Lab Automation Market Size And Forecast
The Global Lab Automation Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Lab Automation Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.

Lab Automation Market was valued at USD 4.19 Billion in 2019 and is projected to reach USD 6.81 Billion by 2027, growing at a CAGR of 6.87% from 2020 to 2027.

What is Lab Automation?
Laboratory automation involves the integration of technology in the laboratory in order to optimize and enable new and more efficient processes. Laboratory automation helps to lay the foundation for achieving better accuracy, quality, and standardization in clinical, nonclinical, and industrial settings. The adoption of laboratory automation improves the quality of experimental data and helps to reduce the overall lab process times therefore, resulting in increased productivity. A laboratory automation system consists of a variety of components such as machine vision, conveyor systems, robots as well as computer hardware and software.

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Lab automation is becoming a more viable option and an essential system for laboratories in a view to remain competitive in today’s marketplace. Modern automation systems avoid the researchers from performing repetitive tasks. Lab automation aids by allowing laboratory workers to maintain control over the influx of samples and as a result, improving workflow to deliver patient results in a timely manner. The lab automation solution is also impacting the overall healthcare industry positively.

Global Lab Automation Market Overview
Automation vendors have developed alternative hardware configurations termed as ‘modular automation’ that can provide specific lab automation tools required in a particular laboratory. Modular automation provides the flexibility of matching hardware to the needs of the laboratory and helps by providing the potential for the recombination of the modules in order to suit the needs of the ever-changing laboratory environment. The services the system is able to provide are flexible and can be made to a wide range of laboratory needs and budgets.

Automation of routine lab procedures, with the help of devoted work stations and software to program instruments, improves lab productivity, and enables more creative time for individual researchers. Automation provides high-quality data, facilitates better documentation, and also makes it possible to generate more data with less effort. As a result of this, higher reproducibility and accuracy are expected to propel the lab automation market growth. However, one of the main factors that are restraining the growth of the lab automation market is the high cost of the initial investment. This high cost can be attributed to the expenses that the laboratory has to bear for the implementation of the advanced technology that is used in lab automation.

Global Lab Automation Market: Segmentation Analysis
The Global Lab Automation Market is segmented on the basis of application, equipment and software, and geography.

Global Lab Automation Market by Application
Based on application, the market is bifurcated into:

Drug Discovery
Clinical Diagnostics
Microbiology Solutions
Others.
 

Clinical Diagnostics accounted for the largest market share in 2019 followed by Drug Discovery. The introduction of automation in clinical diagnostic centers leads to the reduction of manipulation of biological samples by the staff, in particular sample transport, subsampling, analytical operations, and waste management. Furthermore, the automatic storage space maintains the integrity of samples and is adequately secured against unauthorized access.

Global Lab Automation Market by Equipment and Software
On the basis of equipment and software, the Global Lab Automation Market has been segmented into:

Automated Workstations
Off-the-shelf Automated Workcells
Robotic Systems
Automated Storage & Retrieval Systems (ASRS)
Other Equipment, and Software.
 

The automated workstation segment is expected to account for the largest share of the lab automation market. The high demand for automation in liquid handling is the key factor in driving market growth in this segment. Controlled robotic movement may also help minimize any variation in manual techniques from different personnel and more.

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On the basis of regional analysis, the Global Lab Automation Market is classified into:

North America
Europe
The Asia Pacific
Rest of the world
 

North America dominated the Global Lab Automation Market in 2019, followed by Europe. Rapid lab automation of instruments in hospitals, clinics, and blood banks in North America has led to the development of various rapid diagnostic systems. Also, the presence of many vendors in the region is the driving factor of the market.

Key Players In Lab Automation Market
The “Global Lab Automation Market” study report will provide a valuable insight with an emphasis on the global market.  The major players in the market are

Tecan Group Ltd
Thermo Fisher Scientific Inc
Danaher Corporation
Hamilton
F. Hoffmann-La Roche Ltd.
Qiagen N.V.
Abbott Laboratories
Siemens AG
PerkinElmer Inc.
Agilent Technologies, Inc.
bioMerieux
Eppendorf


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