According to a report by Altus Market Research titled, “Global Laboratory Automation Systems Market Analysis 2022-2031 by Equipment & Software(Automated Liquid Handling; Microplate Readers; Standalone Robots etc); Application(Drug Discovery; Clinical Diagnostics; Genomics Solutions etc); End User, Type”, the laboratory automation systems market reached a value of nearly $4,986.7 million in 2021, having increased at a compound annual growth rate (CAGR) of 4.4%. since 2016. The market is expected to grow from $4,726.5 million in 2021 to $6,197.4 million in 2026 at a rate of 5.6%. The market is then expected to grow at a CAGR of 5.5% from 2026 and reach $8,100.5 million in 2031.
Growth in the historic period resulted from an increase in medical errors, growth in the number of healthcare facilities, economic growth in emerging markets, a rise in healthcare expenditure and rapid growth in the elderly population. Going forward, the rapid technological advances, rising aging population, increasing prevalence of chronic diseases, COVID-19 and increase in lifestyle diseases will drive the growth. Factors that could hinder the growth of the laboratory automation systems market in the future include shortage of skilled manpower, geo-political tensions and regulatory changes.
The global laboratory automation systems market is concentrated, with a large number of players. The top ten competitors in the market made up to 54.80% of the total market in 2021. The ability of companies in the market to innovate their offerings has allowed the players to gain a competitive advantage over their competitors. Through R&D activities, strategic partnerships, and mergers and acquisitions, these players are able to gain a strong foothold in the market. Abbott Laboratories was the largest competitor with 7.61% share of the market, followed by Danaher Corporation with 7.25%, Thermo Fisher Scientific with 6.29%, Agilent Technologies, Inc. with 5.97%, Tecan Group Ltd. with 5.63%, PerkinElmer, Inc. with 5.36%, F. Hoffmann-La Roche AG with 4.61%, QIAGEN N.V. with 4.50%, Becton Dickinson and Company with 4.42%, and Siemens AG with 3.15%.
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Player-adopted strategies in the laboratory automation systems market include acquiring companies with same business and launching new products.
To take advantage of the opportunities, Altus Market Research recommends the laboratory automation systems companies to focus on artificial intelligence, focus on RFID technology, focus on new product launches, expand in emerging markets, scale up through merger and acquisition activity, provide competitively priced offerings in low-income countries, offer value-based pricing, leverage campaigns through online platforms, participate in trade shows and events and target laboratory technicians in biotechnology and pharmaceutical companies, research institutes, hospitals, private labs and academic institutes.
The laboratory automation systems market is segmented by equipment and software into automated liquid handling, microplate readers, standalone robots, automated storage and retrieval. The automated liquid handling market was the largest segment of the laboratory automation systems market segmented by equipment and software, accounting for 36.4% of the total in 2021. Going forward, the gene sequencing market is expected to be the fastest growing segment in the laboratory automation systems market segmented by microplate readers, at a CAGR of 6.1% during 2021-2026.
The laboratory automation systems market is by application into drug discovery, clinical diagnostics, genomics solutions, proteomics solutions and others. The genomics solutions market was the largest segment of the laboratory automation systems market segmented by application, accounting for 62.1% of the total in 2021. Going forward, the proteomics solutions segment is expected to be the fastest growing segment in the laboratory automation systems market segmented by application, at a CAGR of 6.2% during 2021-2026.
The laboratory automation systems market is segmented by end-users into biotechnology and pharmaceutical industries, research institutes, hospitals and private labs and academic institutes. The biotechnology and pharmaceutical industries market was the largest segment of the laboratory automation systems market segmented by end-user channel, accounting for 40.0% of the total in 2021. Going forward, the academic institutes segment is expected to be the fastest growing segment in the laboratory automation systems market segmented by end-users, at a CAGR of 5.9%% during 2021-2026.
The laboratory automation systems market is segmented by type into modular automation and total lab automation. The modular automation market was the largest segment of the laboratory automation systems market segmented by end-user channel, accounting for 52.5% of the total in 2021. Going forward, the modular automation segment is expected to be the fastest growing segment in the laboratory automation systems market segmented by end-users, at a CAGR of 5.8%during 2021-2026.
North America was the largest region in the laboratory automation systems market, accounting for 32.3% of the total in 2021. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the laboratory automation systems market will be South America, and Asia-Pacific where growth will be at CAGRs of 7.2%and 6.6% respectively. These will be followed by Middle East and Western Europe, where the markets are expected to grow at CAGRs of 5.5% and 5.3% respectively.
The unprecedented outbreak of coronavirus has caused a surge in demand for clinical laboratories equipment such as laboratory automation systems for diagnosis and testing. The pandemic has put enormous pressure on clinical laboratories due to increased testing volumes and turnaround time within the lab. For instance, in December 2020, the total testing volumes were 245% of baseline. Routine testing volumes have also reached over 100% in the US, well above pre-pandemic level. Further, as of 2021, the US has implemented over 363 million coronavirus tests. The automation of diagnostic laboratories helped in improving reproducibility, increased efficiency of laboratory staff, increased throughput and reduced turnaround time. However, many labs involved in general testing and research were forced to shut down during the pandemic lockdown. For example, Synthace, a scientific software company in the UK, was forced to close their own lab. However, they continued to aid research labs via cloud-based platform, which helped in automating biological experiments.
The top opportunities in the laboratory automation systems market segmented by equipment and software will arise in the automated liquid handling segment, which will gain $503.3 million of global annual sales by 2026. The top opportunities in segment by application will arise in the genomics solutions segment, which will gain $876.0 million of global annual sales by 2026. The top opportunities in segment by end-users will arise in the biotechnology and pharmaceutical industries segment, which will gain $609.0 million of global annual sales by 2026. The top opportunities in segment by type will arise in the modular automation segment, which will gain $808.4 million of global annual sales by 2026. The laboratory automation systems market size will gain the most in the USA at $362.5 million.
Market-trend-based strategies for the laboratory automation systems market include emphasizing more on investing in research and development, collaborating with artificial Intelligence companies, partnering with other players in the market, coming up with more efficient laboratory automation solutions, incorporating RFID technology, bringing new product launches and approvals and receiving aid from government initiatives.
