Lab Automation is Estimated to Witness High Growth Owing to Increased Productivity
Lab automation involves using integrated automated systems and software to perform scientific experimentation and analysis in laboratories. It aids in increasing productivity by reducing manual error, optimizing workflow, and allowing more consistent and reliable experimental results. Lab automation equipment includes automated liquid handlers, microplate readers, automated plate washers, automated labeling systems and automated stainers. The growing adoption of lab automation tools is due to advantages like higher throughput, reduced exposure of hazardous substances, standardized and scalable processes and minimized use of reagents and samples.
The global Lab Automation Market is estimated to be valued at US$ 4,903.9 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing need for increased productivity in labs represents a major market opportunity for lab automation equipment and software providers. Implementing automated systems can increase throughput by allowing samples to be processed continuously and simultaneously without manual intervention. This reduces turnaround times significantly while maintaining high levels of accuracy and reproducibility. With growing pressure on labs to provide faster results and optimize operational efficiency, demand for lab automation solutions that enhance productivity through standardized, round-the-clock operations is expected to rise markedly over the forecast period. Automation equipment providers offering integration solutions that streamline entire workflows present the best opportunity to tap into this growing demand.
Porter’s Analysis
Threat of new entrants: Low capital requirements and moderate economies of scale create a low threat of new entrants in lab automation. However, established brands have strong customer loyalty and distribution networks.
Bargaining power of buyers: Individual laboratory buyers have moderate bargaining power due to theavailability of substitutes. However,large diagnostic chains and research institutes exert high bargaining power.
Bargaining power of suppliers: A large number of global suppliers of lab automation equipment, consumables, and services limits the bargaining power of individual suppliers.
Threat of new substitutes: No significant threats currently exist, but advancing technologies like robotics & AI could offer substitute solutions for some routine tasks in the future.
Competitive rivalry: The lab automation market is highly competitive with major players offering customised solutions. Product innovation and service differentiation are important factors.
SWOT Analysis
Strengths: Growing automation needs in pharmaceutical industry. Technological advancements enabling high throughput & efficiency.
Weaknesses: High initial investment requirements. Skill shortage for operating complex systems.
Opportunities: Rising focus on lab workflows integration. Untapped growth potential in developing markets.
Threats: Declining government funding for research activities. Intense competition from emerging players.
Key Takeaways
The global lab automation market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 4,903.9 Mn and is projected to grow at a CAGR of 4.9% during the forecast period.
Regional analysis indicates that North America will continue dominating the lab automation market during the forecast period, owing to high funding and adoption of advanced technologies. Europe and Asia Pacific are expected to witness the fastest growth in demand for lab automation systems, driven by increasing R&D expenditure and growing focus on improving quality standards in industries such as pharmaceuticals and clinical diagnostics in countries such as China, India, and South Korea.
Key players operating in the lab automation market are Tecan Trading AG, PerkinElmer Inc., Danaher, Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Inc., Hamilton Company, COPAN Diagnostics Inc., Abbott, Merck KGaA, F. Hoffmann-La Roche Ltd, Siemens Healthcare Private Limited, UiPath, Porvair Sciences, SPT Labtech Ltd, Endress+Hauser Group Services AG, Automata, accroma, Molecular Devices, LLC, Beckman Coulter, Inc., BD and Reshape Biotech. These key players are focusing on new product launches, partnerships, and expansion strategies to gain a competitive edge in the market.
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