Lab Automation in Genomics Market Outlook 2031
The global lab automation in genomics market size was valued at USD 5.43 Billion in 2022 and is projected to reach USD 9.21 Billion by 2031, expanding at a CAGR of 6.05% during the forecast period, 2023–2031. Growth of the market is attributed to increasing investment in genomic and drug discoveries, need for consistency in quality, and availability of cheap resources and labors.
The genomics is an associative field of biology focusing on the editing, function, mapping, evolution, and structure of genomes. A genome is an overall set of DNAs, containing all genes. The lab automation is an integrative approach to optimize, capitalize, develop, and research on technologies in the laboratory that permit improved and new operations. The functions of technology in laboratories are essential to accomplish timely development and to stay competitive.
The Covid-19 pandemic affected the demand and supply of the lab automation in genomics market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Lab Automation in Genomics Market Trends, Drivers, Restraints, and Opportunities
- Increasing expenditure on development and research is projected to boost the market.
- High return on investment is the major factor fueling the market in the coming years.
- Lack of planning for technological development is projected to restrict the market expansion.
- High initial setup cost is anticipated to hamper the market growth during the forecast period.
- R&D investment and technological advancement in lab automation in genomics market is projected to offer lucrative opportunities for the market players.
Scope of Lab Automation in Genomics Market Report:
The report on the lab automation in genomics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Lab Automation in Genomics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023-2031
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Segmentation
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Equipment [Automated Plate Handlers, Vision Systems, Automated Storage and Retrieval Systems, Automated Liquid Handlers, and Robotic Arms], End-users [Hospitals and Private Laboratories, Environmental Testing Laboratories, Academic and Research Institutes, Biotechnology and Pharmaceutical Companies, and Forensic Laboratories]
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East and Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players covered in the Report
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PerkinElmer Inc., Siemens Healthineers AG, Thermo Fisher Scientific Inc., Tecan Group Ltd, Becton Dickinson, Honeywell International, Danaher Corporation, Synchron Lab Automation, Hudson Robotics, Inc., Eppendorf AG, and Agilent Technologies Inc.
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Lab Automation in Genomics Market Segment Insights
Equipments Segment Analysis
Based on equipment’s, the lab automation in genomics market is segregated into automated plate handlers, vision systems, automated storage and retrieval systems, automated liquid handlers, and robotic arms. The automated liquid handlers segment is projected to expand at a high CAGR during the forecast period.
Growth of the market is attributed to increasing investment in genomic market and drug discoveries, and need for consistency in quality. However, the robotic arm segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rapidly growing demand for personal genomics, high return on investment, and strict regulations for healthcare.
End-users Segment Analysis
On the basis of end-users, the lab automation in genomics market is fragmented into hospitals and private laboratories, environmental testing laboratories, academic and research institutes, biotechnology and pharmaceutical companies, and forensic laboratories.
The biotechnology and pharmaceutical companies segment is anticipated to expand at robust CAGR during the forecast period. The robotic arm segment is projected to expand at a rapid pace during the forecast period due to factors such as increasing expenditure on development and research, improving healthcare infrastructure across emerging countries, and high return on investment.
Regional Analysis
On the basis of regions, the lab automation in genomics market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East and Africa. The market of Asia Pacific is anticipated to expand at a high CAGR during the forecast period due to factors such as rapidly growing demand for personal genomics, high return on investment, and strict regulations for healthcare.
Segments
The lab automation in genomics market has been segmented on the basis of
Equipment
- Automated Plate Handlers
- Vision Systems
- Automated Storage and Retrieval Systems
- Automated Liquid Handlers
- Robotic Arms
End-users
- Hospitals and Private Laboratories
- Environmental Testing Laboratories
- Academic and Research Institutes
- Biotechnology and Pharmaceutical Companies
- Forensic Laboratories
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East and Africa
Key Players
Competitive Landscape
Key players competing in the lab automation in genomics market include PerkinElmer Inc., Siemens Healthineers AG, Thermo Fisher Scientific Inc., Tecan Group Ltd, Becton Dickinson, Honeywell International, Danaher Corporation, Synchron Lab Automation, Hudson Robotics, Inc., Eppendorf AG, and Agilent Technologies Inc.
Key players are using several business strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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