meticulousresearch.com/product/lab-automation-market-1221?utm_source=PRnewswire&utm_medium=Paid&utm_campaign=Product&utm_content=16-09-2024] Size, Share, Forecast, & Trends Analysis by Product (Liquid Handling, Nucleic Acid Purification System, Microplate Reader, ELISA, LIMS, ELN), Application (Drug Discovery, Diagnostics, Genomics),End User--Global Forecast to 2031.
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The lab automation market is projected to reach $11.31 billion by 2031, at a CAGR of 7.3% from 2024 to 2031.
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Rising pharmaceutical and biotech R&D expenditures, the increasing demand for automated laboratories and instruments, the high prevalence of chronic and infectious diseases, and initiatives supporting life sciences R&D are driving the growth of the lab automation market. However, the high costs of advanced lab automation equipment and funding & infrastructure limitations in developing countries are factors restraining the growth of this market.
Furthermore, growth in genomics & proteomics research, the increasing focus on food safety & quality, rising awareness & growing adoption of personalized medicines, and emerging economies are expected to generate growth opportunities for the players operating in the lab automation market. However, equipment maintenance & repair and data security & privacy concerns are major challenges impacting market growth.
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Automated Laboratories: Effective Management of Clinical Workflows
Lab automation is being widely adopted in clinical laboratories to increase accuracy and efficiency and reduce costs and errors. In the field of medicine, a diagnostic error can incur very high costs. Hence, automating clinical laboratories can significantly reduce human errors and associated costs.
Automating clinical laboratories can have a positive impact on patient outcomes. Quick and reliable diagnostic results allow medical professionals to initiate appropriate treatments, improving the chances of patient survival. Additionally, limited resources, long waiting times for diagnostic results, and the shortage of skilled laboratory staff can lead to poor patient outcomes. The implementation of lab automation in clinical laboratories helps mitigate these issues and provides quick and reliable results, improving patient outcomes.
In the U.S., an estimated 10-20% of diagnoses are inaccurate and result in 40,000-80,000 deaths each year. Automation improves the ordering, testing, and reporting of diagnostic tests and ensures higher throughput, increased productivity, efficient use of reagents & materials, and standardization, decreasing errors and improving turnaround times.
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The players operating in this market are focused on launching new automated diagnostic instruments. For instance:
-- In May 2024, Abbott Laboratories (U.S.) launched its GLP Systems Track
in India to support the high-volume needs of laboratories.
-- In September 2023, Yourgene Health plc (U.K.) launched the Yourgene
MagBench Automated DNA Extraction Instrument and Kit for Noninvasive
Prenatal Testing (NIPT) workflows.
-- In June 2023, Becton, Dickinson and Company (U.S.) launched its BD
FACSDuet Premium Sample Preparation System for cellular diagnostic
applications.
-- In January 2023, QIAGEN N.V. (Netherlands) launched the EZ2 Connect MDx
Platform for automated sample processing in diagnostic labs.
-- In May 2022, Becton, Dickinson and Company (U.S.) launched BD COR MX, a
fully automated, high-throughput infectious disease molecular
diagnostics platform.
Lab Automation Market Analysis: Key Segmental Findings
-- By Product: In 2024, the systems segment is expected to account for the
major share of 71.5% of the lab automation market. However, the software
segment is expected to grow at the fastest CAGR of 7.4% during the
forecast period of 2024-2031.
-- By Application: In 2024, the drug discovery segment is expected to
account for the largest share of the market. However, the clinical
diagnostics segment is expected to grow at the fastest CAGR during the
forecast period of 2024-2031.
-- By End User: In 2024, the pharmaceutical & biotechnology companies'
segment is expected to account for the largest share of 41.0% of the
global market.
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Geographic Analysis:
North America Dominates the Global Market
North America is expected to account for the largest share of 40.8% of the lab automation market. In terms of value, in 2024, the U.S. is expected to account for the major share of 92% of the lab automation market in North America. Pharmaceutical companies in the U.S. are at the forefront of adopting cutting-edge technologies, with a strong emphasis on the implementation of lab automation systems to enhance operational efficiency and gain a competitive edge in the pharmaceutical sector. The adoption of lab automation technologies is driven by several factors, including the surging need for high-throughput analysis, increasing investments in research and development, laboratories' growing need for increased efficiency, precision, and productivity, and the increasing focus on genomics research and genetic testing. These dynamics are boosting the adoption of lab automation across the country. The U.S. has low market barriers for developing and commercializing pharmaceuticals due to the supportive domestic environment. With the availability of government funding for research activities, robust capital markets, and strong academic research in the country, the U.S. is the world's largest scientific research base, attracting most global venture capital investments in the biotechnology industry.
Asia-Pacific to Witness Rapid Growth
Asia-Pacific is expected to record the fastest growth over the forecast period, with the regional market reaching $2.74 billion by 2031. The high growth of this regional market is driven by the expanding pharmaceutical & biotechnology industries, rapidly improving healthcare infrastructure, growth in pharmaceutical research, and increasing government funding in APAC. The Asia-Pacific region has become one of the most attractive markets for healthcare & life sciences companies worldwide, primarily due to changing demographics and accelerated economic growth in the region. Countries such as China, India, South Korea, and Indonesia are expanding their healthcare infrastructure, driving the demand for laboratory automation.
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In 2024, China is expected to account for the largest share of the lab automation market in Asia-Pacific. The country's large market share is mainly attributed to government initiatives focusing on research and development, increasing R&D expenditures of pharmaceutical and biopharmaceutical companies, favorable regulatory policies, the rising prevalence of infectious & chronic diseases, the rising geriatric population, and the increased demand for lab automation among clinical laboratories due to increased disease prevalence.
Germany Continues to Dominate the Lab Automation Market in Europe
In 2024, Germany is expected to account for the largest share of the lab automation market in Europe. Factors such as increasing government investments in the pharmaceutical industry, growing biotech & pharmaceutical R&D expenditures, rising healthcare spending, increasing sample volumes in laboratories due to the rising incidence of chronic and infectious diseases, the increased demand for precision medicines, and the rising focus on genomics research contribute to the country's largest market share. Germany has a favorable environment for developing and producing research-intensive, high-grade products. According to German Trade & Invest, in 2021, the pharmaceutical industry in Germany invested over $9.1 billion (EUR7.7 billion) in research and development. Additionally, the government and funding organizations have pledged to substantially increase public & private R&D spending and researchers by 2030 as part of the country's Sustainable Development Goals (SDG). Thus, increasing government funding for research, the wide availability of technologically advanced laboratory informatics solutions, and laboratories' need to reduce errors, and associated costs are expected to drive the growth of the lab automation market in Germany.
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Lab Automation Market: Competition Analysis
This report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies adopted over the past 3-4 years. Major companies in the lab automation market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the lab automation market include product launches, product enhancements, approvals, partnerships, collaborations, agreements, acquisitions, and expansions. The key players operating in the lab automation market include 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.).
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Lab Automation Industry Overview: Latest Developments from Key Industry Players
-- In July 2024, INPECO SA (Switzerland) launched FlexLab X, a
next-generation total lab automation system (TLA), at the Annual
Scientific Meeting of the Association for Diagnostics & Laboratory
Medicine (ADLM 2024). This system can combine analyzers from different
vendors, enable space-saving layouts, offers a sleek graphical user
interface, and streamlines workflows.
-- In February 2024, Carbon, Inc. (U.S.) launched its Automatic Operation
(AO) suite of solutions designed to meet the needs of dental labs,
setting new standards in lab automation.
-- In September 2023, Bio-Rad Laboratories, Inc. launched the PTC Tempo
48/48 and PTC Tempo 384 thermal cyclers that are designed to aid PCR
applications such as sequencing, cloning, and genotyping.
-- In August 2023, F. Hoffmann-La Roche Ltd launched the Cobas Connection
Modules (CCM) sample conveyor systems to enable flexibility in
laboratory designs.
-- In July 2023, Agilent Technologies, Inc. launched the BioTek Gen6
Software, which is used for all BioTek detection instruments. This
software also provides an intuitive user interface that offers complete
control of BioTek microplate readers for absorbance, fluorescence, and
luminescence measurements for endpoint and kinetic assays.
-- In July 2023, Thermo Fisher Scientific, Inc. launched the Diomni
Enterprise Software, which provides a digital platform to support
testing workflows in order to accommodate rapidly evolving needs.
-- In July 2023, Bio-Rad Laboratories launched the IH-500TM NEXT System, a
fully automated system for use with Bio-Rad's ID Cards for routine
testing and specialized testing such as newborn screening.
-- In February 2023, Revvity, Inc. launched the EnVision Nexus Multimode
Microplate Reader, which provides high-throughput screening and
accelerates drug discovery results.
-- In February 2023, Beckman Coulter Life Sciences collaborated with Sciex
(U.S.) to provide comprehensive workflows for high-throughput screening
HT-ADME and synthetic biology studies. The Echo MS System, which is
based on Sciex's Acoustic Ejection Mass Spectrometry technology, is now
compatible with Beckman's Echo Liquid Handlers.
-- In February 2023, Tecan Group Ltd. collaborated with Element
Biosciences, Inc. (U.S.) to offer a true benchtop NGS workflow with the
MagicPrep NGS and AVITI System. This collaboration was aimed at enabling
the direct conversion of NGS libraries without affecting sample quality.
-- In June 2022, Beckman Coulter Life Sciences launched the Biomek NGeniuS
liquid handling system to automate the labor-intensive process of manual
library construction and reagent transfers. The system also eliminates
loading errors.
-- In April 2022, Revvity, Inc. collaborated with Scitara Corporation
(U.S.) to integrate PerkinElmer's Signals Research Suite informatics
platform and Scitara's iPaaS universal connectivity solution to
facilitate fully connected laboratories along with standard data
integrity, data mobility, system flexibility, and user
reconfigurability.
The report provides a competitive dashboard summarizing the market positioning of the 20 profiled market players in four quadrants, namely Industry Leaders, Differentiators, Emerging Companies, and Vanguards. These companies are positioned based on various parameters, including revenue, depth of offerings, brand equity, geographic presence, innovation, and organic & inorganic growth strategies. Thermo Fisher Scientific, Inc. (U.S), Danaher Corporation (U.S.), F. Hoffmann-La Roche AG (Switzerland), Hamilton Company (U.S.), Abbott Laboratories (U.S.), and Siemens Healthineers AG (Germany) are positioned in the industry leaders quadrant.
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Scope of the Report:
Lab Automation Market Assessment-by Product
-- Systems
-- Automated Liquid Handling Systems
-- Automated Nucleic Acid Purification Systems
-- Automated ELISA Systems
-- Automated Microplate Readers
-- Automated Storage & Retrieval Systems
-- Other Lab Automation Systems
-- Software
-- Laboratory Information Management Systems (LIMS)
-- Electronic Lab Notebook (ELN)
-- Workstation/Equipment Automation Software
-- 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
-- Academic & Research Institutes
-- Other End Users
(Note: Other end users include the food & agriculture industries, forensic laboratories, blood banks, and environmental & quality testing laboratories.)
Lab Automation Market Assessment-by Geography
-- North America
-- U.S.
-- Canada
-- Europe
-- Germany
-- U.K.
-- France
-- Italy
-- Spain
-- Rest of Europe (RoE)
-- Asia-Pacific (APAC)
-- China
-- Japan
-- India
-- Rest of APAC (RoAPAC)
-- Latin America
-- Middle East & Africa
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Lab Automation Market Research Summary
Particular Details Page No 244 Format PDF Forecast Period 2024-2031 Base Year 2023 CAGR 7.30 % Market Size (Value) $11.31 billion Market Size (Volume) NA Countries Covered North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, RoE), Asia-Pacific (China, Japan, India, RoAPAC), Latin America, and the Middle East & Africa. Key Companies 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.), Hamilton Company (U.S.)
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View original content:https://www.prnewswire.co.uk/news-releases/lab-automation-market-to-reach-11-31-billion-by-2031--driven-by-rising-pharmaceutical--biotech-rd-expenditures-and-increasing-demand-for-automated-laboratories-and-instruments---report-by-meticulous-research-302249256.html [https://www.prnewswire.co.uk/news-releases/lab-automation-market-to-reach-11-31-billion-by-2031--driven-by-rising-pharmaceutical--biotech-rd-expenditures-and-increasing-demand-for-automated-laboratories-and-instruments---report-by-meticulous-research-302249256.html]
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