Lab Automation For In-Vitro Diagnostics Market Size

Lab Automation For In-Vitro Diagnostics Market Analysis

The Lab Automation For In-Vitro Diagnostics Market size is estimated at USD 5.75 billion in 2024, and is expected to reach USD 7.80 billion by 2029, growing at a CAGR of 6.30% during the forecast period (2024-2029).

The increase in testing due to the pandemic and the development of automated in-vitro diagnostic systems for labs to provide quick, precise, and error-free diagnoses can be attributed to market growth.

• Lab automation is the process of using specimen-processing equipment to conduct clinical research. This procedure is carried out in order to develop new technology in order to increase productivity and decrease time cycles. In-vitro diagnostics is used in various settings, including laboratories, clinics, educational institutions, diagnostic centers, and private homes.
• The IVD product portfolio includes devices that aid clinical chemistry and immunoassays, urinalysis, point-of-care testing, and patient self-testing devices. The market is expanding as a result of significant players introducing an increasing number of IVD (in vitro diagnostics) products.
• Lab automation is becoming more common, particularly in the development of IVD medical devices. On an unprecedented scale, technology is assisting in increasing the productivity and throughput of in vitro diagnostics. Furthermore, the IVD market is expected to benefit from cognitive machine-learning capabilities and Big Data to supplement diagnostic test information and technologies to enable seamless connectivity between multiple instrument systems. Automation solutions will be in high demand as a result of such technological advancements.
• The increase in R&D activities in the pharmaceutical industries and the increase in demand for process automation for food safety are driving the growth of lab automation for the in-vitro diagnostics market. The increased adoption of these systems as a result of workflow standardization and stringent regulatory control in the healthcare industry influences the growth of lab automation for the in-vitro diagnostics market.
• Significant investments in advanced technologies and business model transformation, driven by products and value-added services, are expected to propel the market. Furthermore, the rapid spread of existing diseases and the discovery of new diseases increase the demand for early treatment and diagnosis. This is expected to increase the rate of clinical diagnostic applications, fueling the adoption of lab automation solutions.
• Automating in-vitro diagnostic devices allows the healthcare diagnostic industry to drastically reduce potential errors, detect infection, diagnose medical conditions, prevent disease, and monitor drug therapies more accurately. For example, in pandemic outbreaks, robotics can be used to reduce infection exposure, distribute medications and food, assess vital signs, promote border control, and automate disinfection.
• Furthermore, incorporating AI and analytical tools into laboratory workflows expands the lab automation market's profitable opportunities. However, a lack of skilled laboratory professionals and the limited feasibility of technology integration in analytical labs will challenge and hinder the in-vitro diagnostics lab automation market.
• The COVID-19 pandemic's continued market impact and increased consumer demand can be attributed to molecular diagnostics. Flu and COVID-19, for example, have symptoms that are difficult to distinguish. Furthermore, with the outbreak of COVID-19, several regions have seen an increase in the number of tests performed to detect the virus, necessitating lab automation technologies.