June 25, 2024

Laboratory Informatics Market Is Estimated To Witness High Growth Owing To Streamline Operations & Increased Demand For Lab Automation

The Laboratory Informatics Market is estimated to be valued at Us$ 3,031.4 Mn in 2022 and is expected to exhibit a CAGR Of 8.2% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Laboratory informatics aims to manage various workflows in the lab such as data acquisition, sample management, data analysis, and regulatory compliance. It helps in streamlining lab operations through laboratory information management systems (LIMS), electronic lab notebooks (ELNs), scientific data management systems (SDMS), and chromatography data systems (CDS). These systems offer solutions for workflow management, storage and retrieval of data, and running quality assurance programs.

Market Dynamics:

The laboratory informatics market is expected to witness significant growth over the forecast period, owing to increased demand for laboratory automation to streamline operations. Streamlining lab workflows is essential to improve productivity and cut costs. Laboratory informatics systems are capable of managing various lab operations efficiently along with customized deliverables as per industry norms and regulations. Automation ensures timely completion of standard operating procedures in regulated laboratories through electronic documentation, thereby resulting in increased adoption of laboratory informatics solutions. Furthermore, laboratory informatics also facilitates data-driven decision making by integrating siloed data to generate meaningful insights. Integrated laboratory systems provide real-time visibility and control over operations, inventory, and assets which further drives the market growth.

Segment Analysis

The global laboratory informatics market is dominated by the laboratory information management system (LIMS) segment. LIMS helps laboratories and research centers to store, manage and track samples and reagents efficiently. It also assists in managing workflow and storing critical sensor data from connected laboratory equipment. LIMS dominate others due to the traceability, efficiency and compliance benefits offered to labs in managing life science research and healthcare testing.

PEST Analysis

Political: Government regulations regarding data privacy, storage and sharing have increased compliance requirements for labs which benefits the laboratory informatics market.

Economic: Growing R&D investments in pharma and biotech along with increasing complexities in lab experiments are fueling the demand for advanced laboratory informatics solutions to manage high volumes of data.

Social: Rapid digitalization and need for centralized data management to increase lab efficiency and productivity are driving increased adoption of laboratory informatics systems.

Technological: Adoption of cloud computing, artificial intelligence, internet of things are enabling the development of next-gen laboratory informatics platforms with advanced analytics and remote access capabilities.

Key Takeaways

The global Laboratory Informatics Market is expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period of 2022 to 2028, due to increasing digitalization and automation of laboratory processes. The market was valued at US$ 3,031.4 Mn in 2021.

North America dominated the global laboratory informatics market in 2021 due to early adoption of advanced technologies and presence of prominent players in the region. Asia Pacific is anticipated to be the fastest growing regional market owing to increasing investments by pharma companies in the region and growing biomedical industry.

Key players operating in the laboratory informatics market are Waters Corporation, PerkinElmer Inc., LabWare Inc., LabVantage Solutions Inc., LabLynx Inc., Thermo Fisher Scientific Inc., Mckesson Corporation, Cerner Corporation, Agilent Technologies, and Abbott Laboratories (Abbott Informatics Corporation), among others. These players are focusing on product launches and strategic collaborations to strengthen their market position. For instance, recently LabWare Inc. launched LabWare ELN to assist in transition to digital lab notebooks.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it