Prolific developments in life sciences, such as rapid AI penetration, the industry-wide proliferation of cloud technology, and potential therapeutic connotations of previously illegal substances like marijuana, are among the key developments that have led to the emergence of a trillion-dollar global pharmaceutical industry in recent years. According to a recent analysis produced by consulting firm Fact.MR, this has finally led to rapid automation of laboratory settings, providing genuine stimulus to the worldwide lab automation industry.
According to the analysis, the market is expected to grow at a high rate through 2031, with a CAGR of 7%. The majority of the market’s growth of Lab Automation is due to an increase in the number of funds given to aid advanced medication development and clinical diagnostic research.
Key Takeaways from Market Study
- Demand for integrated automated workstations is expected to grow rapidly by product.
- Lab automation systems are becoming increasingly popular in the biotechnology and pharmaceutical industries.
- Drug discovery and clinical diagnostics to gain a profitable portion of the market by application
- Large-scale biopharmaceutical manufacturing will boost lab automation implementation across the United States.
- In the face of significant reliance on in-vitro diagnostics, the United Kingdom is looking to create new revenue ecosystems.
- Growing government and non-government R&D initiatives are boosting France and Germany’s growth prospects.
- India and China are expected to become attractive hotspots as the demand for effective lab testing systems grows.
“Growing inconsistencies in quality diagnosis and drug development due to high error margins are encouraging healthcare providers to invest in the most cutting-edge lab automation systems, fueling market growth,” says a Fact.MR analyst.
How is Rising R&D Expenditure in the Pharmaceutical Industry Driving Growth?
Global healthcare spending has risen dramatically in recent years, owing to the rising complexity of numerous chronic and infectious diseases. In terms of deploying modern diagnostics and medicines, significant progress has been made.
According to the Institute for Human Data Science, patients received 1.8 trillion days of therapy worldwide in 2019, averaging 234 days per individual.
It also predicts that worldwide medical spending will grow at a rate of 2% to 5% each year, surpassing US$ 1 trillion by 2024. While the United States is predicted to contribute to more than half of global pharmaceutical industry revenue in the next years, key emerging economies, particularly India and China, are expected to emerge as the industry’s frontrunners, with significant progress already visible.
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