A CAGR of 6.72% Estimated For Laboratory Robotics Market

It is well to be noted that the Laboratory Robotics Market happened to be valued at USD 185.80 million in 2020 and is anticipated to touch USD 274.49 million by 2026, with a CAGR of 6.72% between the forecast period of 2021 and 2026. By way of delegating repetitive applications to robots, they go on to offer consistency when it comes to sample preparation and testing, which goes on to elevate the efficiency of the test. This benefit of robots is indeed driving the market studied.

The fact is that lab robotics can go on to be broadly defined as making use of robotics technology so as to conduct a scientific study as well as research experiments within a safe environment sans the interference of any human hands.

The rising need to make sure of the safety of manual workers as well as the adoption of strict regulatory protocols across laboratories have gone on to push businesses to embrace robotic technologies when it comes to critical process applications.

Robotics has indeed revolutionized mankind, and that too to a great extent since the robots happen to be programmed to do certain tasks and they continue to do the assigned job, that too at a stretch. The fact is that they do not get tired or worn out like humans.

Besides this, robots continue to maintain accuracy and precision and happen to be highly efficient. These elements are driving robotics adoption across laboratories all over the world.

Apparently, the high costs which are associated with robotic equipment and, at the same time, the low priority of automation within small to medium-sized labs happen to be restraining the progress of the market studied.

Trends in the Laboratory Robotics Market

It is well to be noted that there are major market trends that happen to be shaping the laboratory robotics market, say the research experts.

Safety when it comes to humans and property to push the market

Laboratory experiments go on to involve the usage of hazardous chemicals as well as substances that happen to be quite harmful as they come into direct contact with the human body.
But a number of measures that are precautionary in nature are being undertaken across the laboratories so as to overcome the ill-effects that these chemicals have. There are a number of cases where such experiments have gone on to cause injuries to researchers. Additionally, in some adverse conditions, these scenarios can also lead to death.

Taking into account all these factors, the requirement when it comes to laboratory robots has grown quite significantly. These robots go on to ensure that humans are not directly exposed to these chemicals and, in turn, go on to offer a safer working environment.

Due to the increasing sales when it comes to medical robots throughout the world, it is quite evident that the medical sector is going ahead and adopting more robots so as to create a safer workplace and elevate efficiency as far as the medical process is concerned. This element is directly boosting the progress of the market studied.

North America happens to have the largest market share

All across the North American region, rising technological advancements as well as investments by market leaders happen to be driving the market so as to be the largest laboratory robotics market all over the world.

Due to the increase in the number of players across this region, the market is witnessing enterprise collaborations as well as partnerships in order to achieve a technological breakthrough within the field of robotics, which is also, in a way, boosting the focus on this technology.

Moreover, the rising R&D activities done by biotechnology as well as pharmaceutical firms in this region and the increased adoption when it comes to lab automation by most of the hospitals as well as clinical diagnostic labs because of the increasing volume of test samples happen to be driving the growth within the lab automation market across the North American region.

The  Overview

The lab robotics market is indeed competitive due to the presence of both small and large players in the market who run their businesses on national as well as international boundaries. The market looks to be moderately consolidated, with major players adopting strategies such as product innovation as well as mergers and acquisitions. Some of the major players across the market are Thermo Fisher Scientific, PerkinElmer Inc., Siemens AG, Tecan Group, and more.