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Lab Automation Market (Product Type - Equipment, and Software; Application - Drug Discovery, Clinical Diagnostics, Genomics, and Microbiology; End User - Pharmaceuticals and Biotechnology Industries, Hospitals, Diagnostic Laboratories, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : May, 2021

  • Rep Id : ICT00244

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on the lab automation market provides an in-depth analysis of segments and sub-segments in the global as well as regional lab automation market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional lab automation market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global lab automation market. According to the report, the global market for Lab Automation Market was sized near USD 4.5 billion in 2020 and is expected to reach over USD 7 billion by 2026 growing with a CAGR of 7.6% over 2020-2026.

 

Market Insight

The automation of the processes being carried out in a laboratory through the use of software, robotics, and other automated equipment can be defined as Lab Automation. From using it through the entire workflow or in a single step of any experimental process. Lab automation can be used anywhere. The products of lab automation have a wide range. This range includes robotics, computers, and software. Automated processes can be integrated into all parts of the experimental process. The experimental process includes pre-analytic, analytical, or post-analytical stages. The use of automation leads to the high efficiency of the process and lower costs of the laboratory. The use of automated systems leads to increase data reliability and accuracy in labs. It saves the time of the researchers freeing them up to carry out other important tasks. The use of automated systems also guarantees the safety of lab as well as an experimental process.

 

The adoption of lab automation was increasing even before the outbreak of COVID-19 pandemic. The COVID-19 pandemic boosted this adoption heavily. The automation of leads has various advantages. That includes increased efficiency of the experimental processes. High accuracy of the data, precision execution of the experiments, enhanced safety of the processes and the laboratory are the benefits offered by lab automation. The increased R&D activities by pharmaceutical and biotechnological companies are also increasing the demand for lab automation equipment and software. New drug discovery and its development is being continuously carried out by pharmaceutical companies. Also, the clinical testing of the drugs is done at a high rate. While new research studies are done at a high rate by biotechnology companies. The number of testing done by laboratories across the world is rapidly increasing. This testing is causing an upsurge in the market. The only restraint the market faces is the initial high cost involving lab automation. The equipment and robotics used in lab automation are very sophisticated and thus are costly. This is expected to affect the adoption of lab automation. Technological advancements such as Artificial Intelligence, Machine Learning, Deep neural networks are expected to provide opportunities in the market.

 

North America is expected to hold the largest share of revenue in the market. On the other hand, Asia-Pacific is set to emerge as the fastest-growing region. North American region has the presence of big pharmaceutical companies such as Pfizer. Also, it is home to leading lab automation providers such as Honeywell Corporation and Thermo Fisher Scientific Inc. The existence of advanced research facilities and laboratories which use lab automation is also high in the region. Asia-Pacific houses most of the developing countries in the world. The healthcare infrastructure in this region is also improving rapidly. An additional country like India has a significant number of pharmaceutical companies. India is called as pharmacy of the world. Therefore the demand for lab automation is expected to remain high in the Asia-pacific region.

 

Segment Covered

The report on global lab automation market covers segments such as product type, application, and end user. On the basis of product type, the sub-markets include equipment, and software. On the basis of application, the sub-markets include drug discovery, clinical diagnostics, genomics, and microbiology. On the basis of end user, the sub-markets include pharmaceuticals and biotechnology industries, hospitals, diagnostic laboratories, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Tecan Group., Becton, Dickinson and Company, Siemens AG, Hamilton Robotics, Honeywell Corporation, Thermo Fisher Scientific Inc, F. Hoffmann-La Roche Ltd., PerkinElmer Inc., and Qiagen N.V.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the lab automation market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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