Market Size of Lab Automation Software Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.15 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Lab Automation Software Market Analysis
The Lab Automation Software Market is expected to grow at a CAGR of 8.15% during the forecast period (2022 to 2027).
- Automation is used in various life science applications, from proteomics to systems biology. Automating routine laboratory procedures for using dedicated workstations and software to program instruments allows associate scientists and technicians to think creatively about the implications of their experimentation and to design useful follow-up projects or develop alternative approaches to their work instead of spending their days performing tasks with tedious repetition.
- The integration of robotics and automation is rapidly increasing, owing to enhanced productivity and mitigated laboratory operational costs. It is likely to boost market growth over the forecast period. The progress in understanding and the discovery of the nature of life, including the polymerase chain reaction (PCR), splice genes, and means of sequencing, are on the rise, which may propel the market growth.
- Additionally, the experts have credited automation as a crucial solution for the rapid increase in the number of clinical trials. With digitalization and automation, scientists were able to automate the whole process, which resulted in fewer contaminations, digital data recording, and faster processing of the data. This reduced the time taken by each trial significantly.
- Automation plays a key role in helping laboratories maximize efficiency, simplify operations and establish a scalable and sustainable approach to minimize disruption to the services they provide and the patients they serve. However, The impact of the COVID-19 pandemic worsened many of the existing challenges labs face with staffing shortages, improving TAT, and reducing diagnostic testing errors.
- The cost to set lab automation modules, including software, is on the higher side and discourages small enterprises. This factor is expected to hamper the market growth over the forecast period.
