Market Overview:
The lab automation market comprises systems used in laboratories that perform scientific experiments and procedures in a high-throughput and efficient manner. These systems automate and integrate complex procedures like sample handling and processing, liquid handling, reagent preparation, storage/retrieval, among others. This saves time and effort for lab technicians while improving accuracy and throughput. Lab automation helps in reducing manual errors and improves reproducibility and reliability of results. It is able to process thousands of biological samples and chemicals in a short span of time. With growing emphasis on accurate diagnosis and advancements in drug development, the demand for reliable and timely test results has increased significantly. This is driving the demand for lab automation products.
Market key trends:
One of the key trends in the Lab Automation Market Demand is the rising demand for high-throughput laboratory systems. Biomedical research institutes and clinical diagnostic labs are increasingly focusing on automating high-volume testing procedures to improve productivity. This is driving demand for automated liquid handling workstations, automated microplate washers, automated nucleic acid purification systems, and automated ELISA systems that can process thousands of samples simultaneously in an unmanned manner. Another trend is the growing adoption of software and robotics in lab automation. Advanced laboratory information management systems (LIMS) and warehouse/inventory management solutions help in seamlessly integrating individual lab automation equipment. Meanwhile, collaborative/articulated robots are being incorporated into existing systems to streamline complex operations like sample sorting, transportation, and storage/retrieval. This enhances sample throughput, reduces wait times, and improves overall workflow in labs.
Porter’s Analysis
Threat of new entrants: Low barrier to entry due to low initial investment requirement however presence of well established players makes it difficult for new players to gain market share.
Bargaining power of buyers: Moderate bargaining power due to presence of many players providing automation solutions however key factors driving demand provides stability.
Bargaining power of suppliers: Low bargaining power due to presence of many component suppliers and automation equipment manufacturers.
Threat of new substitutes: Low threat as no direct substitutes are available that can replace automation in laboratories.
Competitive rivalry: High as the market comprises few large automated players and several regional small players offering range of automation solutions.
Key Takeaways
The global Lab Automation Market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing demand for automation from laboratories to minimize manual errors and improve productivity.
North America is expected to dominate the global lab automation market during the forecast period. This is attribute to high healthcare spending, presence of major pharmaceutical companies, and growing R&D investments in the region. Asia Pacific region is expected to exhibit the highest growth rate owing to increasing investments by market players, rising awareness regarding lab automation, and growing pharmacetical industry in the region.
Key players operating in the lab automation market are Tecan Trading AG, PerkinElmer Inc., Danaher, Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Inc., Hamilton Company, COPAN Diagnostics Inc., Abbott, Merck KGaA, F. Hoffmann-La Roche Ltd, Siemens Healthcare Private Limited, UiPath, and Porvair Sciences, SPT Labtech Ltd, Endress+Hauser Group Services AG, Automata, accroma, Molecular Devices, LLC, Beckman Coulter, Inc., BD, Reshape Biotech, Peak Analysis & Automation. These players are focusing on inorganic growth strategies like partnerships, mergers, and acquisitions to expand their geographic presence.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it