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Laboratory informatics refers to information technology solutions and practices aimed at managing data and workflows in laboratories. It involves integrating distributed hardware resources, analytical instruments, and software applications. Some key functions of laboratory informatics include laboratory instrumentation management, electronic laboratory notebook (ELN), chromatography data system (CDS), laboratory information management system (LIMS), and scientific data management system (SDMS). As laboratory operations become more complex with use of multiple analytical instruments and software, laboratory informatics plays a crucial role in streamlining workflows, improving efficiency and minimizing redundancies. It allows scientists to manage large volumes of diverse analytical data generated during various stages of research. The global laboratory informatics market is growing due to increasing focus of research organizations and CROs on optimizing laboratory operations to accelerate research and development activities.
The global Laboratory Informatics Market is estimated to be valued at US$ 3.5 billion in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends driving growth in the laboratory informatics market is increasing adoption of cloud-based laboratory informatics solutions. Cloud-based LIMS, ELNs, and other informatics platforms enable remote access to laboratory data from any location. This provides flexibility to laboratory teams for collaboration and real-time data sharing. Cloud solutions also offer benefits such as easy installation, low maintenance costs, automatic software updates, and scalability. Growing preference towards cloud-based technology among end users is prompting informatics providers to develop advanced cloud offerings. For instance, in 2021, LabWare launched an AI-powered cloud platform LabWare Cloud Catalyst to accelerate life sciences R&D using artificial intelligence.
Porter’s Analysis
Threat of new entrants: Low as significant investments are required for R&D and compliance with regulatory standards. Bargaining power of buyers: High as the market is highly fragmented with presence of several global and regional players. Bargaining power of suppliers: Moderate as presence of large buyers enable suppliers to bargain on pricing. Threat of new substitutes: Low as there are no cost-effective substitutes for laboratory informatics. Competitive rivalry: High due to presence of many global and regional players competing on basis of product offerings and pricing.
Key Takeaways
The global laboratory informatics market is expected to witness high growth over the forecast period.
Regional analysis comprises Western Europe and Eastern Europe regions are also among the major contributors to the market accounting for significant market share.
Key players operating in the laboratory informatics market are Thermo Fisher Scientific Inc., LabWare, LabVantage Solutions Inc., Abbott Laboratories, Core Informatics, LLC., Autoscribe Informatics, Dassault Systèmes, LabLynx Inc., and Agilent Technologies. Thermo Fisher Scientific Inc. accounts for the largest market share in the global laboratory informatics market.
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- Source: Coherent Market Insights, Public sources, Desk research
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