The Lab Automation market is forecasted to grow at a high rate owing to the accelerating demands from drug discovery and research industry
The Global Lab Automation Market was valued at US$ 4.0 Bn in 2020 and is expected to reach US$ 5.7 Bn by 2027, with a growing CAGR of 5.0% during the forecast period (2021-2027).
The major factor driving the lab automation market growth are increased government funding for research, new drug development and other biotechnological related work. The coronavirus disease 2019 (COVID-19) outbreak has accelerated the activities of research and development of drug discovery. Thus, the government from all around the world have been investing more on such activities. For instance, in July 2020, the US government has signed pre-purchase agreements and is providing funding to Pfizer, Moderna, Johnson & Johnson, AstraZeneca, Novamax, and the joint venture between Sanofi and GlaxoSmithKline for development of an effective drug on COVID-19.
Moreover, standardization of work, miniaturization of process and stringent rules and regulations for quality control in pharmaceutical, medical and food & beverage industries are propelling the lab automation market growth. , the Good manufacturing Practice (GMP) guidelines for biological products have been approved by both the WHO Expert Committee on Biological Standardization and the WHO Expert Committee on Specifications for Pharmaceutical Preparations.
In addition to this, the growing adoption of high-throughput solutions and industry-academia collaborations are anticipated to fuel the lab automation market growth. However, factors such as long gestation for workflow implementations and slow adoption of automation for small and medium-sized laboratories are anticipated to hamper the lab automation industry growth. Additionally, the improvements in healthcare infrastructure in developing countries such as India, China along with integration of AI and analytical tools in laboratory workflows bring in enormous opportunities for the lab automation market.
The lab automation market report also provides in-depth qualitative market insights, historical data analysis, market size estimations and comprehensive evolution of the market. The report covers the company profiling of key players in the industry along with the recent developments going on in the lab automation market.
Global Lab Automation Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, North America accounted the largest region for lab automation market solutions. The region is witnessing a huge drive owing to the increasing investments by the government for the research and innovation sector in this region, the large presence of pharmaceuticals R & D laboratories in the region, the increase in test volume thus leading to adoption of automation by clinics and hospitals.
According to a report by Evaluate Pharma, R&D spending climbed by 5% in 2019, and among the top 11 pharma companies reached a total of $77.6 billion. F. Hoffmann-La Roche Ltd., Johnson and Johnson, and Merck are observed to lead the list of R&D spenders in terms of total dollars, thus driving the North American segment for lab automation market.
The Global Lab Automation Industry Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the lab automation market are: