The global lab automation market is forecast to surpass the valuation of US$ 1 trillion by end of 2031. According to a study by Fact MR, the market is demonstrating a steady growth due to rising demand for precision-based diagnostics and medicine delivery. As per a report by Fact.MR, the global lab automation market is estimated to expand at a CAGR of over 7% for the forecast period between 2021 and 2031.
According to Institute for Human Data Science, patients gained over 1.8 trillion days of therapy across all countries, average 234 days per patient. It also forecasts that global health expenditure will grow at a rate of 2 to 5% per year, surpassing US$ 1 trillion by 2024. Thus, the rising demand for effective treatment will present a lucrative growth opportunity for the market.
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According to the report, the market is poised to experience significant gains, posting a CAGR exceeding 7% through 2031. Increasing number of grants disbursed to facilitate advanced drug development & clinical diagnostic research is responsible for bulk of the market’s growth. For instance, the EU Commission, in March 2021, advanced a grant to eTheRNA Immunotherapies, to accelerate the development of a novel and potentially best-in-class therapeutic mRNA cancer vaccine to treat recurrent HPV16+ head and neck cancers. The grant amounted to € 6.9 million.
Growth prospects have further heightened since the onset of COVID-19, with healthcare providers scrambling to deploy precise and advanced diagnostic services, as well as accelerate drug and vaccine development. Consequently, overall healthcare spending rose to US$ 1.4 trillion, representing over 30% increase since 2015. Additionally, a host of government initiatives in key markets have greatly helped augment spending on lab automation, a trend likely to continue over the coming years.
Key Takeaways from Market Study
- By product, demand for integrated automated workstations to expand at a rapid pace
- Biotechnology & pharmaceutical industry experiencing major uptake of lab automation systems
- By application, drug discovery and clinical diagnostics to collectively capture a lucrative share
- Voluminous biopharmaceuticals manufacturing to elevate lab automation deployment across the U.S.
- The U.K. to generate fresh revenue ecosystems amid high reliance on in vitro diagnostics
- Growing R&D initiatives by government and non-governmental entities bolstering France and Germany’s growth prospects
- India and China to emerge as lucrative hotspots amid increasing need to offset asymmetries in efficient lab testing mechanisms
“Growing irregularities in quality diagnosis & drug development due to high error margins are prompting healthcare providers to invest in the most contemporary lab automation solutions, driving market growth,”comments a Fact.MR analyst.
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Thermo Fisher Scientific, PerkinElmer, Agilent Technologies, Hudson Robotics, F. Hoffmann-La Roche Ltd., Siemens Healthineers, Hamilton Robotics, Bio-Rad Laboratories, bioMerieux SA, Becton Dickinson & Company, Qiagen NV, Danaher Corporation, and Hudson Robotics are some prominent lab automation equipment and software providers profiled in Fact.MR’s report.
- With regard to solution offerings, Siemens Healthineers provides the SIMATIC SIPAT Process Analytical Technology, facilitating the right-first-time production via Quality by Design (QbD) transfer of previously downstream quality controls into the manufacturing process itself. The software helps healthcare settings become more flexible with regard to production expansion, new product launches, and entry into new markets.
- Similarly, Bio-Rad Laboratories offers its CFX Automation System II, a robotic plate handler compatible with all CFX RT-PCR Detection Systems to enable walk-away, high throughput qPCR operation in a simplified format. This systems generates large volumes of data and rapid data analysis. It is ideally suited to meet the high throughput RT-PCR requirements of today’s drug discovery and screening workflows.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global lab automation market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of product (equipment and software & informatics), application (drug discovery, clinical diagnostics, genomic solutions, and proteomics solutions), and end-user (biotechnology & pharmaceutical industries, research & academic institutes, hospitals & diagnostic laboratories, forensic laboratories, environmental testing labs, and food & beverage industry), across five major regions of the world.
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