Laboratory Informatics Market Is Estimated To Witness High Growth
Author : Leena Shedmake | Published On : 15 Jan 2024
Laboratory informatics refers to integration of information technology for management, analysis and interpretation of data generated during life science research and clinical testing. It helps researchers to securely store, manage, process and interpret the huge amount of data generated during various research activities and clinical trials. It enables efficient storage, retrieval and sharing of research data along with improving productivity and reducing costs. The growing focus on precision medicine and use of technologies like machine learning and artificial intelligence in drug discovery and clinical testing is expected to further drive the demand for advanced laboratory informatics solutions.
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 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing research and development activities: Rise in R&D expenditure by biopharmaceutical and biotech companies to develop novel drugs is a key factor driving the growth of laboratory informatics market. Laboratory informatics solutions help manage large volumes of complex data generated during drug discovery processes and clinical trials in a more efficient way, thereby increasing research productivity. Additionally, growing adoption of big data analytics and artificial intelligence in life science research is expected to propel the demand for laboratory informatics over the forecast period.
Another key driver is increasing regulatory compliance requirements that necessitate secure storage, management and archival of research data. Laboratory informatics platforms help life science organizations comply with stringent industry regulations more effectively by providing audit trails, data integrity and data security features. Rising need to ensure compliance is thus anticipated to boost the adoption of laboratory informatics solutions up to 2030.
SWOT Analysis
Strength: Laboratory informatics systems helps laboratory managers to effectively manage day-to-day operations with features such as LIMS, ELN and SDMS in a single platform. It provides efficient data management and storage solutions to scientific data being generated. Laboratory informatics enhance productivity of scientists by reducing manual errors and improving collaboration between laboratories.
Weakness: High initial costs associated with purchase, installation and training during deployment of laboratory informatics solutions limits its adoption. Integration of legacy systems with new laboratory informatics solutions remain a complex challenge. Lack of specialist resources to manage these complex solutions is another limitation.
Opportunity: Growing need to comply with regulatory standards and need to demonstrate quality in Life sciences and healthcare verticals drives demand for laboratory informatics. Adoption beyond large enterprises to small and medium labs presents a major market opportunity. Analytics capabilities of modern laboratory informatics provide opportunity to gain valuable scientific insights from stored data.
Threats: Threat of local players providing low-cost alternatives impact the market share of established global players. Constant change in regulations and standards require expensive system upgrades threatening return on investments. Trade barriers and geopolitical issues impact sourcing and sale of laboratory informatics solutions globally.
Key Takeaways
The Global Laboratory Informatics Market Size is expected to witness high growth over the forecast period aided by increasing R&D investments in pharmaceutical and biotechnology sectors.
Regional Analysis: North America is expected to dominate the market owing to presence of leading Life sciences companies and stringent regulatory norms driving higher adoption of laboratory informatics in the region. The Europe market is witnessing fast adoption led by government support for research in the region and presence of large pharmaceutical companies investing in digitization.
Key players operating in the laboratory informatics market are AkzoNobel, BASF, Clariant, DowDuPont, and Evonik. AkzoNobel leads the market with its complete suite of LIMS, ELN and SDMS products. BASF is investing in artificial intelligence and cloud-based offerings to gain competitive edge. North American and European market is consolidated with top 5 players holding more than 50% share while growth opportunities exist in emerging Asian markets.
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