TMCnet News
Lab Automation Market worth $7.1 Billion | MarketsandMarketsCHICAGO, Feb. 21, 2023 /PRNewswire/ -- The laboratory automation industry is expected to grow significantly in the near future, as the demand for automated processes and technologies in the laboratory setting increases. Automated systems are becoming increasingly popular in medical and research laboratories, as they allow for faster, more accurate, and more efficient data analysis. Automation can be used to streamline laboratory operations, improve laboratory safety, and reduce costs. Additionally, automated systems can be used to increase the accuracy and speed of data analysis and to help ensure that laboratory results are consistent and accurate. As the technology continues to become more advanced and cost-effective, the demand for laboratory automation systems is likely to increase. Lab Automation Market in terms of revenue was estimated to be worth $5.1 billion in 2022 and is poised to reach $7.1 Billion by 2028, growing at a CAGR of 5.8% from 2022 to 2028 according to a new report by MarketsandMarkets™. Factors such as increasing spending on pharmaceutical R&D, growing food safety concerns, and stringent regulatory control in healthcare are expected to propel the growth of this market. However, the slow adoption of lab automation by small and medium-sized laboratories and the long gestation period for workflow implementation are expected to restrain the market growth. Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1158 Browse in-depth TOC on "Lab Automation Market" Lab Automation Market Scope:
Software segment to register significant growth rate over the forecast period of 2022-2028 Based on the product type, the lab automation is segmented into automated workstations, off the shelf automated workcells, robotic system, automated storage and retrieval systems tables and other lab automation. Software segment to register significant growth rate over the forecast period of 2022-2028. 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. This is expected to drive the growth of the segment. Drug Discovery segment accounted for the largest share of the lab automation in 2022-2028 Based on application, the lab automation is segmented into drug discovery, diagnostics, genomics solutions, proteomics solutions, microbiology, other applications. The drug discovery application segment is estimated to hold the largest market share of the lab automation market during the forecast period. This segment held a share of 38.3% in 2021. The large share of this segment can be attributed to the increasing investments by pharmaceutical and biotechnology companies. Biotechnology & pharmaceutical companies' segment to register for the highest growth rate of the lab automation in 2022-2028 The major end users in the lab automation market are hospital & diagnostic laboratories, biotechnology & pharmaceutical companies, research & academic institutes, forensic laboratories, environmental & testing laboratories, and the food & beverage industry. Biotechnology & pharmaceutical companies are expected to dominate the market during the forecast period. The large share of this end-user segment can be attributed to the increasing R&D activities in the area of drug development and the focus on extending pharma-biotech product pipelines. Europe to register a significant growth in the market during the forecast period In 2022, Europe is expected to register a significant growth in the market during the forecast period. Europe comprises the Germany, France, UK, Italy, Spain, ROE. The presence of emerging economies such as Germany and France and the increasing healthcare investments by governmental and non-governmental fundings are the major factors supporting the growth of the Europe lab automation market. Request for FREE Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1158 Lab Automation Market Dynamics: Drivers:
Restraints:
Opportunities:
Challenges:
Key Market Players: As of 2022, prominent players in the lab automation are Thermo Fisher Scientific (US), Tecan Group (Switzerland), Danaher Corporation (US), Agilent Technologies (US), F. Hoffmann-La Roche (Switzerland) Becton, Dickinson and Company (US), and Waters Corporation (US), among others. Recent Developments
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1158 Lab Automation Market Advantages:
Lab Automation Market - Report Highlights
Browse Adjacent Market: Related Reports: Mass Spectrometry Market - Global Forecasts to 2028 Next Generation Sequencing Market - Global Forecasts to 2027 Laboratory Informatics Market - Global Forecasts to 2026 High Throughput Screening Market - Global Forecasts to 2025 Life Science Instrumentation Market - Global Forecasts to 2025 About MarketsandMarkets™: MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/lab-automation-market-worth-7-1-billion--marketsandmarkets-301751489.html |