In the report by FMI, the global lab automation market is forecast to reach US$ 1.9 billion by 2022, with a CAGR of 9.6%. The market is expected to surpass US$ 4.74 billion by 2032.
At a CAGR of 5.2%, the market for laboratory automation in Korea is expected to grow from $80.06 million in 2022 to US$ 132.91 million in 2032. When it comes to automation, Korea is a country of extreme contrasts.
Korea is indeed the closest thing to a technological utopia. In 2017, the International Federation of Robotics named it the world’s most robotic country. By combining physical and digital aspects of manufacturing, the Korean automation industry has been revolutionized.
In addition, the technological revolution in biomedicine and pharmaceuticals has led to the adoption of modular laboratories, which provide a reliable and economical solution. Moreover, laboratory automation contributes to a growing number of clinical studies, drug discoveries, precise diagnoses, personnel safety, and smaller reagent and sample requirements.
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In Korea, automated workstations are expected to account for a large share of lab automation revenue, with workflow integration applications, particularly in demand. Growing demand for advanced imaging, monitoring, and cell detection systems is driving new solutions to the market as clinical diagnostics become more sophisticated.
“The clinical diagnostics segment may control the lab automation market, accounting for 27.1% of total revenue in 2022. This high proportion can be attributed to technological advancements, an increase in automated systems offered by lab automation market players, and an increase in the prevalence of automated systems due to advantages such as the decreased risk of contamination and the reduction of human error, among others”. – Says an FMI Analyst.
Key Takeaways from the Lab Automation Market
- In terms of research and development (R&D), Koreans lead the world.
- Korea spends 4.23% of the nation’s GDP on Research and Development.
- Demand for automated workstations is growing rapidly in Korea.
Competition Landscape in the Lab Automation Market
Several of the aforementioned players rely heavily on automation equipment and software that can be modified to meet industry-specific requirements as part of their expansion strategy. Moreover, strategic partnerships, collaborations with academics and research institutes, as well as government agencies, and acquisitions of small players are used.
GC Labs, Abbott, Hamilton Company., bioMérieux SA, Siemens, F. Hoffmann-La Roche Ltd, QIAGEN, PerkinElmer Inc., Thermo Fisher Scientific Inc., Danaher, Agilent Technologies, Inc., BioTek Instruments, Inc., Hudson Robotics, Inc., Aurora Biomed Inc., BD, LabWare, Brooks Automation, Inc., and Cerner Corporation are some of the key players in the Korean lab automation market.
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Recent Developments in the Lab Automation Market
WASPLab® (bioMerieux, France), the first microbiology Total Laboratory Automation system in Korea, was introduced in October 2021 by GC Labs, a leading clinical diagnostics company in Korea. A WASPLab® system automates the steps from sample receipt to inoculation, culture, and interpretation, which had previously been performed manually. With the introduction of the first microbiology total laboratory automation system in Korea, the company expects to further improve its competitiveness.
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