Artificial Intelligence Technology is fastest growing segment fueling the growth of Lab Automation Market
Market Overview:
Lab automation products offer increased productivity, reduced laboratory costs, better reproducibility and consistency in experiments. These products automate repetitive tasks and enable minimized manual errors in labs.
Market key trends:
One of the major trends in the market is growing adoption of AI-enabled lab automation. AI helps automate various tasks like sample sorting, compound screening, and data analysis. It enables high throughput screening of chemical and biological samples. AI also helps improve decision making by analyzing large sets of experimental data and detecting patterns. For example, deep learning models can identify cell types from microscope images. Further, AI integrated systems enable automation of tasks like sample handling and transportation with minimal human intervention. This significantly improves workflow efficiency in labs.
Segment Analysis
The global Lab Automation Market Demand is segmented into equipment type, software and services, end user, and region. Based on equipment type, the market is segmented into automated workstations, microplate readers, robotic systems, automated storage and retrieval systems, and others. Among these, the robotic systems segment dominated the market in 2022 and is expected to continue its dominance over the forecast period owing to its high adoption across various end-use industries like pharmaceutical and biotechnology companies for screening compounds.
Key Takeaways
The global lab automation market is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing demand for enhanced productivity and reduced errors in the life science research laboratories.
Regional analysis
North America dominated the global lab automation market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to the presence of major players, government funding for research activities, and growing biopharmaceutical industry in this region. Asia Pacific is expected to be the fastest growing region due to expanding biopharmaceutical industry, rising healthcare expenditures, and growing academia and research activities in countries like China and India.
Key players
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. Hoffmann-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, Peak Analysis & Automation. Tecan Trading AG and Thermo Fisher Scientific are identified as the key players due to their broad product portfolio and global presence.
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