The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Lab Automation In Drug Discovery Global Market Report 2024, the lab automation in drug discovery market is expected to show significant growth in the forecast period.

• Market Size Expansion: The lab automation in drug discovery market has experienced substantial growth, rising from $6.13 billion in 2023 to an expected $6.47 billion in 2024, with a CAGR of 5.6%. This growth is driven by factors like the increasing complexity of drug discovery, the need for efficiency and cost reduction, and rising labor costs.
• Future Projections: The market is projected to reach $7.96 billion by 2028, growing at a CAGR of 5.3%. Key drivers include the expansion of drug pipelines, the rise in personalized medicine, and the focus on rare diseases and orphan drugs.

Precision Medicine Driving Market Growth

• Importance of Precision Medicine: Precision medicine, which tailors treatment based on individual genetic, environmental, and lifestyle factors, is a significant growth driver for lab automation in drug discovery. Automation enhances research efficiency and accuracy, leading to more effective, personalized treatments.
• Market Impact: The increasing demand for precision medicine is contributing to the rapid growth of the lab automation market, with over 75,000 genetic testing products and 300 personalized medicines available as of October 2022.

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Key Industry Players and Technological Innovations

• Major Companies: Leading companies in the market include Thermo Fisher Scientific, Abbott Diagnostics, Roche Holdings, and Siemens Healthineers, among others. These companies are focusing on developing advanced automation solutions to stay competitive.
• Technological Advances: Innovations like Strateos Inc.’s rapid idea-to-data solution, launched in April 2022, are transforming drug discovery. This platform enables quick transformation of ideas into actionable data through linked robotic automation and cloud-based design.

Strategic Acquisitions Boosting Market Presence

• Brooks Automation’s Acquisition: In March 2023, Brooks Automation acquired Aim Lab Automation Technologies Pty Ltd., an Australian company specializing in robotic automation. This acquisition is expected to enhance Brooks’ presence in clinical diagnostics and accelerate technological advancements in lab automation for drug discovery.

Market Segmentation and Regional Insights

• Market Segments: The lab automation market is segmented by type (e.g., automated liquid handlers, robotic arms), component (instruments, software), application (high-throughput screening, sample preparation), and end-user (biotech and pharmaceutical industries).
• Regional Growth: North America was the largest market in 2023, while Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by increasing investments in drug discovery and automation technologies.

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