Lab automation market is poised to experience significant gains, posting a CAGR exceeding 7% through 2031. Increasing number of grants disbursed to facilitate advanced drug development & clinical diagnostic research is responsible for bulk of the market’s growth.

“Growing irregularities in quality diagnosis & drug development due to high error margins are prompting healthcare providers to invest in the most contemporary lab automation solutions, driving market growth,” comments a Fact.MR analyst.

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Key Takeaways from Lab Automation Market Study

• By product, demand for integrated automated workstations to expand at a rapid pace
• Biotechnology & pharmaceutical industry experiencing major uptake of lab automation systems
• By application, drug discovery and clinical diagnostics to collectively capture a lucrative share
• Voluminous biopharmaceuticals manufacturing to elevate lab automation deployment across the U.S.
• The U.K. to generate fresh revenue ecosystems amid high reliance on in vitro diagnostics
• Growing R&D initiatives by government and non-governmental entities bolstering France and Germany’s growth prospects
• India and China to emerge as lucrative hotspots amid increasing need to offset asymmetries in efficient lab testing mechanisms

R&D Expenditure in the Pharmaceutical Industry Driving Growth of Lab Automation Market

According to the Institute for Human Data Science, in 2019, patients around the world received around 1.8 trillion days of therapy, averaging 234 days per person.

For instance, the EU Commission, in March 2021, advanced a grant to eTheRNA Immunotherapies, to accelerate the development of a novel and potentially best-in-class therapeutic mRNA cancer vaccine to treat recurrent HPV16+ head and neck cancers. The grant amounted to € 6.9 million.

It further estimates that global medicine spending is expected to increase between 2% – 5% annually, exceeding US$ 1 trillion by 2024. While the United States is expected to account for over half of global pharmaceutical industry revenue, key emerging economies, especially India and China, are expected to emerge as the frontrunners of the industry over the coming years, with prolific advances already becoming evident.

The majority of the aforementioned players’ primary expansion strategy includes the introduction of new automation equipment and software that can be customized to meet industry-specific requirements. Furthermore, strategic partnerships, collaborations with academic and research institutes, as well as the government, and the acquisition of small-scale players are used.

• Thermo Fisher Scientific, Inc. launched the Rapid EZ DNA-Seq library preparation kit in February 2020, offering PCR-free generation of sequencing-ready libraries for NGS.
• Danaher Corporation (Beckman Coulter, Inc.) signed a marketing agreement with Clever Culture Systems (CCS), a leader in microbiology automation using AI, in July 2020, to promote the APAS Independence in their suite of lab automation solutions.
• Becton, Dickinson, and Company announced in February 2020 that the BD Kiestra ReadA has been approved by the US Food and Drug Administration (FDA). This stand-alone device increases operational efficiency in clinical microbiology laboratories by automating redundant plate management tasks while providing accuracy via standardized digital image acquisition.

Market Participants

• 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

Regional Analysis of Lab Automation Market

• North America, Europe, Asia Pacific, Latin America, and Middle East & Africa are the major regions considered for the study of the Lab Automation market.
• North America is expected to dominate the market during the forecast period. Owing to the presence of large pharmaceutical companies, increasing investment in drug discovery and genomics market.
• The United States is the largest market for biopharmaceuticals, accounting for nearly a third of the global market.
• Furthermore, the Pharmaceutical Research and Manufacturers Association (PhRMA) says that U.S. firms conduct 50% of the global R&D in pharmaceuticals, amounting to US$ 75 billion.
• As of 2015, the industry generated over US$ 1.3 trillion in economic output, representing 4% of total revenue.
• Furthermore, the U.S. has one of the world’s most supportive domestic environments for the development and commercialization of pharmaceuticals, with minimal market barriers.

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Workflow Optimization

Product

Equipment

• Automated Workstations
• Automated Liquid Handling
• Automated Integrated Workstations
• Pipetting Systems
• Reagent Dispensers
• Microplate Washers

Microplate Readers

• Multi-mode Microplate Readers
• Single-mode Microplate Readers

Automated ELISA Systems

Automated Nucleic Acid Purification Systems

Software & Informatics

• Workstation/Unit Automation Software
• Laboratory Information Management Systems (LIMS)
• Electronic Laboratory Notebook
• Scientific Data Management System

Application

• Drug Discovery
• Clinical Diagnostics
• Genomics Solutions
• Proteomics Solutions

The global lab automation report answers numerous pertinent questions, some of which are:

• What are some of the latent areas of investments in the market?
• Which region is expected to emerge as showing the most attractive growth rate during the forecast period and which factors will be crucial to its growth?
• What trends are likely to change the status quo of the positions held by leading players of the market in the not-so-distant future?
• Which product/service/technology segments holds game-changing potential to dramatically shape the competitive dynamic in the market?
• What are the strategies adopted by top players to retain their stronghold in the market?
• Which strategic moves will new entrants adopt to gain a strong foothold in the market?
• What are COVID-19 implications on the market and learn how businesses can respond, manage, and mitigate the risks?

Check out more related studies published by Fact.MR Research:
https://www.globenewswire.com/news-release/2023/02/14/2607922/0/en/Global-Hernia-Mesh-Devices-Market-Is-Projected-To-Reach-US-6-99-Billion-by-the-End-of-2033-Fact-MR-Analysis.html

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