Smart Lab Market, By Product (Robotic Arm, Microplate Readers, Workstation, LIMS, ELN), By Application (Drug Discovery, Diagnostics, Genomics, Proteomics, Microbiology), By End-User (Pharma, Diagnolab, Forensics, Environmental) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030

Smart Lab Market accounted for US$ 4.1 billion in 2020 and is estimated to be US$ 6.84 billion by 2030 and is anticipated to register a CAGR of 5.30%.

Smart Lab uses technology to automate or replace manual procedures and equipment manipulation. The degree of automation in a lab is determined by the workflow. The widespread use of automated instruments is most commonly seen at academic and research institutes in order to increase production and save time spent on different monotonous chores. Furthermore, the usage of automated tools by pharmaceutical companies' drug development departments is expected to significantly automate research phases, boosting market growth. The medical laboratory area has been altered by laboratory automation, which has steadily replaced semi-automatic and manual processes with completely automated equipment. In sterile situations, where human error is considerably reduced and time is saved, these automated solutions are advantageous. Testing, screening, and other routine laboratory activities are automated. Automation tools can handle many requests in real time, resulting in increased productivity and throughput. The COVID-19 pandemic has accelerated medicine development and research while putting additional strain on pharmaceutical companies and clinical laboratories. As a result of the increased interest in automated liquid handling, microplate readers, and robots, ensuring a shorter TAT has become a priority. The epidemic, on the other hand, has resulted in lower revenues and margins for hospitals and health systems, as well as lower expenditures in automation and technology. As a result, the long-term market for Lab automation is impacted. 

Increased R&D investments in pharmaceutical industries

To fulfil the expanding needs of the healthcare sector, pharmaceutical and biotechnology businesses are investing heavily in research. Pharmaceutical businesses such as Sun Pharmaceuticals, Cipla, and Lupin Ltd., for instance, invested 8.8% of their revenues on R&D in FY 2018, according to the India Brand Equity Foundation (IBEF). Furthermore, cooperation between pharma companies and healthcare stakeholders for R&D into therapies will promote the use of lab automation, likely driving the demand for Lab Automation market above production levels. 

Slow adoption of smart labs among small and medium-sized laboratories

Many small and medium-sized laboratories find it challenging to invest in these smart labs due to financial constraints. A major restrain 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 limiting the growth of the smart lab industry.

Smart Lab Market is segmented based on product, application, end-user and region.

On the basis of Product, the Smart Lab Market is segmented into Robotic Arm, Microplate Readers, Workstation, LIMS, ELN. Based on Application, the target market is segmented into Drug Discovery, Diagnostics, Genomics, Proteomics, Microbiology. Based on End-User, the target market is segmented into Pharma, Diagnolab, Forensics, Environmental.

Regional Insights:

On region the Smart Lab Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. During the forecast period, North America is expected to dominate the market owing to the presence of large pharmaceutical companies, increasing investment in drug discovery and genomics market. This is expected to drive market growth for smart lab market.

Smart Lab Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the Smart Lab Market report based on product, application, end-user and region.

Smart Lab Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating in the smart lab market are Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US),PerkinElmer Inc. (US), Agilent Technologies (US), F. Hoffmann-La Roche Ltd. (Switzerland), and Tecan Group Ltd. (Switzerland).

• Thermo Fisher Scientific, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• PerkinElmer Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Agilent Technologies
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Danaher Corporation
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• F. Hoffmann-La Roche Ltd.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Tecan Group Ltd.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies