Laboratory Informatics Market Growth Accelerated by Integration of Advanced Technologies



Laboratory informatics solutions such as laboratory information management systems (LIMS) help establish complete digital workflow in laboratories through managing sample tracking, analytical testing, results interpretation, and archival of results in an integrated manner. LIMS enable safer and more efficient laboratory operations along with improved productivity by automating routine tasks.

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 key trends:
Integration of advanced technologies is one of the key trends driving the growth of the laboratory informatics market. Vendors are integrating technologies such as artificial intelligence (AI), machine learning (ML), and cloud computing with laboratory informatics solutions to enhance their functionalities. For instance, AI and ML technologies help in analyzing large volumes of laboratory data for predictive maintenance of laboratory equipment or detecting trends in testing results. Similarly, cloud-based laboratory informatics solutions offer benefits such as accessibility of data from any location, automated software updates, and scalability. The capabilities of informatics solutions are getting enhanced with integration of advanced digital technologies, thereby finding increasing adoption across various end-use industries.

Segment Analysis:
The laboratory informatics market can be segregated into segments based on type, component, deployment mode, end-user, and region. Based on type, the market is divided into laboratory information management systems (LIMS), electronic laboratory notebook (ELN), chromatography data systems (CDS), scientific data management systems (SDMS), and others. Among these, LIMS holds the largest market share as it enables organizations to effectively manage samples, associated documents, workflow, and other activities related to laboratories and core operations. LIMS help in maintaining proper audit trails and ensuring compliance to various regulations, thereby driving its adoption among end-users.

Key Takeaways:

The global laboratory informatics market is expected to witness high growth over the forecast period of 2023 to 2033 on account of factors such as increasing research and development activities in pharmaceutical and biotechnology industries, growing need for lab automation, rising adoption of cloud-based solutions, and strict regulatory mandates for data management and drug safety.

Regional analysis: North America holds the largest share in the laboratory informatics market as it is home to a large number of global pharmaceutical and biotechnology companies that are engaged in R&D for developing innovative diagnostic and therapeutic drugs. The presence of well-established healthcare infrastructure coupled with stringent regulatory frameworks further supports market growth in the region. Asia Pacific is expected to witness the fastest growth rate over the coming years owing to growing pharmaceutical industries, increasing life science research activities, and rising investments by public and private sectors in the healthcare domain.

Key players: Key players operating in the laboratory informatics market include Thermo Fisher Scientific Inc., LabWare, LabVantage Solutions Inc., Abbott Informatics (Abbott Laboratories), LabLynx Inc. (Waters Corporation), Agilent Technologies Inc., Dassault Systèmes, Danaher Corporation, and PerkinElmer Inc. Thermo Fisher Scientific has a strong foothold in the market for its diverse portfolio of LIMS, ELN, and cloud-based informatics solutions across varied industry verticals. Companies are focusing on expanding their product portfolios and geographical footprints through strategic acquisitions and partnerships.

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