According to the Market Statsville Group (MSG), the global laboratory robotics market size is expected to grow from USD 209.55 million in 2022 to USD 406.13 million by 2033, growing at a CAGR of 6.2% from 2023 to 2033. The growing need to protect the safety of human employees, as well as the implementation of demanding regulatory processes in laboratories, has prompted firms to use robotic technology for crucial process applications. Therefore, robots retain accuracy and precision while being extremely efficient. These forces are propelling the use of robots in laboratories across the world. The high prices of robotic equipment, as well as the low priority of automation in small to medium-sized labs, are limiting the market's growth.
The integration of technology in the laboratory to optimize and allow new and more efficient procedures is referred to as laboratory robotics. Laboratory robotics contributes to improved accuracy, quality, and consistency in clinical, nonclinical, and industrial contexts. Use of laboratory automation enhances the quality of experimental data while also assisting in the reduction of total lab process times, resulting in greater productivity. A laboratory automation system is made up of several components, including machine vision, conveyor systems, robotics, and computer hardware and software. Lab robotics is becoming a more realistic alternative and a necessary solution. Contemporary automation techniques eliminate the need for researchers to do repeated work. Lab automation helps by allowing laboratory employees to keep control over the flood of samples, optimizing efficiency, and delivering patient findings on time. The lab automation technology is also having a positive influence on the wider healthcare business.
The healthcare sector, including pharmaceutical and biotechnological companies are demanding this laboratory robotics to accelerate the diagnosis and research activities for drug discovery and vaccination during this COVID pandemic. Further, increasing government and corporate investments in R&D projects and infrastructure development, boosts the market growth.
In the present scenario, many emerging companies are now opening their new company or expanding the existing ones in the emerging economies. Thus, healthcare expenditure is growing rapidly in emerging markets considering the area scenario. For instance, in 2020. the World Economic Forum estimated the emerging economies will account for almost one-third of the global healthcare expenditure. Furthermore, since the virus's spread, the government are forcing pharmaceuticals and biotechnological companies to opt robotics instead of human beings in order to avoid the spread of COVID infection among the professionals. As a result, manufacturers are concentrating on technological advancements and automation that provide fast and accurate laboratory results.
For some years, funding levels for pharmaceutical industry have been increasing, especially in research sector. Rising number of initiatives taken by government bodies, universities, and pharmaceutical and biotechnology companies to encourage research related to biotechnology is one of the major factors that positively impact market growth. In April 2020, the National Institutes of Health (NIH) declared the launch of public-private partnership to speed COVID-19 vaccine and treatment options. More than 10 biopharmaceutical firms are involved in this partnership, which include several leading firms across the globe. Some of these include AbbVie, Amgen, AstraZeneca, Bristol Myers Squibb, Johnson & Johnson, Eli Lilly and Company, and more. This NIH initiative will drive the demand for laboratory robotic during such pandemic and will further support to further leverage the delivery of highly required therapies for the COVID-19 patients across the globe.
Laboratory robotics has some flaws and limits, such as a high initial cost, restricted adaptability, and a lack of intuition for tackling tough or esoteric problems. Layoffs of human workers (when robots take their place) can affect employee morale.
Because many techniques for automation have not yet been established, laboratory robotics are very expensive to set up and start up. The cost of a single synthesis is high, or the cost of sample assessment is quite high. It's tough to automate situations when visual analysis, recognition, or comparison is required, such as color changes. This also means that the analysis is constrained by the sensory inputs available. Further, one major pitfall is that automation may replace employees who perform jobs that are easily copied by robots. Some systems, however, require the usage of programming languages such as C++ or Visual Basic to perform more complex tasks, which need highly skilled professionals.
Many small and medium-sized laboratories find it challenging to invest in automation due to financial constraints. A key stumbling block is the high maintenance and service expenses associated with laboratory informatics solutions. According to industry analysts, the cost of maintaining IT solutions is higher than the cost of the product itself. Furthermore, a lack of evidence on the cost-effectiveness of automation solutions for small and medium-sized laboratories, as well as a lack of risk-taking capability, are impeding the growth of the lab automation industry.
Technological advancements have always been at the forefront of innovation in the growth of the economy in every sector. The laboratory robotic is also considered as one of the most prominent sectors that take advantage of AI and analytical tools and thus attract wider investment opportunities. The integration of AI laboratory robotics will be able to analyse, compute more, require and constantly add more advanced features to their equipment and offer accurate results.
Further, AI provides a foundation for the creation of intelligent bots. robotic manufacturer can make bot smarter by adding cognitive services such as language understanding, image recognition, text recognition, translation, and more. In robotics, artificial intelligence (AI) enables robots to identify and distinguish numerous objects with human-like vision. Machine learning training is now used to construct robots. To train the computer vision model, a large number of datasets are utilized, so that robotics can distinguish various objects and perform actions in the correct order. Furthermore, robots performance is improving day by day as more quality and exact machine learning algorithms are developed.
The study categorizes the laboratory robotics market based on type, application, and end user area at the regional and global levels.
Based on the end user, the market is divided into clinical laboratories, research laboratories, biotechnology and pharmaceutical companies, hospitals and diagnostic laboratories, research and academic institutes, forensic laboratories, environmental testing laboratories and food and beverage industry. The hospitals and diagnostic laboratories segment are expected to dominate the market share in 2022 in the global laboratory robotics market. Automation allows hospitals and diagnostic laboratories to transport and track patient samples and produce accurate results in the shortest amount of time. This facilitates preventive care through the rapid identification of diseases, enhances productivity, improves patient safety, and helps reduce healthcare costs. Moreover, automation software allows hospitals to track patient data and maintain a patient registry system to recall data rapidly and easily, whenever required.
Based on the regions, the global laboratory robotics market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America is projected to account for the highest market share in 2022. The healthcare industry in North America is a well-established market for automation due to the demand for speed, consistency, and precision. Biotechnology & pharmaceutical companies have also adopted laboratory automation to reduce the manual labor involved and save time. Growth in the North American market is also supported by the demand for the integration of laboratory systems, rising government funding for research, growth in biobanks, the need for early drug discovery, and stringent regulatory requirements.
The laboratory robotics market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
Frequently Asked Questions
Want to Review Complete Market Research Report
Budget constraints? Get in touch with us for special pricing
Request for Special PricingCustomize this Report
Related Reports
Automated Storage and Retrieval System Market: Industry Size, Growth, Emerging Trends, Regional Analysis, Opportunities, and Forecast By 2033
Mar 2024Smart Motors Market 2022: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030
Mar 2024Tunable Diode Laser Analyzer Market 2022: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030
Mar 2024Autonomous Mobile Robots Market: Industry Size, Growth, Emerging Trends, Regional Analysis, Opportunities, and Forecast By 2033
Mar 2024Smart Sprinkler Controller Market: Industry Size, Growth, Emerging Trends, Regional Analysis, Opportunities, and Forecast By 2033
Mar 2024