by Laboratory informatics solutions enable various laboratory tasks such as data acquisition, analysis, result integration etc. It helps in simplifying complex workflows and provides ability to share data across various departments. With growing research & development activities in biotechnology and pharmaceutical sectors, large volume of data is being generated on daily basis which needs to be managed efficiently. This has prompted adoption of laboratory informatics solutions to digitally transform laboratories.
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 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of laboratory informatics solutions to manage large volume of data has been a major trend driving the market growth over the forecast period. With increasing research activities, there is explosion of data being generated on daily basis across various life science research organizations, biotechnology companies etc. Laboratory informatics solutions help in transforming this complex data into useful insights and enable collaboration across departments. These solutions simplify laboratory workflow and facilitate organizing, integrating, accessing and analyzing huge sets of data efficiently. This is supporting growth of laboratory informatics market.
SWOT Analysis
Strength: Laboratory Informatics systems provide efficient management of lab data, improve productivity and aid in regulatory compliances. They help streamline lab operations.
Weakness: High initial costs of implementation and maintenance of these systems. Resistance to change from traditional methods of record keeping.
Opportunity: Growing need to manage extensive volume of data produced in life sciences research. Rising investments in R&D by pharmaceutical and biotech companies.
Threats: Cyber security threats to digital lab records. Innovation in competing technologies.
Key Takeaways
The Global Laboratory Informatics Market Size is expected to witness high growth over the forecast period driven by increasing R&D investments in life sciences.
Regional analysis: North America constitutes the largest and fastest growing market for laboratory informatics currently. This is attributed to presence of large pharmaceutical companies and Growing biotechnology industry in the region. The region is expected continue its dominance over the forecast period. Asia Pacific region is expected to witness highest growth over the forecast period owing to increasing investments in life sciences research and growing healthcare expenditure in emerging economies.
Key players: Key players operating in the laboratory informatics market are AkzoNobel, BASF, Clariant, DowDuPont, and Evonik. Major players are focusing on new product launches and partnerships with technology companies and research organisations to expand their product portfolios and customer base. For instance, in 2019 AkzoNobel partnered with Precipio to launch its Vantocell range of biopolymer dispersions for personal care applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
