Lab Automation Market Size, Trends And Future Opportunities
Laboratories have traditionally been used in medical and scientific research, but have now expanded into uses in life sciences, academia, diagnostics, bioinformatics, government research and more. Laboratory automation refers to the technology that is designed and developed specifically to improve laboratory processes, increasing efficiency, and speed. In addition, laboratory automation or Laboratory Information Management Systems (LIMS) enable easier experimentation and boost productivity, and can carry out repetitive tasks with precision, freeing up scientists for more difficult activities.
Laboratory Automation Market Size
The current global lab automation market size is valued at approximately $3.50 billion, with healthcare accounting for $1.11 billion. By 2024, the lab automation is expected to be worth $4.91 billion, with healthcare valuing at $1.75 billion. The implementation of LIMS and training of personnel are responsible for 40-50 percent of the costs of LIMS. Laboratory automation can boost efficiency by up to 80 percent and secure a return on investment within a period of 3 months.
The life science market accounts for nearly 35-40 percent of the laboratory automation market share, followed by biotechnology which has 20 percent of the market share. Other applications include in academia, contract research organization (CRO), food and agro, chemicals, pharmaceuticals and bio-repositories. Factors driving the growth of the market are increasing demand from end-user segments, competition and compliance requirements to stringent regulations on laboratory use.
Laboratory Automation Market Trends
There are several market trends in laboratory automation that affecting the market overall.
- The use of the cloud for maintaining a backup of essential digital resources is expanding into the field of laboratory automation as well, with an increase in the use of cloud-based systems to support laboratory automation. This aids in improving access to information, both in the form of backups and to access information from different locations across the world in a quick and cost-effective manner.
- Another major trend that the laboratory automation industry is witnessing is the adoption of bots and artificial intelligence. These bots can aid in overall tracking and customer service, and artificial intelligence can be used to aid scientists in general processes, improving the speed and accuracy of routine functions.
- Typically, laboratories have functioned in an offline mode, but now the trend is moving towards online LIMS that facilitate easy retrieval of important data, aid in auditing, provide real-time access and easier quality control and allow the use of interactive data analyzers. By converting laboratory automation processes to an online model, the requirement for support and maintenance staff can be reduced significantly.
Laboratory Automation Market Future Opportunities
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Future opportunities in the laboratory automation market are abundant as the field continues to evolve. The opportunities can be identified at a regional level and on the basis of the function provided by the laboratory automation.
At a regional level, North America remains the dominant market for laboratory automation with the presence of major industry players in the area. The Asia Pacific region is expected to have significant growth opportunities and is considered to be a prospective market driven by an increase in research and development activities, emerging economies, and growing medical concerns. Opportunities for laboratory automation are available in developed and developing countries due to the vital role that laboratories play in health care, life science and research. LIMS can be customized as per need, to suit the needs of the user in forms such as clinical, analytical, manufacturing and environmental.
The laboratory automation market is projected to have a steady growth in the coming years at a global level, due to the variety of benefits it provides. As pharmaceutical, medical, biotechnology and other formats of research increase, there will be a corresponding growth for laboratory automation.