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Laboratory informatics refers to management of data that originates from lab operations and experiments. This includes data acquisition, analysis, archival and reporting results. Laboratory informatics play crucial role in drug discovery, forensic investigation, and medical diagnostics. It provides tools to acquire, manage, store, analyze and interpret data generated during experiments in labs. Laboratories are increasingly adopting informatics solutions to manage massive data volumes, perform complex analysis, and automate routine procedures. This helps improve productivity, lower cost, ensure compliance and accelerate research. For example, informatics solutions enable automation of repetitive tasks like sample logging, preparation of routine test batches and integration with various analysis instruments.
The global laboratory informatics Market is estimated to be valued at US$ 3.2 billion in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing need for Automation and Efficiency: Growing data volumes and complexities of experiments have increased the need for automation and efficient workflows. Laboratory informatics solutions provide tools to centrally manage samples and specimens, integrate with instruments, automate routine operations and streamline data management. This helps improve efficiency, accuracy and compliance while reducing errors and costs. For example, automated sample tracking and login prevents mix-ups and errors. Integration with instruments enables automatic transfer of analysis results to the informatics system.
Scientific Advancements driving Complexities: Continual advancements in fields like genomics, proteomics and drug discovery have significantly increased the scale and intricacies of research. Experiments now generate massive data sets involving intricate parameters. Traditional manual methods are insufficient to handle such complexities. Laboratory informatics provides scalable, interconnected platforms to comprehensively manage exponentially growing volumes of multidimensional data in a regulatory-compliant manner. This helps scientists process information faster and gain insights to accelerate research.
Segment Analysis
The laboratory informatics market is dominated by the LIMS segment. LIMS find extensive usage in various industries such as healthcare and pharmaceuticals, biotechnology, petrochemical refineries, food and beverage testing, and others for tracking samples and automation of various workflows. The growing need for handling large volumes of complex data and integrating lab instruments and software platforms has boosted the demand for LIMS from all industry verticals.
PEST Analysis
Political: Governments across countries are imposing stringent regulatory frameworks for pharmaceuticals, healthcare testing, and environmental monitoring to ensure safety and quality. This is driving the need for advanced informatics solutions in labs.
Economic: The global laboratory informatics market is witnessing prospects due to rising R&D investments in pharmaceutical and biotechnology industries. Additionally, technological advancements and growing usage of automation are boosting overall laboratory spend.
Social: Growing awareness levels among consumers regarding product quality, safety, and contamination are propelling industries to adopt laboratory informatics for maintaining compliance.
Technological: Technological capabilities including artificial intelligence, machine learning, cloud computing, and IoT are enabling the development of new-generation digital platforms for lab informatics. Vendors are leveraging such technologies for enhanced data analysis and remote operations.
Key Takeaways
The global laboratory informatics market is expected to witness high growth in the forecast period.
Regional analysis: The Asia Pacific region is projected to register the highest growth rate during the forecast period due to rising expenditure across healthcare, biotechnology, and pharmaceutical sectors in emerging countries such as China and India. Additionally, growing penetration of automation solutions in laboratories will boost informatics adoption.
Key players operating in the laboratory informatics market are Thermo Fisher Scientific, LabWare, LabVantage Solutions, Abbott Informatics, Waters, PerkinElmer, Agilent Technologies, ID Business Solutions, and Autoscribe Informatics. Thermo Fisher Scientific and LabWare currently dominate the market and are focusing on strengthening their product portfolios through acquisitions and partnerships.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
