by Laboratory informatics refers to the management of data acquired from instruments and processes/procedures in scientific research and clinical laboratories. It involves integration of laboratory hardware and software to store, process, retrieve, and analyze the data for synthesis of meaningful insights. Common products include Laboratory Information Management Systems (LIMS), Electronic Laboratory Notebooks (ELN), Chromatography Data Systems (CDS), Laboratory Execution Systems (LES), and Clinical Data Management Systems (CDMS).
The global laboratory informatics market is estimated to be valued at US$3548.93 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The growing adoption of artificial intelligence (AI) and Internet of Things (IoT) based solutions in laboratories is expected to flourish the market during the forecast period. AI and IoT enable real-time data collection, integration, and analysis to gain useful information and enhance the efficiency of operations. Moreover, increasing R&D investments by biotechnology and pharmaceutical companies will further propel the demand for advanced laboratory informatics solutions.
Market Dynamics:
Growing adoption of AI and IoT based solutions is one of the major drivers of the laboratory informatics market. AI and IoT empower laboratory informatics systems with 24/7 real-time connectivity, remote monitoring, predictive maintenance, data-driven decision making, and optimization of processes. Additionally, increasing R&D spending by biotechnology and pharmaceutical companies is also fueling the adoption of advanced laboratory informatics solutions to gain accurate insights from voluminous data in lesser time, thereby driving market growth over the forecast period.
Segment Analysis
There are four major segments in the laboratory informatics market. The LIMS sub segment dominates the market currently with a share of over 40%. LIMS helps in sample, inventory and reagents management for efficient operations in laboratories. It also handles workflows and ensures compliance. The ELN sub segment is growing at the fastest pace. ELN aids in digitization of electronic notebooks for scientific data capture, storage and analysis. It improves collaboration and security of experimental data.
PEST Analysis
Political: Government regulations around data privacy and security are becoming more stringent. Laboratories need to upgrade their systems to comply with cybersecurity standards.
Economic: Slowdown in some industries during COVID-19 impacted laboratory research spending. However, continued investments in pharmaceutical R&D and life sciences provide opportunities for growth of laboratory informatics technologies.
Social: Remote working trend accelerated digital transformation initiatives in laboratories. Cloud-based laboratory informatics solutions help enable collaboration from any location.
Technological: Advancements in artificial intelligence, Internet of Things, big data analytics are creating opportunities to apply these technologies for enhanced data management, predictive analytics and automation in laboratories.
Key Takeaways
The Global Laboratory Informatics Market Size is estimated to be valued at US$3548.93 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis: North America accounts for the largest share currently due to presence of major players and advanced research infrastructure. Asia Pacific is projected to grow at the fastest pace led by China, India and other Southeast Asian countries. Increased investments by governments and industries in R&D is driving demand.
Key players: Key players operating in the laboratory informatics market are GE, Vertiv, Schneider Electric, Cummins, Caterpillar, Eaton, Bloom Energy, FlexGen, Siemens, SMA Solar Technology, AVL. GE dominates the market with its broad portfolio of LIMS, ELN, SDMS and Chromatography data systems. It has established itself as a leading provider with global customer base. Vertiv, Schneider Electric and Cummins also have a significant presence offering hardware infrastructure and software solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
