Lab Automation Market is Estimated To Witness High Growth Owing To Increasing adoption of Lab Automation Equipment to Reduce Errors and Improve Efficieny

 
Lab Automation Market

Market Overview:

Lab automation involves utilization of laboratory equipment, consumables and robots to perform critical functions efficiently with high accuracy and consistency. It helps save on manual labor costs, minimize errors and enable faster processing of samples. Lab automation systems are widely adopted in biotechnology and pharmaceutical industries for applications like drug discovery, genomic analysis, analyzers and bio banks.

Market key trends:
Lab automation market is witnessing high growth due to increasing adoption of lab automation equipment to reduce errors and improve efficiency of operations. Rising focus on developing high-throughput and rapid testing technologies has led to significant investments in lab automation. Growing number of initiatives by research institutes and governments worldwide to promote adoption of advanced lab testing is another key factor augmenting market revenue. Biotechnology and pharmaceutical industries have also increased their R&D budgets for developing innovative lab automation solutions.

Porter's Analysis
Threat of new entrants: The Lab Automation Market Demand requires high initial capital investments which acts as a barrier for new players. Established players already have strong brand presence and economies of scale which makes market entry difficult.
Bargaining power of buyers: Individual buyers have low bargaining power due to the specialized nature of lab automation equipment. However, large diagnostic chains and pharmaceutical companies can negotiate better prices due to bulk purchasing.
Bargaining power of suppliers: A few large multinational companies dominate the supply of core lab automation components. This gives them significant power to influence prices.
Threat of new substitutes: There are no cost-effective substitutes for automated lab equipment currently. New technological advancements may pose a threat in the long run.
Competitive rivalry: The market is highly competitive with the presence of numerous global and regional players. Intense competition keeps pricing pressure on players.

SWOT Analysis
Strengths: Automation improves productivity and efficiency of lab processes. It reduces errors and ensures consistency in test results.
Weaknesses: High initial investments and maintenance costs of automated equipment. Frequent technological upgradations require additional expenses.
Opportunities: Rising workload in labs due to increasing disease prevalence and diagnostic tests. Growth in biopharma industry to drive supplemental equipment demand.
Threats: Significant price erosion due to raw material price fluctuations and fierce competition. Dearth of trained professionals delays automation adoption.

Key Takeaways
The global lab automation market is expected to witness high growth at a CAGR of 7.3% over the forecast period of 2023 to 2030, due to increasing workload in diagnostic and clinical labs. The market size is projected to reach US$ 5396.26 Mn by 2023 from US$ 2030 Mn in 2019.

Regional analysis: North America dominated the global market in 2019 with over 30% share owing to presence of majority of key players and advanced healthcare infrastructure in the US and Canada. Asia Pacific is projected to exhibit highest CAGR during the forecast period supported by growing medical tourism, increasing healthcare spending and rising awareness about effective lab operations in emerging countries like India and China.

Key players operating in the lab automation market are Tecan Trading AG, PerkinElmer Inc., Danaher, Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Inc., Hamilton Company, COPAN Diagnostics Inc., Abbott, Merck KGaA, F. Hoffman-La Roche Ltd, Siemens Healthcare Private Limited, UiPath, Porvair Sciences, SPT Labtech Ltd, Endress+Hauser Group Services AG, Automata, accroma, Molecular Devices, LLC, Beckman Coulter, Inc., BD, Reshape Biotech, and Peak Analysis & Automation. The market is fairly consolidated with top 10 players accounting for over 55% share

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https://www.dailyprbulletin.com/the-growth-in-the-global-lab-automation-market/

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