The laboratory automation market size is projected to grow at a CAGR of 7.55% to reach US$6,055.218 million in 2026 from US$3,638.769 million in 2019. It has been observed a powerful rate in recent years and is forecast to exhibit fruitfully within the years to come back.
The integration of technology in the laboratory in order to optimize and allow new and more efficient procedures is referred to as laboratory automation. Laboratory automation contributes to improved accuracy, quality, and uniformity in clinical, nonclinical, and industrial contexts. The adoption of laboratory automation increases the quality of experimental data while also assisting in the reduction of total lab process times, resulting in improved productivity. A laboratory automation system is made up of several components, including machine vision, conveyor systems, robotics, and computer hardware and software. In order for laboratories to remain competitive in today's market, lab automation is becoming a more realistic choice and a necessary system. Modern automation systems eliminate the need for researchers to conduct repeated activities. Lab automation helps by allowing laboratory personnel to keep control over the flood of samples, optimising efficiency, and delivering patient findings on time. The lab automation system is also having a positive influence on the entire healthcare business.
However, one of the major challenges impeding the growth of the laboratory automation market is the high initial investment cost. This high cost might be ascribed to the expenditures incurred by the laboratory for the adoption of modern technologies utilised in lab automation. Many small and medium-sized laboratories find it challenging to invest in automation due to financial restrictions. The high maintenance and service expenses associated with laboratory informatics solutions are also a significant impediment. Moreover, the cost of maintaining IT systems exceeds the cost of the programme itself. Furthermore, the laboratory automation industry's expansion is hampered by a lack of risk-taking capacities and data on the cost-effectiveness of automation systems for small and medium-sized laboratories.
Advantages offered by laboratory automation and the surging in the applications is estimated to account for the growth of the laboratory automation market
One of the key reasons expected to fuel market growth in the near future is the increase in benefits provided by lab automation. A paradigm change from total manual intervention to lab automation has numerous advantages for clinical laboratories. Increased productivity, consistent findings, safe working conditions, and significant savings in time, space, and test costs are just a few of the key benefits. Lab automation allows the use of laboratory equipment for boring activities such as labelling tubes and sample verifications, as well as decreasing and eliminating the physical strain caused by manual chores, therefore lowering expenses and conserving lab space.
The increase in the number of lab automation applications is likely to drive market growth in the near future. Automation has recently discovered numerous uses in the laboratory that have revolutionised laboratory procedures that were previously carried out by manual involvement. Among them are automated chemistry applications, synthetic biology, cell line creation, genomics, cellular assays, and drug discovery, to name a few. As a result, a growth in the number of clinical applications of automated instruments for laboratories is expected to boost lab automation adoption over the projected period. Another factor that is likely to have a major influence on market growth in the near future is an increase in demand for miniaturisation. One of the primary reasons for the implementation of automated systems and workstations in clinical laboratories is to allow for the miniaturisation of research processes in order to develop solutions for various complex lab automation tasks in applications such as biotechnology, microbiology, and clinical chemistry, among others.
North America and Asia Pacific region fuelled the laboratory automation market
Based on Regions, the market for laboratory automation is metameric into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2019, the North America region emerged united of the leading regions; though, the market within the Asia-Pacific region is anticipated to develop at a fast rate as compared to different regions. North America is additionally anticipated to exhibit the highest rate / CAGR over the forecast amount 2019-2026. Factors like favourable federal perspective, broad acceptance of breakthrough technology, a large concentration of significant manufacturers, and the availability of modern healthcare infrastructure are all important. Furthermore, the region's microbiological laboratories are seeking technologically new methods to deal with large samples. Several major companies in the country are commercialising partial or full laboratory automation systems for bacteriology. As a result, these advancements are expected to drive the laboratory automation market in North America to new heights.
The Asia-Pacific laboratory automation business is expected to develop at a rapid pace because to an alarming increase of COVID-19 cases, growing pharmaceutical exports, a focus on creating sophisticated healthcare infrastructure, and improved economic conditions. Because of government funds, public and provincial-level hospitals in this area are undertaking substantial facility renovations. Such innovations are opening up new prospects for the healthcare industry. These factors are projected to considerably increase demand for laboratory automation solutions, therefore propelling the laboratory automation market forward.
During the projected period, the Latin American laboratory automation market share is expected to rise significantly. Factors such as a growth in the number of laboratories, the rapid expansion of the pharmaceutical and biotechnology sectors, the growing prevalence of chronic diseases, and favourable government initiatives. The laboratory automation market in Latin America is growing mostly because to an increase in the number of labs with sophisticated systems, a surge in pharmaceutical and biopharmaceutical businesses, and a boost in R&D activities.
The global COVID-19 pandemic has had an impact on many businesses. The COVID-19 pandemic has put diagnostic laboratories under tremendous strain, with teams boosting capacity and quickly extending testing menus while dealing with staff shortages and the requirement to maintain safe and socially isolated working conditions. Those diagnostic laboratories that have adopted process automation have been among the most effective in reducing interruption and even prospering in these tough settings. Because of the flexibility that automated systems provide, forward-thinking laboratories have been able to swiftly return to near-full production while adhering to local social distance standards. When the limitations are relaxed and employees can return, these laboratories will be in an excellent position to leverage their automated procedures to expand their capabilities. COVID-19 has compelled diagnostic laboratories to scale up services and extend testing capabilities, putting extra strain on physical infrastructure as well as data management systems. Extending high-throughput testing capabilities without expanding procedures in the digital domain might restrict the savings offered by automation and even jeopardise the results' integrity. In the midst of a worldwide pandemic, mistakes in processing test results might have significant repercussions for disease transmission and destroy public faith in healthcare.