Astute Analytica reports that the global Laboratory Robotics Market size will grow from US$ 270.7 million in 2021 to US$ 494 million by 2030. The global market will record a tremendous compound annual growth rate (CAGR) of 6.72% during the study period, i.e., 2022-2030.
The report’s segmentation section focuses on each category while also identifying those with the greatest influence on the Laboratory Robotics Market. The segmentation provided the framework for locating businesses and assessing their financial health, product portfolios, and potential for future growth. In order to forecast the level of competition, the second step involved analyzing the core competencies and market shares of leading companies. To determine the size of the market as a whole, a bottom-up approach was adopted.
Impact Analysis of COVID-19
In this report, market players in this field will receive insights regarding COVID-19’s impact post-COVID-19, which will provide a useful framework for evaluating strategies. The COVID-19 has affected a number of manufacturing operations and supply chains worldwide. As a result, the economy has been experiencing a recession and high inflation rates. Furthermore, the pandemic disrupted a number of industries’ international movements. Due to the labor shortage and the lack of logistics movement, the whole sector faced sustained challenges. Lockdowns have caused severe financial losses to end-user industries.
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- Laboratory robotics can be broadly defined as using robotics technology to conduct a scientific study and research experiments in a safe environment without the interference of human hands.
- The increasing need to ensure the safety of manual workers and the adoption of stringent regulatory protocols in laboratories have initiated the businesses to adopt robotic technologies for critical process applications.
- Robotics has revolutionized mankind to a greater extent. The reason can be that once the robots are programmed to do a certain task, they continue to do the assigned job at a stretch. They do not get tired or worn out, unlike humans.
- Moreover, robots maintain accuracy and precision and are highly efficient. These factors are driving the adoption of robotics in laboratories across the world.
- The high costs associated with the robotic equipment and also the low priority of automation in small to medium-sized labs are restraining the growth of the market studied.
Key Market Trends
Safety of Both Humans and Property to Drive the Market
- Laboratory experiments involve the usage of hazardous chemicals and substances that are harmful when coming into direct contact with the human body.
- However, a number of precautionary measures are being undertaken in the laboratories to overcome the ill-effects of these chemicals. There are a number of cases where these experiments have caused injuries to researchers. Moreover, in some adverse conditions, they can also lead to death.
- Considering these factors, the need for laboratory robots has grown significantly. These robots make sure that humans are not exposed to these chemicals directly, and in turn, provide a safer working environment.
- With the increasing sales of medical robots across the world, it is evident that the medical sector is adopting more robots to create a safer workplace and to increase the efficiency of the medical process. This factor is directly boosting the growth of the market studied.
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North America Occupies the Largest Market Share
- In the North American region, the increasing technological advancements and investments by the market leaders are driving the market to be the largest laboratory robotics market in the world.
- With the increase in the number of players in this region, the market in this region is witnessing enterprise collaborations and partnerships to achieve a technological breakthrough in the field of robotics, which is also boosting the focus toward technology.
- Additionally, with the increased R&D activities by the biotechnology and pharmaceutical firms in this region, as well as the increased adoption of lab automation by most of the hospitals and clinical diagnostic labs (due to the increasing volume of test samples) are driving the growth in the lab automation market in North American region.
Competitive Landscape
The laboratory robotics market is competitive, owing to the presence of small and large players in the market running their business on national as well as international boundaries. The market appears to be moderately consolidated, with the key players adopting strategies, like product innovation and mergers and acquisitions. Some of the key players in the market are PerkinElmer Inc., Thermo Fisher Scientific, Siemens AG, Tecan Group, among others.
- May 2018 – Thermofisher Scientific, a leading company in the laboratory robotics market, announced that it is collaborating with Astex Pharmaceuticals, a pioneer in innovative drug discovery and development. Astex Pharmaceuticals picked Thermo Fisher Scientific Glacios Cryo-Transmission Electron Microscope (Cryo-TEM) to help them in drug discovery and development program.
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About Astute Analytica:
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