Market Size of Automated Storage and Retrieval Systems in Laboratories Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.60 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Automated Storage And Retrieval Systems In Laboratories Market Analysis
The Automated Storage and Retrieval Systems in Laboratories Market are anticipated to grow at a CAGR of 12.6% during the forecast period. AS/RS has become one of the most innovative solutions in material handling equipment, primarily used in warehouses and distribution centers. Retailers of all sizes may shorten delivery times and stay competitive by bringing inventory and fulfillment closer to the consumer with the help of micro-fulfillment and auto-storage technology.
- Technology is crucial to managing a warehouse efficiently. It requires analytics, tracking, and intelligent bin systems. It also helps with efficient hospital delivery and reduces long-term costs by avoiding overstocking supplies and reducing expired supplies. Various healthcare centers are collaborating with hospitals to consolidate the medical supply warehouses.
- Hospitals are now using these methods to create "patient-centric" automated storage and retrieval systems that reduce inventory while preserving accurate and timely medication administration. Given how successful this way of cost-cutting has been, it is anticipated that the use of AS/RS in hospitals will increase significantly during the study.
- Due to inadequate supply chain management, stocking, and supplying, the COVID-19 pandemic has also increased supply waste. It is observed $935 billion of medical supplies are wasted annually. By automating the low-value and easily repeated inventory storage and retrieval task, AS/RS proves advantageous to the operations that utilize it. The conveyor buffering systems may be replaced or reduced by AS/RS, enabling a business to keep buffer products efficiently and retrieve them as needed.
- Even if deploying these automated storage systems is very beneficial, it poses some challenges. A huge cost is involved in installing and implementing automated storage and retrieval systems. AS/RS solutions may need to be more practical for companies needing a faster return on their investment. The large initial capital investment is often cost-prohibitive for smaller organizations.
