Market Size of Laboratory Robotics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.72 % |
| 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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Laboratory Robotics Market Analysis
The Laboratory Robotics Market was valued at USD 185.80 million in 2020 and is expected to reach USD 274.49 million by 2026, at a CAGR of 6.72% over the forecast period 2021 - 2026. By delegating repetitive applications to robots, they provide consistency in sample preparation and testing, which increases the efficiency of the test. This advantage of robots is driving the market studied.
- Laboratory robotics can be broadly defined as using robotics technology to conduct a scientific study and research experiments in a safe environment without the interference of human hands.
- The increasing need to ensure the safety of manual workers and the adoption of stringent regulatory protocols in laboratories have initiated the businesses to adopt robotic technologies for critical process applications.
- Robotics has revolutionized mankind to a greater extent. The reason can be that once the robots are programmed to do a certain task, they continue to do the assigned job at a stretch. They do not get tired or worn out, unlike humans.
- Moreover, robots maintain accuracy and precision and are highly efficient. These factors are driving the adoption of robotics in laboratories across the world.
- The high costs associated with the robotic equipment and also the low priority of automation in small to medium-sized labs are restraining the growth of the market studied.
