The global lab automation market was worth US$1.73 billion in 2021. The entire market is anticipated to expand at a CAGR of 9.6% and reach US$ 3 billion by 2027, owing to the growing usage of lab automation across a variety of end use verticals.
The study uncovers numerous facets such as opportunities, drivers and trends that have an influence over the growth of the entire market. Moreover, along with current market scenario and historical market data, this research report has outlined future market projections that reveal the future direction of the global market in terms of growth rate and valuation of the entire market considering all crucial market segments that define the global market. This data has been assessed across key regions in the globe to get a clear market picture in the current timeline as well as in the future.
Global Lab Automation Market: Segmental Analysis
The global lab automation market has been segmented by component, by application, by end user and by region.
- By application, diagnostics and life sciences segment both reflect higher potential in the years to come. However, the diagnostics segment is expected to dominate the global market with a higher market revenue. By 2027 end, it is estimated to reach US$ 1.3 Bn and is projected to grow at the highest CAGR during the assessment period
- By component, the devices segment is expected to grow at the highest pace to register a CAGR of 9.7% to reach a significant value that supports this segment to cement its lead in the coming years
- By region, North America is highly lucrative region and leads the regional markets in lab automation in the years to come. Asia Pacific excluding Japan (APEJ) region also shows high potential during the 2017-2027 timeline.
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Global Lab Automation Market: Dynamics
Advancements in lab automation, increasing adoption of lab automation across the globe in several end use industries and applications, rising funding for research and development, availability of compatible solutions for lab automation, rising strategic consolidation among service providers and end users, increasing preference for branded products, increasing technological changes, ease in FDA clearance, increasing academic research activities, favorable government policies, demand for automation in sample handling processes in laboratories, increasing reliance of scientists and researchers on the automation technology, increasing CROs (Contract Research Organizations) and increasing distribution and collaboration agreements to increase service and product reach are supporting the growth of the global lab automation market.
Also, lab automation is considered as a single solution for multiple functionalities, which is triggering the adoption of lab automation thus driving the global market. However, aspects like lack of healthcare infrastructure in certain developing regions, higher initial cost, challenges in vendor selection and complex integration of lab tools have been posing challenges to the growth of the global market.
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Key Segmentation in the Lab Automation Market Study:
- Biochemistry Devices
- Molecular Devices
- Hematology Devices
- Immunology Devices
- Microbiology Devices
- Scheduling Software
- Momentum Integration Software
- Life Sciences Research and Development
- Drug Discovery
- Pharmaceutical Companies
- Hospitals and Diagnostic Centers
- Educational Institutions
- Contract Research Organizations (CROs)
- Research Institutes
- North America
- Latin America
- Western Europe
- Eastern Europe
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