Lab Automation Market Growth: Projected to Reach $7.71 Billion by 2029

Lab Automation Market in terms of revenue was estimated to be worth $5.1 billion in 2022 and is poised to reach $7.1 Billion by 2028, growing at a CAGR of 5.8% from 2022 to 2028 according to a new report by MarketsandMarkets™. Factors such as increasing spending on pharmaceutical R&D, growing food safety concerns, and stringent regulatory control in healthcare are expected to propel the growth of this market. However, the slow adoption of lab automation by small and medium-sized laboratories and the long gestation period for workflow implementation are expected to restrain the market growth.

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Software segment to register significant growth rate over the forecast period of 2022-2028

Based on the product type, the lab automation is segmented into automated workstations, off the shelf automated workcells, robotic system, automated storage and retrieval systems tables and other lab automation. Software segment to register significant growth rate over the forecast period of 2022-2028. Robots can carry out repetitive operations like labeling by hand and handling microplates, while motorised pipettes and syringes can handle liquid handling. Additionally, lab automation software can help you save time by making it simple to standardise and manage your workflow. This is expected to drive the growth of the segment.

Drug Discovery segment accounted for the largest share of the lab automation in 2022-2028

Based on application, the lab automation is segmented into drug discovery, diagnostics, genomics solutions, proteomics solutions, microbiology, other applications. The drug discovery application segment is estimated to hold the largest market share of the lab automation market during the forecast period. This segment held a share of 38.3% in 2021. The large share of this segment can be attributed to the increasing investments by pharmaceutical and biotechnology companies.

Biotechnology & pharmaceutical companies' segment to register for the highest growth rate of the lab automation in 2022-2028

The major end users in the lab automation market are hospital & diagnostic laboratories, biotechnology & pharmaceutical companies, research & academic institutes, forensic laboratories, environmental & testing laboratories, and the food & beverage industry. Biotechnology & pharmaceutical companies are expected to dominate the market during the forecast period. The large share of this end-user segment can be attributed to the increasing R&D activities in the area of drug development and the focus on extending pharma-biotech product pipelines.

Europe to register a significant growth in the market during the forecast period

In 2022, Europe is expected to register a significant growth in the market during the forecast period. Europe comprises the Germany, France, UK, Italy, Spain, ROE. The presence of emerging economies such as Germany and France and the increasing healthcare investments by governmental and non-governmental fundings are the major factors supporting the growth of the Europe lab automation market.

Lab Automation Market Dynamics:

Drivers:

1. Technological advancements and increasing R&D investments
2. Growing demand for process automation for food safety
3. Standardization of workflows
4. Stringent regulatory control in healthcare industry

Restraints:

1. Slow adoption of automation by small and medium-sized laboratories
2. Long gestation period for workflow implementation

Opportunities:

1. Improving healthcare infrastructure across emerging countries
2. Growth in pharmaceutical and biotechnology industries

Challenges:

1. Limited feasibility with technology integration in analytical labs
2. Availability of refurbished lab automation equipment

Key Market Players:

prominent players in the lab automation are Thermo Fisher Scientific (US), Tecan Group (Switzerland), Danaher Corporation (US), Agilent Technologies (US), F. Hoffmann-La Roche (Switzerland) Becton, Dickinson and Company (US), and Waters Corporation (US), among others.

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