Four primary studies have been undertaken to size the lab automation market. Secondary research has been used to obtain preliminary data for the lab automation market and peer and parent markets. Data were collected from 3-5 secondary sources, and validated by primary sources for assumptions and market sizing. Through top-down and bottom-up approaches, the overall market size was informed and further broken down, and data was triangulated for segment and subsegment sizing.
Secondary Research
These included directories, Factiva, white papers, Bloomberg Businessweek, annual reports, SEC filings, business filings, and investor presentations, among others Through these souces, one can gain critical data about market leaders, how the industry is divided into sectors, and how technology varies from one industry level to another within lab automation.
Primary Research
Primary research consisted of interviewing people from the supply side of the business and the demand side to get quantitative and qualitative insights. On the demand side, primary sources involved in the study included physicians, researchers, department heads, staff from diagnostic centers, hospital staff, and those attached to the research institutes, while on the supply side, it involved CEOs, area sales managers, territory and regional sales managers, and various other top executives of relevant companies. These direct meetings with people in key leadership positions helped validate assumptions arising from secondary research and bring them face-to-face so that any assumptions could also be directly questioned.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note: Companies are classified into tiers based on their total revenue. As of 2023, Tier 1 = >USD 1 billion, Tier 2 = < USD 500 million, and Tier 3 = < USD 100 million.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The revenue share analysis of major companies was used in this report to determine the size of the global lab automation market. This was accomplished by identifying the major market participants and calculating their lab automation business revenues using a variety of information acquired throughout the primary and secondary research stages. Examining the annual and financial reports of the leading market participants was one aspect of secondary research. On the other hand, primary research involved in-depth interviews with important thought leaders, including directors, CEOs, and important marketing executives.
Segmental revenues were computed using the revenue mapping of the leading solution/service providers to determine the worldwide market value. The following steps were engaged in this process:
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Making a list of the leading international companies in the lab automation industry
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Charting the annual profits made by the leading companies in the lab automation sector (or the closest stated business unit/product category)
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As of 2023, revenue mapping of leading companies to cover a significant portion of the global market
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Calculating the lab automation industry's global value
Global Lab Automation Market: Bottom-up and Top-down approach
Data Triangulation
The above process has divided the Lab Automation market into several segments and subsegments. Then, data triangulation and the market segmentation process are conducted to confirm the accuracy of the data for each segment. Both factors and trends from the demand and supply sides were researched. Top-down and bottom-up approaches yield the outcome from the analysis of the Lab Automation market.
Market Definition
The lab automation market includes automated workstations, off-the-shelf automated work cells, robotics, automated storage & retrieval systems, and software to automate laboratory procedures and boost efficiency, productivity, and accuracy. It is integrated with devices to aid in complicated operations, data collection, and repetitive procedures occurring in life sciences, academic institutes, diagnostics, pharmaceutical research, and other labs. Drug discovery, diagnostics, proteomics, genomics, and microbiology are some of the most critical applications of lab automation solutions.
Stakeholders
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Lab automation solution manufacturers, suppliers, and providers
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Lab automation equipment and software solution providers
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Lab automation integrated solution providers
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Academic institutions and private research institutions
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Environmental testing laboratories
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Food & beverage testing centers
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Hospitals and diagnostic centers
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Forensic laboratories
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CROs and CDMOs
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Pharmaceutical & biopharmaceutical companies
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Consulting firms
Report Objectives
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To define, describe, and forecast the lab automation market based on product, application,
end user, and region
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To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
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To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
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To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
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To forecast the revenue of the market segments with respect to five regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
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To profile the key players and comprehensively analyze their market ranking and core competencies2
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To benchmark players within the market using a proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of business strategy excellence and strength of product portfolio
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To track and analyze competitive developments such as product launches, agreements, expansions, collaborations, and acquisitions in the lab automation market
HIGHEST CAGR MARKET IN 2024-2030
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Growth opportunities and latent adjacency in Lab Automation Market