, /PRNewswire/ -- The global size is estimated to grow by billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 8.68% during the forecast period.
For more insights on the forecast market size and historic data (2018 - 2022) - The healthcare industry's outsourcing trend for medical device manufacturing and drug discovery has led to significant investments in contract research outsourcing, particularly in countries like . With numerous US FDA-approved facilities and a large talent pool at reasonable costs, has become an attractive destination for large pharmaceutical and medical device companies. The implementation of TRIPS-mandated product patents in 2005 further boosted outsourcing from developed markets.
This cost reduction results in increased revenue from high-volume product orders, leading to infrastructure development and the growth of the global laboratory automation systems market. The availability of skilled labor and improved manufacturing standards contribute to market expansion during the forecast period. The Laboratory Automation Systems market is experiencing significant growth due to the increasing demand for efficient and accurate testing processes.
Systems like Automation, Dependence, and Screening are trending in this sector. Robotics and Procedures are key components of these systems, enabling the automation of various laboratory tasks. The use of Technology and Models in laboratory automation is also on the rise, .
