Laboratory Data Automation Market Size, Share, Growth, and Industry Analysis, By Type(Data Tracking, Instruments Integration, Sample Management and Others), By Application(Enterprise R & D, University & Institute and Others), Regional Forecast By 2031

Laboratory Data Automation Market REPORT OVERVIEW

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The global laboratory data automation market size was USD 189 million in 2021 & the market is projected to touch USD 523.95 million in 2031, exhibiting a CAGR of 10.7% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the laboratory data automation market experiencing higher than anticipated demand across all regions compared to pre-pandemic levels.The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

With the use of technology, manual equipment and process manipulation in laboratories can be replaced or streamlined. The level of automation is determined by a lab's workflow. In order to increase production and cut down on time spent on numerous boring chores, academic and research institutions are where the extended usage of automated instruments is most frequently seen. The adoption of automated tools by drug discovery departments of pharmaceutical companies is also projected to greatly automate its research phases, driving market growth.

COVID-19 Impact: Pandemic Caused Lockdown led in Upsurge of the Market Demand

The COVID-19 outbreak is expected to enhance the laboratory data automation market share due to the business world's embrace of laboratory data automation technology to promote efficiency, transparency, popularity, and reliability. The COVID-19 pandemic epidemic increased the demand on laboratories to speed up and expand their testing capabilities. The market under study saw growth in vendor development of automation systems as a result of the daily increase in the number of samples examined, which is anticipated to open up new potential for market expansion.

LATEST TRENDS

"The Laboratory Information Management System Solutions to Uplift the Market Demand"

A laboratory information management system (LIMS) is software that is used to organise data from samples, automate processes, and manage related samples. The lots and reagents are tracked by LIMS, which aids in planning and understanding the necessary lab agents and resources. Numerous advantages of LIMS include data aggregation in one location, streamlined operation, and connection with other in-lab systems. This is greatly accelerating market growth. LIMS provides flexibility in application configuration for clinical research applications. Additionally, clinical labs must adhere to certain legal specifications, such as those set forth by the CLIA and CAP regulations in the US, which deal with the precision and dependability of tests. CLIA compliance requires adhering to a tight set of guidelines. These requirements must be met by LIMS.

For instance, one of the top international investment firms, Francisco Partners, acquired Abbott's STARLIMS informatics product in July 2021. The company will continue to develop its innovative product suite to meet the needs of its customers while upholding its industry-leading safety and compliance standard.

Laboratory Data Automation Market Segmentation

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• By Type

Based on type, the laboratory data automation market is classified into data tracking, instruments integration, sample management and other.

• By Application

Based on application, the laboratory data automation market is classified into enterprise R & D, university & institute and others.

DRIVING FACTORS

"Various Brewing Advantages Offered by the Automation to Boost the Market Growth"

One of the key elements projected to accelerate market expansion in the near future is the increase in benefits provided by lab automation. A paradigm change to lab automation from fully manual intervention has various benefits for clinical laboratories. Increased productivity, dependable outcomes, secure working conditions, and significant cost, time, and space savings from testing are just a few of the primary benefits. Lab automation makes it easier to use lab equipment for repetitive operations like labelling tubes and sample verifications. It also helps to lessen the physical strain that manual tasks generate, which lowers expenses and frees up lab space. Therefore, it is anticipated that many benefits provided by automated systems would motivate small and large laboratories to use these workstations in the near future.

"Increase in Miniaturization Demand Will Strengthen the Market Structure  "

Another factor that is anticipated to have a substantial impact on market growth in the near future is an increase in demand for miniaturization. One of the main reasons that automated systems and workstations are used in clinical laboratories is to make it easier to miniaturise research procedures and create solutions for a variety of challenging lab automation tasks for applications like biotechnology, microbiology, and clinical chemistry, among others. Additionally, the miniaturisation of these procedures makes it simple to cultivate, monitor, and expand cells, which speeds up turnaround times in point-of-care settings.

RESTRAINING FACTORS

"The Lack of Proper Setup and Infrastructural Issues Can Hamper the Market Demand"

It is expected that obstacles such as the time-consuming and complex initial team configuration of automation tools, as well as the expensive cost of setting up the software, will limit market growth. The platform's back end is complicated in terms of functionality and may be difficult to manage for some users. In addition to the unusual difficulties and glitches that disrupt the software's connectivity. Certain automation tools are slow to navigate and occasionally buggy, and the platforms may not always post at the ideal times for maximum attention, which varies each network. As a result, these constraints are expected to impede the laboratory data automation market growth.

Laboratory Data Automation Market Regional Insights

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"North American Region Gauge for the Huge Revenue Share in the Market"

In 2020, the North American region dominated the market for laboratory data automation, accounting for more than a quarter of all revenues. This dominance is anticipated to continue throughout the forecast period. The expansion is ascribed to the region's increased adoption of lab automation technology as a result of the area's established healthcare infrastructure. Additionally, the local presence of significant firms and the favourable reimbursement system in this area are promoting the market adoption of novel solutions.

Due to the presence of all the major industry players and strict FDA restrictions, the market is quite competitive in the nation. The nation's businesses are using robotics and automation in labs more and more to gain an edge over rivals. The region's microbiological laboratories look for cutting-edge technical solutions to handle the high volume of samples and scarce staffing. In the US, a few significant firms, like BD Kiestra and Copan Diagnostics Inc., are commercialising partial or full lab automation systems for bacteriology. Such elements are expected to boost regional laboratory data automation market share.

KEY INDUSTRY PLAYERS

"Notable Players contributing towards the market"

The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market.

LIST OF TOP LABORATORY DATA AUTOMATION COMPANIES

• Dotmatics (BioBright) (U.S.A)
• EISC (U.S.A)
• Thermofisher Scientific (U.S.A)
• Benchling (U.S.A)
• Labforward GmbH (Germany)
• LabWare LIMS (U.S.A).

REPORT COVERAGE

The report is an analysis of all market aspects for the forecast period. It also shows the evaluation of opportunities, trends, market share, product innovations, technology innovations, driving factors, restraints and others that contribute towards the market growth. This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past historical, current, and projected size of the market from the point of both value and volume. Researching  of recent industry developments,  deep study on market shares and strategies of major players and the emerging niche segments and regional market areas are covered in the report.