by The global 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 and 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Laboratory informatics is the management of data and information generated during scientific experimentation and research in labs. It encompasses the management of data acquisition, analysis, and storage solutions for labs. Growing need for laboratory automation and efficient data management in various end-use industries such as pharmaceuticals & biotechnology, petrochemical refineries, and food and beverage testing labs is one of the major factors driving growth of the global laboratory informatics market. Laboratory informatics solutions offer features such as connecting and streamlining laboratory processes, connecting scientists, and effectively managing data in compliance with regulations – all of which help save time and money for research organizations.
Market key trends:
One of the key trends in the market is growing demand for cloud-based laboratory informatics solutions. Cloud computing is increasingly being adopted by research organizations as it enables storing large amounts of data securely and accessing it anytime from anywhere through internet connected devices. Cloud deployment model also reduces infrastructure and maintenance costs for labs as they do not have to invest in data storage servers. Major players in the market offer laboratory informatics solutions with cloud-based platforms to cater to this growing demand. For example, LabVantage Solutions provides cloud-based LabVantage LIMS that can be accessed through web browsers.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. The establishment of new laboratories requires huge capital investments and compliance with regulations which pose as entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of many established players provides buyers with better options and value. However, switching costs are high which balances the buyer power.
Bargaining power of suppliers: The bargaining power of suppliers is low. Being a fragmented market, buyers can easily switch between multiple software and instrument suppliers with minimal switching costs.
Threat of new substitutes: The threat of new substitutes is low. Laboratory informatics solutions have no close substitutes and switching requires changes to existing workflows and infrastructure.
Competitive rivalry: High as the market is dominated by few large global players. Intense competition exists on pricing and product innovations.
Key Takeaways
The global Laboratory Informatics Market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period of 2022 to 2028, due to increasing need for laboratory automation and data integration. The market was valued at US$ 3,031.4 Mn in 2021.
Regional analysis indicates North America will continue dominating the market, accounting for over 35% share in 2028 owing to presence of many global players and advancements in healthcare IT and diagnostics industries. Asia Pacific is expected to grow at fastest pace during the forecast period supported by growing biopharmaceutical industry and investments in R&D in the region.
Key players operating in the Laboratory Informatics 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 established global players are focusing on product innovations and acquisitions to strengthen their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
