by Laboratory Informatics solutions enable researchers to efficiently store, organize, analyze and share vast amounts of complex data generated during scientific investigations and research activities. It plays a vital role in managing laboratory workflows and ensuring regulatory compliance. LIMS helps scientists track samples and record analytical data. Other key components of laboratory informatics include electronic laboratory notebook (ELN) which facilitates collaboration among researchers, scientific data management systems (SDMS) for storage and archival of data, and chromatography data systems (CDS) for spectral data analysis. The growing need for laboratory automation, data integrity and regulatory compliance across various industries such as pharmaceuticals, biotechnology, chemicals and food additives have propelled demand for these solutions in recent years.
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 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends witnessed in the laboratory informatics market is increasing adoption of cloud computing. Cloud computing offers benefits such as reduced IT infrastructure and operational costs, improved scalability, flexibility and collaboration. Many laboratories are switching from on-premise to cloud-hosted LIMS solutions to access data and applications remotely through internet. Cloud also enables sharing of analytic tools and collaboration between scientific teams situated globally. Growing popularity of Software as a Service (SaaS) delivery module for laboratory informatics is expected to boost the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The laboratory informatics market poses moderate threat to new entrants due to high research and development costs associated with the market. However, growing technological advancements are reducing the threat to an extent.
Bargaining power of buyers: The bargaining power of buyers in the laboratory informatics market is moderate. Buyers have various options to choose from and look for customized solutions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as buyers can switch to various suppliers easily if they refuse demands made by suppliers.
Threat of new substitutes: There is a low threat of substitutes in the laboratory informatics market as there are limited options available that can effectively provide services of laboratory informatics.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of few large players.
Key Takeaways
The Global Laboratory Informatics Market Demand is expected to witness high growth over the forecast period.
Regional analysis: North America is estimated to dominate the laboratory informatics market owing to robust presence of biotechnology and pharmaceutical industries. Growing life science research activities are further driving demand in the region. Key players operating in North America include AkzoNobel (Netherlands), BASF (Germany), Clariant (Switzerland), DowDuPont (US), and Evonik (Germany).
Key players operating in the laboratory informatics market are AkzoNobel (Netherlands), BASF (Germany), Clariant (Switzerland), DowDuPont (US), and Evonik (Germany). These players are focusing on developing advanced solutions and services to gain competitive advantage. For instance, in 2021, Thermo Fisher Scientific launched Cloud-based informatics platform to provide unified access to laboratory data.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
