Lab Automation Market Worth US$ 7.84 billion by 2027

United States, New York, 2023-Mar-24 — /EPR Network/ —The global lab automation market size was valued at USD 4.64 billion in 2020, which is expected to reach USD 7.84 billion by 2027, registering a CAGR of 6.5% during the forecast period (2021-2027). Lab automation is a versatile approach to developing and optimizing laboratory technologies; therefore, it improves medical tests and processes. An increasing range of clinical trials is expected to increase the global lab automation market during the forecast period. Moreover, the development and launch of innovative lab automation solutions are also expected to aid in the market’s growth.

Factors Affecting the Lab Automation Market over the Forecast Period:

• Increasing demand for lab automation in the pharmaceutical and biopharmaceutical sector is expected to be the growth of the global lab automation market over the forecast period.
• The rising geriatric population and prevalence of chronic diseases, such as CVD and cancer globally are driving the global lab automation market.

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• The high spending and investment by the government on biotech and drug discovery are boosting the global market growth.
• Lack of integration and low priority of expensive lab automation solutions in small and medium-sized laboratories will curtail the market growth over the forecast period.

Impact of COVID-19 on Lab Automation Market:

The COVID-19 pandemic is expected to impose a huge impact on the overall healthcare industry. The governments and various associations with several market players are currently participating in developing effective solutions for the treatment of COVID-19. This, in turn, is contributing to the global sales of lab automation equipment and software. The lab automation equipment is finding extensive use cases in biopharmaceutical companies and research organizations engaged in developing COVID-19 vaccines and drugs. An increasing number of labs conducting testing for COVID-19 is also expected to speed up the demand for lab automation. Therefore, considerable growth in the lab automation market value can be expected in 2020.

Scope of the Report

The report outlines the global lab automation market study based on the equipment and software, applications, end-users.

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Based on the equipment and software, the lab automation has been segmented into –

• Automated Workstations
• Microplate Readers
• Robotics Systems
• Software
• Others

Based on the application, the lab automation has been segmented into-

• Drug Discovery
• Genomics Studies
• Clinical Diagnostics
• Microbiology Studies
• Others

Based on the end-users, lab automation has been segmented into-

• Biopharmaceuticals and Pharmaceuticals Companies
• Research Institutions
• Academic Institutes
• Hospitals and Diagnostic Labs

Lab Automation Market: Regional Outlook

Based on the region, the global lab automation market has been segmented into five geographical regions, namely, North America, Europe, Asia Pacific, South America, Middle East, and Africa. North America has the largest share in the global lab automation market, followed by Europe and Asia-Pacific. North America is further estimated to dominate the global lab automation market during the forecast year. Moreover, Asia Pacific is expected to project the fastest growth in the global lab automation market during the forecast period.

Key Global Lab Automation Market Competitors Includes –

The global lab automation market has a presence of a few market players across the globe. The key lab automation manufacturers operating in the global market are –

• Abbott Laboratories
• Agilent Technologies Inc.
• Danaher Corporation
• Eppendorf Group
• Hamilton Robotics
• PerkinElmer Inc.
• QIAGEN NV
• Roche Diagnostics
•  Siemens Healthcare
• Tecan Group
• Thermo Fisher Scientific Inc.

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Lab Automation Market Report Covers Comprehensive Analysis On:

• Market Segmentation & Regional Analysis
• Market Size of 10 years
• Pricing Analysis
• Supply & Demand Analysis
• Product Life Cycle Analysis
• Porter’s Five Forces & Value Chain Analysis
• Developed & Emerging Economies Analysis
• PEST Analysis
• Market and Forecast Factor Analysis
• Market Opportunities, Risks, & Trends
• Conclusion & Recommendation
• Regulatory Landscape
• Patent Analysis
• Competition Landscape
• 15+ Company Profiles

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Lab Automation Market Regional Analysis Includes:

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA

Lab Automation Market: Target Audience

• Laboratory equipment manufacturers
• Venture capitalists and investors
• Contract manufacturing organizations (CMOs)
• Contract Research Organizations (CROs)
• Academic and government research institutions
• Lab automation consultants