BANGALORE, India, May 19, 2022 /PRNewswire/ — The Lab Automation Market is Segmented by Type (Task Targeted Automation (TTA), Laboratory Automation (TLA), Separate Automation Equipment), by Application (Biotechnology and Pharmaceutical Companies, Hospitals and Diagnostic Laboratories, Research and Academic Institutes): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Science Category.
Due to the COVID-19 pandemic, the global Lab Automation market size is estimated to be worth USD 13760 Million in 2022 and is forecast to a readjusted size of USD 19820 Million by 2028 with a CAGR of 6.3% during the forecast period 2022-2028.
Major factors driving the growth of the Lab automation market:
By speeding up tasks, reducing waste, using fewer reagents, and allowing for higher throughput of experiments, automating laboratory tasks improves the overall efficiency of experimental processes. When these factors are combined, the laboratory’s operating costs are reduced. These factors are expected to propel the Lab automation market forward.
Furthermore, using automated systems to handle and store hazardous substances, automated technology can improve laboratory safety. As a result, laboratory personnel are better protected from these hazardous reagents and processes.
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TRENDS INFLUENCING THE GROWTH OF LABORATORY AUTOMATION MARKET
Laboratory Automation market growth is expected to be driven by rising demand to streamline lab operations, increase capacity, and reduce error. Clinical laboratories are constantly striving to improve their services by reducing turnaround times and increasing the quality of their results. TLA assists labs in meeting these challenges by providing consistency, comprehensive quality control, and fewer manual steps, all of which contribute to significantly improved laboratory performance. TLA systems are most commonly used in clinical chemistry and hematology laboratories, with clinical microbiology becoming more common.
Task Targeted Automation drew the attention of a laboratory world looking for ways to boost productivity. Laboratory managers are well aware of the need to cut costs, and they are beginning to realize that reallocating staff will have a greater impact on their bottom line than cutting reagent costs by a few pennies per test. TTA is expected to provide reduced turnaround time, reduced biohazard exposure, improved staff utilization, improved sample tracking, efficient archiving, and improved job satisfaction, all of which will lead to better patient care. This in turn is expected to drive the growth of the lab automation market.
Pharmacies can now save money on hiring and training staff while also reducing manual errors in the workplace thanks to automation. Whether it’s labeling, dispensing medication, or performing any other daily task, automated systems are more regulated and effective than humans. This factor is expected to boost the Lab automation market.
Emerging markets are expected to offer significant growth opportunities to lab automation product manufacturers and distributors during the forecast period. Growing demand for clinical diagnostic procedures is resulting in the increased sales of lab automation products. Major product manufacturers are increasing their penetration across emerging markets through expanded distribution networks and augmented manufacturing capabilities. This offers a lucrative opportunity for lab automation.
Using a variety of innovative features, lab automation software can reduce the risk of accidents. You can set safety limits for your experiments, and if these are exceeded, the software will automatically shut down your reaction. Furthermore, automation facilitates the integration of lab processes. Without automation, laboratory devices become fragmented, resulting in a collection of isolated solutions. The problem is that this does not translate into efficient, productive laboratory practices or the best use of equipment or researchers. Implementing an autonomous system in the laboratory allows you to control devices remotely, giving you more flexibility in your research. These factors are expected to accelerate the growth of the lab automation market.
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LABORATORY AUTOMATION MARKET SHARE ANALYSIS
North America is expected to be the most lucrative region during the forecast period. Increased investment in the drug discovery and genomics market due to the presence of large pharmaceutical companies. This is expected to propel the lab automation market forward.
Based on type, Total Laboratory Automation (TLA) is expected to be the most lucrative segment. And in terms of application, Biotechnology and Pharmaceutical Companies are expected to be the most lucrative segment.
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TOP COMPANIES IN THE LAB AUTOMATION MARKET
Siemens Healthineers, Roche, Beckman Coulter, Thermo Fisher Scientific, Mettler Toledo, and others are global leaders in lab automation. The top five manufacturers in the world control more than 80% of the market.
Key Players:
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– The global Laboratory Automation market size is projected to reach USD 5121.4 Million by 2028, from USD 3695.5 Million in 2021, at a CAGR of 4.3% during 2022-2028.
– The global Lab Automation Software market size is projected to reach USD 4624.6 Million by 2027, from USD 3654.8 Million in 2020, at a CAGR of 3.0% during 2021-2027.
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