Rockville, Aug. 16, 2023 (GLOBE NEWSWIRE) -- According to the new market research report, titled, "Lab Automation Market by Product (Lab Automation Equipment, Microplate Readers, Automated ELISA Systems), by Application (Drug Discovery, Clinical Diagnostics, Genomics Solutions, Proteomics Solutions), by End User, by Region - Global Insights 2022-2032" published by Fact.MR, the global lab automation market size is anticipated to grow significantly, with a compound annual growth rate (CAGR) of 7% from 2022 to 2032, and is projected to reach from US$ 1.8 billion in 2021 to US$ 4 billion in 2032.
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Key Driving Forces Accelerating the Market Growth
- Laboratories are facing a growing demand for high throughput analysis due to the need for faster and more efficient processing of samples. Lab automation systems can handle a large volume of samples, improving productivity and reducing turnaround times.
- Advances in robotics, machine learning, and artificial intelligence have enabled the development of more sophisticated and flexible lab automation systems. These technologies improve accuracy, precision, and the ability to handle complex tasks, thereby driving adoption.
- Lab automation helps in reducing manual labor and human errors, leading to improved cost efficiency and time savings. As businesses look to optimize their operations, automation becomes an attractive solution.
- The pharmaceutical and biotechnology industries are continuously involved in drug discovery and development processes. Lab automation aids in high throughput screening, compound management, and data analysis, expediting the drug development pipeline.
- The demand for diagnostic tests, especially with the ongoing developments related to healthcare and diseases, has led to a need for efficient and accurate testing procedures. Automation helps in handling the growing volume of samples and ensures consistent results.
| Report Attributes | Details |
| Forecast Period | 2022 - 2032 |
| Value Projection (2032) | US$ 3.93 Billion |
| Growth Rate (2022-2032) | 7% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
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Vital indicators shaping the future of the industry
- Continued advancements in robotics, artificial intelligence, machine learning, and sensor technologies are expected to lead to more sophisticated and efficient lab automation solutions.
- The ability to seamlessly integrate lab automation systems with data analytics and informatics platforms is becoming increasingly important. This integration enhances decision-making processes and allows for a more comprehensive analysis of experimental results.
- The trend toward personalized medicine requires more complex and individualized testing. Lab automation can play a crucial role in handling the diverse and customized testing needs of patients, contributing to the growth of the market.
- The demand for rapid diagnostic testing at the point of care is growing. Lab automation systems that can provide accurate and timely results for on-site testing are likely to gain prominence.
- Many laboratories are opting for consolidation and centralization to improve efficiency and reduce costs. Lab automation systems that can handle high sample volumes and streamline processes are well-suited for these settings.
Challenges hindering the market growth
Implementing lab automation systems often involves significant upfront costs, including equipment, software, integration, and training. Smaller laboratories and organizations might find it challenging to make these initial investments.
Integrating lab automation systems with existing laboratory infrastructure, workflows, and information systems can be complex and time-consuming. Compatibility issues and the need for customization can slow down the adoption process.
Operating and maintaining lab automation systems require specialized technical expertise. The shortage of skilled personnel with the necessary skills to manage and troubleshoot these systems can be a barrier to adoption.
How competition influences the market
- Competition pushes companies to provide services and products to differentiate themselves from the competition. Moreover, various strategic partnerships and collaborations with academic and research institutes are recommended. Moreover, leading players in the market are launching new automation equipment and software that can be customized to meet industry-specific requirements.
- For instance, in February 2020, Thermo Fisher Scientific, Inc introduced the Rapid EZ DNA-Seq library preparation kit, providing a PCR-free method for creating sequencing-ready libraries designed for next-generation sequencing applications.
Key Companies Profiled in Epigenetics Market Report
- Thermo Fisher Scientific
- Agilent Technologies
- PerkinElmer
- Hudson Robotics
- Qiagen NV
- F. Hoffmann-La Roche Ltd.
- Hamilton Robotics
- Siemens Healthineers
- Becton Dickinson and Company
- Bio-Rad Laboratories
- FORMULATRIX
- BioMerieux SA
- Danaher Corporation
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