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Smart Labs Market to Witness a Two-fold Growth by 2023, Says Frost & Sullivan

Growth is expected across all technology pillars that support the smart labs ecosystem, with significant opportunities around robotics, automation, IoT, and AISANTA CLARA, Calif., Sept. 14, 2020 /CNW/ -- Frost & Sullivan's recent analysis, Smart Labs as Key Drivers for the Digital Transformation of Diagnostic Laboratories, 2020, finds that rising demand for smart instruments and digital tools within the diagnostics, academic, and commercial research labs will powerfully drive the smart lab market. The thriving market is estimated to nearly double, reaching $4.68 billion by 2023 from $2.39 billion in 2019, registering double-digit growth at a compound annual growth rate (CAGR) of 18.3%. However, the fallout of the COVID-19 pandemic will continue to adversely impact the industry throughout 2020, emphasizing the need for automation to reduce costs and increase efficiency.
Smart Labs Market to Witness a Two-fold Growth by 2023, Says Frost & Sullivan
"The traditional lab market will experience a value proposition shift from hardware to digital solutions such as artificial intelligence (AI), big data, and cloud technologies," said Amol Dilip Jadhav, Transformational Health Research Analyst at Frost & Sullivan. "Going forward, in response to the increasing penetration of digitization, instrument and automation vendors will shift their focus towards value propositions aligned with the rise of the app economy."Jadhav added: "The adoption of smart labs by specific application segmentsA presents a way of understanding the impact that will be created through the combination of technologies serving the specific opportunity, such as robotics, internet of things, big data, artificial intelligence and cloud technologies. Additionally, predictive maintenance, real-time data management, and continuous and remote operations present the highest CAGR opportunities, standing at 24.8%, 24%, and 23.8% by 2023, respectively."
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