February 25, 2024
Laboratory Informatics Market

The Laboratory Informatics Market is estimated to Propelled by Incorporation of Artificial Intelligence

Laboratory informatics refers to tools that are used for digitization, management, storage, analysis and interpretation of data generated during various scientific research activities like clinical trials and product development in the areas of life sciences, healthcare and biotechnology. These tools help in enhancing the efficiency of operations, quality, and regulatory compliance of 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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing incorporation of artificial intelligence is one of the key trends being witnessed in the laboratory informatics market. AI is helping in digital transformation of laboratories by automating repetitive manual tasks, reducing errors, enhancing efficiency and improving decision making capabilities. AI based laboratory informatics solutions are capable of handling large volumes of complex and diverse unstructured data generated in life science research. They also help in generating insights by performing predictive analysis. As AI continues to evolve, its integration with laboratory informatics is expected to transform scientific research activities significantly over the coming years.

SWOT Analysis
Strength: Laboratory informatics software platforms help streamline workflows and storage, as well as reduce costs by eliminating paper-based processes. They also offer real-time data sharing capabilities.
Weakness: Implementation and migration to newer and more advanced laboratory informatics solutions require large upfront investments and time which may restrict small labs and research organizations. Data security and privacy also remain key concerns.
Opportunity: Growing adoption of cloud-based laboratory informatics and integration with other digital platforms like LIMS is opening new opportunities. Increasing R&D expenditure on pharma and biotech also drives demand.
Threats: Rising competition from local and regional players offering low-cost alternatives. Economic slowdowns may lead to budget cuts affecting new purchases.

Key Takeaways
The Global Laboratory Informatics Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing investment in R&D by pharma and biotech companies. The market size for 2023 is projected to be US$ 3548.93 Mn.

Regional analysis – North America dominates currently due to presence of major players and faster adoption of advanced laboratory informatics solutions across research and clinical laboratories. Asia Pacific is anticipated to grow at the fastest rate owing to rising biotech and pharma industry and increasing outsourcing of clinical trials to counties like China and India.

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, 2G Energy, Ballard Power Systems, JLM Energy, Zenobe Energy, EFOY, SWB Power, PowerTech Systems, Hydrogenics, and AFC Energy. These companies are focusing on new product launches and partnerships to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it