Laboratory Automation Systems Market size is set to grow by USD 2.01 billion from 2024-2028, Increasing demand for laboratory automation software services to boost the market growth, Technavio

NEW YORK, May 29, 2024 /PRNewswire/ -- The global laboratory automation systems market  size is estimated to grow by USD 2.01 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 8.68%  during the forecast period. 

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Key Market Trends Fueling Growth

The healthcare industry's outsourcing trend for medical device manufacturing and drug discovery has led to significant investments in contract research outsourcing, particularly in countries like India. With numerous US FDA-approved facilities and a large talent pool at reasonable costs, India has become an attractive destination for large pharmaceutical and medical device companies.

The implementation of TRIPS-mandated product patents in 2005 further boosted outsourcing from developed markets. This cost reduction results in increased revenue from high-volume product orders, leading to infrastructure development and the growth of the global laboratory automation systems market. The availability of skilled labor and improved manufacturing standards contribute to market expansion during the forecast period. 

The Laboratory Automation Systems market is experiencing significant growth due to the increasing demand for efficient and accurate testing processes. Systems like Automation, Dependence, and Screening are trending in this sector. Robotics and Procedures are key components of these systems, enabling the automation of various laboratory tasks.

The use of Technology and Models in laboratory automation is also on the rise, enhancing productivity and reducing human error. Additionally, the implementation of Lab Automation Systems is seen as a cost-effective solution for businesses, as it minimizes the need for manual labor and streamlines workflows. Overall, the market for Laboratory Automation Systems is expected to continue its upward trajectory in the coming years. 

Market Challenges

•         Small- and medium-sized laboratories face challenges in adopting automated solutions due to budget constraints, limited staff, and space availability. These factors hinder the growth of the laboratory automation systems market for them.

•         Large-scale facilities, on the other hand, can afford advanced systems for processes like compound profiling and high-content screening. However, small lab managers may lack the necessary knowledge to understand automation benefits, and high maintenance costs add to the challenge.

•         The Laboratory Automation Systems market faces several challenges. One major challenge is the integration of different systems and technologies. This requires compatibility and interoperability between various lab equipment and software. Another challenge is the high cost of implementation and maintenance.

•         Additionally, ensuring data security and regulatory compliance is a significant concern. Furthermore, the need for customization to meet specific lab requirements can be time-consuming and complex. Lastly, training staff to use the automated systems effectively is essential but can be a resource-intensive process.

•         Despite these challenges, the benefits of laboratory automation, such as increased efficiency, accuracy, and productivity, make it a worthwhile investment for many organizations.

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Segment Overview 

1. End-user 
• 1.1 Pharmaceutical and biotechnology companies
• 1.2 Clinical and reference laboratories
• 1.3 Academic institutions and research organizations
• 1.4 Others
2. Type 
• 2.1 Equipment
• 2.2 Software
• 2.3 services
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Pharmaceutical and biotechnology companies-  Pharmaceutical and biotechnology firms have seen significant productivity gains in drug discovery due to the adoption of high-content screening and laboratory automation systems. These systems, including automated liquid handling, facilitate the identification and analysis of clinically relevant compounds. With minimal supervision, they can operate for extended periods, enabling companies to focus on core tasks and reduce time spent on repetitive tasks. Software integrations and increased system throughput further boost adoption, particularly among emerging pharmaceutical and biotech firms focused on novel drug and molecular therapy launches.

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Research Analysis

The Laboratory Automation Systems Market encompasses the development, implementation, and management of advanced technologies designed to automate clinical laboratories. These systems prioritize productivity, ensuring safe working conditions, and delivering reliable results. Laboratory equipment, such as automated workstations and robotic systems, play a significant role in this market.

Sample handling, a critical aspect of laboratory operations, is streamlined through high-throughput analysis and liquid handling systems. Data analysis, including clinical chemistry and immunoassay analysis, is facilitated through advanced data management tools. The total automation segment continues to gain traction in healthcare applications, particularly in diagnostic laboratories. Reduced human intervention and efficient sample preparation are key benefits of these systems.

The Laboratory Automation Systems market encompasses technologies and solutions designed to automate various laboratory processes. These systems aim to increase efficiency, reduce errors, and enhance productivity in research and development, quality control, and diagnostic applications. Technologies such as robotics, sensors, machine learning, and artificial intelligence are integral to laboratory automation systems. They enable automation of tasks like sample preparation, data analysis, and reporting.

Additionally, these systems offer benefits like improved data management, standardization of processes, and increased throughput. Producers of laboratory automation systems cater to diverse industries, including healthcare, pharmaceuticals, academia, and food and beverage. The market is driven by factors like the growing need for rapid and accurate laboratory results, increasing research and development activities, and the rising demand for cost-effective and efficient laboratory operations.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Pharmaceutical And Biotechnology Companies
• Clinical And Reference Laboratories
• Academic Institutions And Research Organizations
• Others
• Type
• Equipment
• Software
• Services
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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SOURCE Technavio