It is worth noting that the global lab automation market is expected to reach more than USD 10.08 billion by 2031, thereby exhibiting a CAGR of 7.67% throughout the forecast period.
Notably, lab automation makes use of technology in order to replace or even simplify manual equipment as well as process manipulation. The workflow goes on to determine the scale of automation within a lab. Academic as well as research institutions go on to frequently roll out extensive automated instruments so as to increase productivity and, at the same time, reduce time spent when it comes to numerous boring chores. Automatic produces high-quality data, thereby making it pretty easier to create documentation that’s better, and also enabling one to produce more information and data, and that too more quickly. Higher repeatability as well as precision, as a result, are most likely anticipated to push the growth of the lab automation market. Moreover, it is also anticipated that the usage of automated tools through the drug discovery departments of pharmaceutical companies will immensely automate their research phases, while at the same time driving market growth.
One of the major elements forecasted to speed-up the market expansion shortly happens to be the increase when it comes to the benefits offered by way of lab automation. A fundamental transition to lab automation from entirely manual intervention has various benefits for clinical laboratories. Lab automation makes using the lab equipment for repetitive operations such as labeling tubes as well as sample examinations a lot easier. It also enables to lessen the physical strain which the manual tasks generate, that in turn lowers expenses and at the same time frees up lab space. Hence, the numerous benefits offered by automated systems will go on to encourage small and large laboratories so as to adopt such workstations shortly. Another variable anticipated to make an impact on the market growth quite substantially is an increase in demand when it comes to nanotechnology.
Moreover, leading pharmaceutical and healthcare corporations have gone on to undertake numerous projects so as to automate labs and simultaneously speed up delivery when it comes to offering cutting-edge medical services right at the patients’ doors. The major driver of competition within the top healthcare & pharmaceutical firms when it comes to enhancing lab automation globally happens to be the rising healthcare demand across the market. Consequently, market participants’ strategic initiatives, in all likelihood, are going to be presenting an opportunity for growth in the lab automation market.
Market Dynamics:
Drivers
The fact is that the last two decades have gone on to witness a considerable expansion when it comes to the pharmaceutical business. The number of pharmaceutical setups is increasing so as to meet the demand because of rising disposable incomes, more access when it comes to healthcare facilities, growing public awareness of the significance of healthcare, as well as a greater penetration in terms of medical services. Market growth is anticipated to be fueled by an expansion in the number of applications when it comes to lab automation. Automation has recently been made use of in the lab in order to modernize procedures that were previously taken care of by manual involvement. It is thus anticipated that the adoption when it comes to lab automation will go ahead and develop all across the forecast years as the number of clinical applications in terms of automated laboratory instruments rises. The COVID-19 pandemic surged the demand for laboratories in order to speed up as well as boost their testing capacities. The market witnessed growth when it comes to vendor development of automation systems because of the daily increase in the number of samples that were being analyzed, which is, by the way, anticipated to open up more potential when it comes to market development.
Barriers and Issues
Apparently, the prohibitive price of initial investment happens to be one of the prior reasons that go on to restrain the growth of lab automation market. This high price is due to the costs that the lab incurs while implementing the cutting-edge techs that are employed in lab automation. Multiple factors go on to influence the intricacies of novel products that are employed in automated laboratories. Notably, early in the development phase, there happens to be a phenomenal need for ongoing communication that takes place between employees and device manufacturers. Comprehending this communication in order to use the part or even the entire setup is mandatory. Barriers must go on to improve the installation along with operation of automated labs within the market when it comes to detecting and analyzing novel, intricate products such as machinery, tools, as well as equipment. The fact is that independent of the manufacturing companies, laboratory holders happen to be required by regulation or quality control so as to test their products to function efficiently and also prevent situations. This can also limit market expansion.
Regional Trends
The North American Lab Automation market is most likely to register a majority market share since the United States happens to be within it. The entire nation, apparently, has gone on to make significant investments when it comes to clinical research. Because of the presence of all the major competitors across the business and very stringent FDA restrictions, the US market happens to be quite competitive. The country’s businesses are quickly executing robotics as well as automation in labs so as to get an advantage over their rivals. The broad expansion is ascribed to the region’s rising adoption of lab automation technology because of the area’s established healthcare facilities. Moreover, the local presence when it comes to significant players as well as the favorable reimbursement framework within this area promote market adoption in terms of novel solutions. Apart from this, the Asia Pacific region has had a substantial pie of the market. This region’s lucrative expansion is also due to the increased efforts by regional as well as international businesses so as to make revolutionary lab automation technologies available across these potential markets. Among the aspects anticipated to benefit the MEA market are the prominent number of illnesses as well as getting hold of health insurance. Moreover, more government initiatives happen to be underway to upgrade Saudi Arabia’s healthcare system.
