Laboratory Automation is Estimated to Witness High Growth Owing to Opportunity for Streamlining Diagnostics Processes
Laboratory automation refers to the process of conducting laboratory tests and experiments using automated equipment to handle laboratory equipment and move substances like test tubes, microplates, solutions and more. It helps in reducing manual interventions during experiments, saving time and avoiding human errors. Automating diagnostic processes improves accuracy and reliability of results obtained.
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:
In recent years, there has been a sharp rise in infectious diseases globally. The COVID-19 pandemic has put immense pressure on diagnostic labs to process large volumes of samples while maintaining high accuracy and efficiency. The opportunity to streamline complex workflows and automate time-consuming manual processes helps labs to handle pandemic-level testing loads. Laboratory automation solutions allow running diagnostics and analyses 24×7 without human intervention, enhancing laboratory throughput and productivity multi-fold. This helps address the growing need for high-volume diagnostics and empowers labs to effectively manage health crises through rapid, reliable testing.
Porter’s Analysis
Threat of new entrants: Low to moderate as the Lab automation market requires high initial investments and is dominated by key established players. However, emergence of small scale startups can pose some threat.
Bargaining power of buyers: Moderate to high as buyers have several established players to choose from. Buyers can negotiate on price and demand additional services and technologies.
Bargaining power of suppliers: Low to moderate as there are several components suppliers and established relationships. Switching costs are also moderate.
Threat of new substitutes: Low as there are limited substitutes for lab automation currently. Lab automation holds major benefits over manual processes.
Competitive rivalry: High as the market is dominated by few global players. Players compete based on product quality, pricing and service.
SWOT Analysis
Strengths: Automation enhances efficiency, productivity and safety. It reduces manual errors and produces consistent high-quality results.
Weaknesses: High initial investments and maintenance costs. Lack of skilled workforce to operate complex automated instruments.
Opportunities: Growth in biologics and drug discovery. Increase in outsourcing of testing to labs. Rising focus on developing personalized medicine.
Threats: Limited budget of small and medium labs. Risk of technology obsolescence. Lack of compatibility with existing infrastructure of some labs.
Key Takeaways
The global Lab Automation Market is expected to witness high growth. The increasing workload on diagnostic and clinical laboratories is driving demand for automation. Adoption of lab automation helps improve operations, turnaround time, and maximize productivity while reducing human errors. 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.
Regional analysis: North America dominates currently due to presence of several global players and advanced healthcare research facilities. Asia Pacific is the fastest growing market driven by growing pharmaceutical outsourcing industry, rising medical tourism and increasing healthcare investments.
Key players related content: Key players operating in the Lab Automation Market are Tecan Trading AG, PerkinElmer Inc., Danaher Corporation, Thermo Fisher Scientific Inc., Agilent Technologies, Qiagen N.V., F. Hoffmann-La Roche Ltd., Siemens Healthineers, bioMérieux SA, and Hamilton Company.
