The market's rising healthcare demand is the primary driver of competition between the top pharmaceutical and healthcare companies in improving lab automation globally. There has been an increase in the use of lab-related equipment, analyzers, and software. The market participants aim to offer various tools, machines, equipment, and manufacturing processes to aid in the design and production of automated laboratory infrastructure. Players in the market are putting more money and resources into developing cutting-edge methods and technology. Healthcare costs have increased due to several factors, including the aging population, the prevalence of chronic diseases, rising drug prices, healthcare services, and administrative costs. In addition, clinical research and diagnostics facilities, private labs, and hospitals are expanding.
According to Data Bridge Market Research, the Lab Automation Market is expected to undergo a CAGR of 6.6% in the forecast period of 2022 to 2029 and is expected to reach USD 14,275.41 million by 2029.
" Growing advanced automated services boost market expansion"
The market for laboratory automation is expanding through high demand for specialized advanced automated services that eliminate human error. The companies and market participants aim to offer various tools, machines, and techniques to aid in the design and production of automated laboratory infrastructure. The market participants are coming up with more investments and funding to develop cutting-edge technology and methods to win most of the global market share. These participants place a greater emphasis on minimizing manual labor and hands-on time for the customarily labor-intensive process. This is anticipated to fuel the market's expansion.
What restraints the growth of the Global Lab Automation Market?
" High cost of devices will limit the market growth rate"
A significant investment in infrastructure is required as a prerequisite for setting up a new lab due to the high cost of modern machines, tools, and equipment. Lab automation installation and configuration are much more challenging and time-consuming tasks. Automated lab setup requires extensive planning, execution, and approval from numerous government organizations. This high price can be attributed to the costs that the lab incurs when implementing the cutting-edge technology used in lab automation.
Segmentation: Global Lab Automation Market
The global lab automation market is segmented on the basis of product type, automation type, application, and end users.
- On the basis of product type, the lab automation market is segmented into equipment, software and informatics, and analyzer.
- On the basis of automation type, the lab automation market is segmented into modular automation and total lab automation.
- On the basis of application, the lab automation market is segmented into drug discovery, clinical diagnostics, genomics solutions, proteomics solutions, bio analysis, protein engineering, lyophilization, system biology, analytical chemistry, and others.
- On the basis of end users, the lab automation market is segmented into biotechnology and pharmaceuticals, hospitals and laboratories, research and academic institutions, and others.
Regional Insights: Asia Pacific is expected to dominate the Global Lab Automation Market
Asia-Pacific is expected to dominate the global lab automation market due to a growing number of research activities. Additionally, increased demand for machinery, analyzers, and software is anticipated to fuel market expansion. Through the prevalence of numerous pharmaceutical companies and the rising number of research activities, China is expected to dominate the Asia-Pacific lab automation market. The regional market is anticipated to be driven by increased demand for tools, analyzers, and software during the anticipated time frame.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-lab-automation-market
Recent Developments in Global Lab Automation Market
- In June 2022, BD declared that the acquisition of privately held Straub Medical AG had been completed. With this acquisition, the business has expanded its product line and added the invaluable knowledge and experience of Straub Medical AG.
- In January 2022, In order to offer non-invasive prenatal testing options, QIAGEN announced new partnerships with Atlia Biosystems.
The Prominent Key Players Operating in the Global Lab Automation Market Include:
- QIAGEN (Germany)
- Siemens Healthcare (Germany)
- F. Hoffman Roche (Switzerland)
- Hamilton Company (U.S.)
- Hudson Robotics (New Jersey)
- LabVantage Solutions Inc. (U.S.)
- Abbott (U.S.)
- BD (U.S)
- BIOMERIEUX (France)
- Aurora Biomed Inc. (Canada)
- Danaher (U.S.)
- Tecan Trading AG (U.K.)
- PerkinElmer Inc (U.S.)
- Thermo Fisher Scientific (U.S.)
- Agilent Technologies (U.S.)
- Azenta US Inc (U.S.)
- Eppendorf SE (Gerrmany)
- Labware (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of Global Lab Automation Market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Lab Automation Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
