Market Size of Automated Storage and Retrieval Systems in Laboratories Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 12.60 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Automated Storage And Retrieval Systems In Laboratories Market Analysis
The Automated Storage and Retrieval Systems in Laboratories Market are anticipated to grow at a CAGR of 12.6% during the forecast period. AS/RS has become one of the most innovative solutions in material handling equipment, primarily used in warehouses and distribution centers. Retailers of all sizes may shorten delivery times and stay competitive by bringing inventory and fulfillment closer to the consumer with the help of micro-fulfillment and auto-storage technology.
- Technology is crucial to managing a warehouse efficiently. It requires analytics, tracking, and intelligent bin systems. It also helps with efficient hospital delivery and reduces long-term costs by avoiding overstocking supplies and reducing expired supplies. Various healthcare centers are collaborating with hospitals to consolidate the medical supply warehouses.
- Hospitals are now using these methods to create "patient-centric" automated storage and retrieval systems that reduce inventory while preserving accurate and timely medication administration. Given how successful this way of cost-cutting has been, it is anticipated that the use of AS/RS in hospitals will increase significantly during the study.
- Due to inadequate supply chain management, stocking, and supplying, the COVID-19 pandemic has also increased supply waste. It is observed $935 billion of medical supplies are wasted annually. By automating the low-value and easily repeated inventory storage and retrieval task, AS/RS proves advantageous to the operations that utilize it. The conveyor buffering systems may be replaced or reduced by AS/RS, enabling a business to keep buffer products efficiently and retrieve them as needed.
- Even if deploying these automated storage systems is very beneficial, it poses some challenges. A huge cost is involved in installing and implementing automated storage and retrieval systems. AS/RS solutions may need to be more practical for companies needing a faster return on their investment. The large initial capital investment is often cost-prohibitive for smaller organizations.
Automated Storage And Retrieval Systems In Laboratories Industry Segmentation
Objects that can be stored or retrieved using computer-aided technologies form the basis of Automated storage and retrieval systems (AS/RS). The system usually comprises predefined locations where machines can follow established routes to get items. These are logistics solutions in which the vast majority of movements and operations are carried out automatically, with the help of handling equipment such as stacker cranes, conveyors, and electrified monorails. Hospitals and other healthcare facilities are working together to combine the medical supply warehouses, which helps to reduce inventory while maintaining accurate and timely medication delivery.
The Market is segmented by Type (Discovery and Research Laboratories, In-House Laboratories, and Commercial Laboratories), Application, and Geography.
The market sizes and forecasts are provided in terms of value (USD million).
By Product Type | |
Fixed Aisle System | |
Carousel | |
Vertical Lift Module |
By Geography | |
North America | |
Europe | |
Asia Pacific | |
Latin America | |
Middle East and Africa |
Automated Storage and Retrieval Systems in Laboratories Market Size Summary
The Automated Storage and Retrieval Systems (AS/RS) market in laboratories is poised for significant growth, driven by the increasing need for efficient inventory management and the integration of advanced technologies. AS/RS solutions are becoming essential in various sectors, including healthcare and eCommerce, where they help streamline operations by reducing manual labor and minimizing errors. These systems are particularly beneficial in laboratories and hospitals, where they support the creation of patient-centric solutions by optimizing inventory levels and ensuring timely medication administration. The adoption of AS/RS is further fueled by the demand for rapid delivery and the need to manage complex supply chains, especially in the wake of challenges highlighted by the COVID-19 pandemic.
The market is characterized by moderate competition, with key players like Thermo Fisher Scientific, Danaher Corp, and Siemens Healthineers leading the charge in innovation and product development. These companies are actively engaging in partnerships and launching new products to enhance their offerings in automated storage solutions. The Asia-Pacific region, particularly India, is witnessing a surge in warehouse automation due to the booming eCommerce sector, which necessitates efficient logistics and quick delivery systems. As businesses continue to embrace automation to meet growing consumer demands, the AS/RS market is expected to expand, offering scalable and flexible solutions that cater to diverse industry needs.
Automated Storage and Retrieval Systems in Laboratories Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Porter's Five Forces Analysis
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1.2.1 Threat of New Entrants
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1.2.2 Bargaining Power of Buyers
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1.2.3 Bargaining Power of Suppliers
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Assessment of Impact of COVID-19 on the market
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Fixed Aisle System
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2.1.2 Carousel
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2.1.3 Vertical Lift Module
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2.2 By Application
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2.3 By Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia Pacific
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2.3.4 Latin America
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2.3.5 Middle East and Africa
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Automated Storage and Retrieval Systems in Laboratories Market Size FAQs
What is the current Automated Storage and Retrieval Systems in Laboratories Market size?
The Automated Storage and Retrieval Systems in Laboratories Market is projected to register a CAGR of 12.60% during the forecast period (2024-2029)
Who are the key players in Automated Storage and Retrieval Systems in Laboratories Market?
Thermo Fisher Scientific, Danaher Corp, Roche Holding AG, Honeywell International and Siemens Healthineers are the major companies operating in the Automated Storage and Retrieval Systems in Laboratories Market.