Lab Automation Market Size, Share, Growth Analysis, By Process(Continuous Automation System and Modular Automation System), By Automation Type(Robotic Arm, Microplate Readers, Workstation, LIMS), By Product(Drug Discovery, Diagnostics, Genomics, Proteomics and Microbiology), By Application(Clinical Chemistry Analysis, Photometry & Fluorometry, Immunoassay Analysis, Electrolyte Analysis and others), By Region - Industry Forecast 2024-2031

Lab Automation Market size was valued at USD 4.82 billion in 2019 and is poised to grow from USD 5.1 billion in 2023 to USD 8.01 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

Lab Automation Market is competitive and fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Many businesses are putting an emphasis on organic growth initiatives, including new launches, product approvals, and others like patents and events. Acquisitions, partnerships, and collaborations were examples of inorganic growth tactics that were observed in the market. Major Players include Thermo Fisher Scientific, Inc., PerkinElmer Inc, Agilent Technologies, Danaher Corporation, F. Hoffmann-La Roche Ltd., and Tecan Group Ltd. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Siemens Healthineers', ' Agilent Technologies, Inc.   ', ' Danaher Corporation   ', ' PerkinElmer, Inc.   ', ' Thermo Fisher Scientific Inc.   ', ' Abbott Laboratories   ', ' Tecan Group Ltd.   ', ' Hamilton Company   ', ' Bio-Rad Laboratories, Inc.   ', ' Eppendorf AG   ', ' Qiagen N.V.   ', ' F. Hoffmann-La Roche AG   ', ' Bruker Corporation   ', ' Waters Corporation   ', ' Beckman Coulter, Inc.   ', ' Promega Corporation   ', ' LabVantage Solutions, Inc.   ', ' Hudson Robotics, Inc.   ', ' Labcyte Inc.   ', ' Analytik Jena AG '

Companies in the pharmaceutical and biotechnology industries are investing a lot of money in research to keep up with the expanding demands of the healthcare industry. Additionally, the usage of lab automation will be stimulated by cooperation between pharmaceutical firms and healthcare stakeholders for R&D into therapies. Exceeding production levels would likely fuel the market for lab automation.

Robotics for handling liquids is just one aspect of lab automation; other technologies exist that enable lab staff to do additional tasks more efficiently. This is the result of intelligent instruments that have various characteristics, store data in the cloud, and occasionally share that data with instruments further down the line. Cloud-based analysis is frequently carried out automatically so that lab personnel may view the data and their interpretation at the same time.

North America dominated the lab automation market in 2021 and is expected to maintain its dominance during the projected period. This can be caused due to the region's established healthcare infrastructure, which has prompted a rise in the use of lab automation technologies. Additionally, the local presence of significant firms and the favourable reimbursement environment in this region are promoting the market adoption of new solutions. In addition, growing investments in the drug discovery and genomics markets are anticipated to fuel market expansion for the lab automation industry due to the presence of significant pharmaceutical corporations in this region.