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Redding, California - January 17, 2024

Lab Automation Market to be Worth $11.31 Billion by 2031

Lab Automation Market Size, Share, Forecast, & Trends Analysis by Product (Liquid Handling, Nucleic Acid Purification System, Microplate Reader, ELISA, LIMS, ELN) Application (Drug Discovery, Diagnostics, Genomics) End User – Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Lab Automation Market Size, Share, Forecast, & Trends Analysis by Product (Liquid Handling, Nucleic Acid Purification System, Microplate Reader, ELISA, LIMS, ELN) Application (Drug Discovery, Diagnostics, Genomics) End User – Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the global lab automation market is projected to reach $11.31 billion by 2031, at a CAGR of 7.3%. The factors driving the market are increasing pharmaceutical and biotech R&D expenditure, growing demand for automated labs and instruments, increasing prevalence of chronic and infectious diseases, and government initiatives supporting life sciences R&D. Additionally, factors such as growth in genomics and proteomics, increasing focus on food safety and quality, increasing awareness and adoption of personalized medicines, and emerging economies are a few opportunities that would help grow the market in the future.

However, the high costs of advanced lab automation equipment and funding and infrastructure limitations in developing countries are restraining the market’s growth. Additionally, equipment maintenance and repair and data security and privacy concerns are major challenges for the market’s growth.

Key Players

The key players profiled in the lab automation market report are Thermo Fisher Scientific, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Revvity, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Waters Corporation (U.S.), Tecan Group Ltd. (Switzerland), F. Hoffmann-La Roche AG (Switzerland), Siemens Healthineers AG (Germany), Abbott Laboratories (U.S.), Becton, Dickinson, and Company (U.S.), Hudson Robotics, Inc. (U.S.), and Hamilton Company (U.S.).

The global lab automation market is segmented by Product [systems {automated liquid handling systems, automated nucleic acid purification systems, automated ELISA systems, automated microplate readers, automated storage and retrieval systems, and other lab automation systems}, and software {laboratory information management software (LIMS), electronic lab notebook (ELN), workstation/equipment automation software, and scientific data management systems (SDMS)}], Application (drug discovery, clinical diagnostics, genomics and proteomics research, and other applications), End User (pharmaceutical & biotechnology companies, hospitals & diagnostic laboratories, research & academic institutes, and other end users), and Geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.

Based on product, in 2024, the systems segment is expected to account for the largest share of the market. Systems are automated instruments that are incorporated with advanced technologies that carry out an entire process or experiment without the need for manual intervention. Some of these instruments include automated liquid handling systems, automated ELISA systems, and automated nucleic acid purification systems, among others. Due to the automation of these instruments, the results are obtained in a short time and are accurate. Thus, the increasing prevalence of genetic diseases and the advantages of lab automation, such as high efficiency, accuracy, faster turnaround time, reduced manual intervention, and rising pharmaceutical R&D expenditure, are some of the factors supporting the largest share of this segment.

Based on application, in 2024, the drug discovery segment is expected to account for the largest share of the market. The large market share of this segment is attributed to factors such as faster and more accurate experiments, reduced manual errors, more reproducible and consistent results, increased focus on drug development, and government initiatives to support drug discovery and development. The technological advancements in the field of lab automation have led to the use of these instruments in several processes in drug discovery development to improve the precision, compliance, and replicability of results.

Based on end user, in 2024, the pharmaceutical and biotechnology companies’ segment is expected to account for the largest share of the market. The large share of the segment is attributed to the increasing pharmaceutical R&D, growing focus on increased overall productivity, expansion of pharma and biotech companies by introducing or updating labs and research centers, and rising demand for new drug discovery and development. Pharmaceutical and biotech companies have been trying to increase the throughput and sample capacity by providing lab automation instruments to laboratories or setting up new research centers. For instance, in February 2023, Automata Technologies Limited (U.K.) is a company that provides integrated laboratory automation systems. They expanded in the U.S. by providing integrated lab automation facilities to several laboratories across the country in order to accelerate scientific and health outcomes.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the lab automation market, followed by Europe. However, Asia Pacific is slated to register the largest CAGR during the forecast period. The growth of this market is primarily driven by the advancing healthcare infrastructure, expanding pharmaceutical and biotechnology industry, increasing pharmaceutical research, and supportive government initiatives.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=1221

Key questions answered in the report:

Which are the high-growth market segments in terms of product, application, end user, and regions/countries?
What was the historical market for lab automation across the globe?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, challenges, opportunities, and trends in the global market of lab automation market?
Who are the major players in the global lab automation market?
What is the competitive landscape like, and who are the market leaders in the global lab automation market?
What are the recent developments in the lab automation market?
What are the different strategies adopted by the major players in the lab automation market?
What are the geographical trends and high-growth regions/countries?

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Redding, California - January 17, 2024

Lab Automation Market to be Worth $11.31 Billion by 2031

Lab Automation Market Size, Share, Forecast, & Trends Analysis by Product (Liquid Handling, Nucleic Acid Purification System, Microplate Reader, ELISA, LIMS, ELN) Application (Drug Discovery, Diagnostics, Genomics) End User – Global Forecast to 2031

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