The 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 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Laboratory informatics refers to integration of data management, storage and computing tools for laboratory and research activities. It involves managing, storing and analyzing data generated during laboratory experiments and research. Laboratory informatics solutions help improve operational efficiency, enhance accessibility of data and enable data-driven decision making. These solutions find wide applications in various industries including pharmaceuticals, chemicals, healthcare, biotech and food & beverage.
Market Dynamics:
The laboratory informatics market is driven by increasing digitalization of laboratories aimed at streamlining operations. Growing adoption of cloud-based LIS solutions due to their advantages such as scalability, cost-efficiency and easy accessibility is also fueling market growth. The growing demand for laboratory automation to enhance productivity is another key factor boosting the demand for integrated laboratory informatics solutions. Furthermore, stringent regulatory mandates regarding laboratory data management are prompting end users to adopt advanced informatics solutions to comply with regulations.
SWOT Analysis
Strength: Explain in three sentence explanation; Laboratory informatics help reduce manual tasks and errors. It improves the productivity of laboratory operations by digitizing workflow. Laboratory informatics also enhance data integrity, security, and management across laboratory processes.
Weakness: Explain two weakness in three sentence explanation; High initial costs associated with implementation, customization and maintenance of laboratory informatics solutions limit its adoption. Lack of IT expertise and resources for implementation, integration and management of laboratory informatics solutions within organizations.
Opportunity: Explain two opportunity in three sentence explanation; Increasing R&D spending on drug discovery and clinical trials by pharma and biotech companies offers significant growth opportunities. Rise in complexities in clinical trials and drug development provide scope for advanced laboratory informatics.
Threats: Explain two threats two sentence explanation; Privacy and security threats to sensitive patient data pose challenges. Increasing commoditization of laboratory informatics solutions intensifies competition.
Key Takeaways
The global Laboratory Informatics Market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing R&D expenditure and regulatory mandates for laboratory management. North America dominated the market in 2021 owing to presence of major players and stringent regulatory landscape for laboratory data management in the region. The Asia Pacific region is projected to exhibit the fastest growth rate due to growing biomedical research and increasing penetration of digital technologies in healthcare.
Key players operating in the laboratory informatics market 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. Thermo Fisher Scientific holds the leading market position due to its comprehensive product portfolio and global footprint.
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