There are several benefits such as improved staff safety, increased productivity, decreased turnaround time and minimized errors that are associated with the use of this new technology. These are the benefits that had attracted the technicians towards it. Moreover, it will be helpful in manufacturing new drugs in less time, which was once highly expensive and time-intensive.
The global lab automation market is estimated to account for US$ 4,477.0 Mn in terms of value in 2020 and is expected to reach US$ 6,262.3 Mn by the end of 2027.
Global Lab Automation Market: Drivers
Launch of novel lab automation solutions is expected to propel growth of the global lab automation market over the forecast period. For instance, in February 2020, COPAN Diagnostics, Inc. launched Radian, a new system for fully automatic Kirby-Bauer susceptibility testing.
Global Lab Automation Market: Opportunities
R&D lab automation is expected to offer lucrative growth opportunities for players in the global lab automation market. For instance, in August 2020, researchers from the University of Liverpool in the U.K reported development of a robot lab assistant that can work nonstop on various research and testing for 22 hours per day, pausing for only two hours to recharge.
Global Lab Automation Market: Restraints
Long implementation time period is expected to hinder growth of the global lab automation market. It takes around 6-12 months in completely implementing the lab automation system and making it fully operational. Thus, long time taken to implement lab automation may limit its adoption.
The global lab automation market was valued at US$ 4,268.9 Mn in 2019 and is forecast to reach a value of US$ 6,262.3 Mn by 2027 at a CAGR of 4.9% between 2020 and 2027. Major factor driving the growth of global lab automation market during the forecast period include technological advancement, and increasing demand from pharmaceutical and biotechnology industry.
Liquid handling products held dominant position in the global lab automation market in 2019, accounting for 40.3% share in terms of value, followed by Microplate reader and Robotics and Others, respectively.
Emergence of Covid-19 is expected to propel growth of the global lab automation market. For instance, globally, as of 2:19pm CEST, 2 August 2020, there have been 17,660,523 confirmed cases of COVID-19, including 680,894 deaths, reported to the World Health Organization.
Moreover, launch of novel lab automation solutions is also expected to aid in growth of the market. For instance, in February 2018, Thermo Fisher Scientific launched Inspire, a vertical modular robotic platform, designed to integrate multiple instruments such as robotic system, software and microplate that streamlines workflow and speed up the operations.
Global Lab Automation Market: Competitive Landscape
Major players operating in the global lab automation market include, Tecan Group Ltd., PerkinElmer Inc., Danaher Corporation, Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Hamilton Company, COPAN Diagnostics, Inc., Abbot Diagnostics, Eppendorf, Roche Diagnostics, Siemens Healthineers, UiPath, and Porvair Sciences.
Global Lab Automation Market: Key Developments
July 2020: UiPath, an enterprise Robotic Process Automation software company, launched a virtual streaming solution that allows customers, prospects, and partners to explore enterprise automation solution showcases, attend demos and participate in workshops as part of a fully remote UiPath Immersion Lab experience.
May 2020: Hamilton Storage and Titian Software announce that Titian’s Automated Stores control application now connects Hamilton Storage automated storage systems to Titian’s Mosaic sample management software