Lab Automation Market Revenue to Surpass USD 9,371 Mn by 2030 with CAGR 7.9% Says Acumen Research and Consulting

TOKYO, June 23, 2022 (GLOBE NEWSWIRE) -- The Global Lab Automation Market accounted for USD 4,790 Mn in 2021 and is estimated to reach USD 9,371 Mn by 2030, with a significant CAGR of 7.9% from 2022 to 2030.

Every minute, a massive amount of healthcare data is generated and extracted for useful information. The healthcare industry currently generates approximately 30% of the world's data volume. Moreover, the healthcare data is expected to grow at a rate of more than 30% per year until 2025. As a result, a massive volume of data necessitates an automated system to process crucial healthcare data, increasing the demand for lab automation. The rapid spread of coronavirus worldwide has also led to millions of swab testing in private and public labs, which again increased the volume of patient data. To curb the spread of the COVID-19 pandemic, companies shifted their focus towards automation and are taking the help of robotic lab systems for testing and processing results. For instance, in October 2020 – ABB (Singapore) launched high-precision robotic lab systems that are deployed in Rapid Automated Volume Enhancer (RAVE) - a new automated laboratory system. This automated system saves cost and time and reduces test contamination and infection risks for laboratory workers.

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Report Coverage:

Covid-19 Impact on the Global Lab Automation Industry

Companies are resuming operations and adapting to the new normal as they recover from the COVID-19 impact, which had previously resulted in preventive containment measures such as remote working, social distancing, and the shutting down of commercial activities, all of which formed operational threats. Furthermore, the pandemic has resulted in decreased revenues and margins for hospitals and health systems, as well as decreased expenditures in automation and technology.

Global Lab Automation Market Growth Factors

The rise in the number of laboratory tests globally, increasing standardization of workflows in laboratories, and surging research & development investments in pharma and biotechnology industries are the prominent factors that are driving the growth of the global lab automation market. To fulfill the expanding needs of the healthcare sector, pharmaceutical and biotechnology businesses are investing heavily in research. According to the India Brand Equity Foundation (IBEF), pharmaceutical giants such as Sun Pharmaceuticals, Lupin Ltd., and Cipla invested more than 8% of their revenues in R&D in FY 2018.

However, the sluggish demand in the small and medium laboratories could hamper the market from growing. The initial cost as well as the maintenance cost of lab automation is very high for small and medium laboratories. Thus, it could be witnessed that the market has not yet matured in emerging economies. Furthermore, growth in pharma and biotechnology industries and improving healthcare infrastructure in developing countries such as China and India are the aspects that are likely to fuel the market demand in the coming years. In addition to that, the integration of artificial intelligence and analytical tools in laboratory workflows is one of the lab automation trends that are generating several growth opportunities for the market during the projected years 2022 – 2030.

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Global Lab Automation Market Segments

The lab automation market is divided into four categories: product type, application, end-user, and geography. Based on product type, the market is split into robotic systems, microplate readers, automated workstations, and off-the-shelf automated workcells, automated storage and retrieval systems (ASRS), and others. Based on our analysis, the automated workstations segment generated the maximum share in 2021.

Based on the application segment, the market is split into proteomics solutions, genomics solutions, diagnostics (EIA, pre-analytics/sample preparation, and splitting, sample distribution, and archiving), drug discovery (ADME screening, compound weighing & dissolution, compound management, high-throughput screening, and others), microbiology, and others (cell biology and biobanking). In 2021, the diagnostics segment achieved a substantial market share. Meanwhile, the drug discovery segment witness a good growth rate in the given forecasted period.

Based on end-user, the market is categorized into pharmaceutical and biotechnology companies, environmental testing laboratories, food & beverage industry, forensic laboratories, hospitals, and diagnostic laboratories, and research and academic institutes. In 2021, the pharmaceutical and biotechnology segment is expected to register the fastest growth rate during the projected timeframe 2022 – 2030.

Lab Automation Market Regional Stance

North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa are covered under the regional category. Among all the regions, the Asia-Pacific region is anticipated to attain the fastest growth rate in the coming years. The high growth in the region is attributed to the rising need for laboratory automation in densely populated countries such as China and India. In addition, the growing prevalence of infectious diseases that requires lots of lab testing has also supported the Asia-Pacific lab automation market. On the other hand, the North American region is expected to lead the market with maximum market share due to the presence of pharma companies and advanced healthcare facilities.

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Major Players

The lab automation industry involves many key players. The top players presented in the report include Agilent Technologies, Bio Tek Instruments, Inc., Danaher Corporation, PerkinElmer Inc, F. Hoffmann-La Roche Ltd., Hamilton Company, Tecan Group Ltd., Hudson Robotics, Qiagen N.V., and Thermo Fisher Scientific, Inc.

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