Forecasted Growth: Lab Automation Worth $7.1 Billion

The global lab automation market is projected to reach USD 7.1 billion by 2028 from USD 5.1 billion in 2022, growing at a CAGR of 5.8%

The global lab automation market is projected to reach USD 7.1 billion by 2028 from USD 5.1 billion in 2022, growing at a CAGR of 5.8% during the forecast period. The growth of this market is primarily driven by the increasing investments and for the technological advancements. Robots can carry out repetitive operations like labeling by hand and handling microplates, while motorised pipettes and syringes can handle liquid handling. Additionally, lab automation software can help you save time by making it simple to standardise and manage your workflow. increasing surgical procedures due to growing burden of chronic diseases.

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Based on products, the lab automation market is segmented into automated workstations, off-the-shelf automated work cells, software, robotic systems, automated storage & retrieval systems, and lab automation equipment. Automated workstations are expected to dominate the lab automation market during the forecast period. Workstations reduced costs, ensuring efficiency, and improve turnaround time are key factors driving the market growth.

Based on applications, the lab automation market is segmented into drug discovery, diagnostics, genomics, proteomics, microbiology, and other applications. The drug discovery application segment is estimated to hold the largest market share of the lab automation market during the forecast period. The large share of this segment can be attributed to the increasing investments by pharmaceutical and biotechnology companies.

The lab automation market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The market in North America accounted for the largest share of market in 2022. The large share of the market can be attributed to the strong presence of major pharmaceutical companies and the large number of life science research studies conducted in the region. Asia Pacific is expected to account for the second-largest share of the global lab automation market. Investments by both public and non-public sectors to upgrade laboratories, the rising number of diagnostics procedures, the increasing number of laboratories hospital and diagnostic centres, and the increasing prevalence of non-communicable diseases in the US In Canada.

Thermo Fisher Scientific (US), Tecan Group (Switzerland), Danaher Corporation (US), Agilent Technologies (US), F. Hoffmann-La Roche (Switzerland), PerkinElmer (US), Eppendorf (Germany), Becton, Dickinson and Company (US), Waters Corporation (US), Siemens Healthineers (Germany), Abbott Laboratories (US), bioMérieux (France), Endress+Hauser Group (Switzerland), Hamilton Company (US), and Hudson Robotics (US) among others

Recent Developments of Lab Automation Industry

• In January 2023, Agilent Technologies, acquired Avida Biomed, an early-stage life science firm that creates high-performance target-enrichment procedures with distinctive features for clinical researchers using next-generation sequencing methods to investigate cancer.
• In November 2022, F. Hoffmann-La Roche Ltd. collaborated with PathAI for artificial intelligence-based digital pathology applications for improved patient care.
• In November 2022, PerkinElmer launched ready-to-use adeno-associated virus vector (AAV) detection kits to support researchers working on gene therapies.
• In August 2021, Becton Dickinson AG launched a fully automated high-throughput molecular diagnostic platform for laboratories in the US.