The global Laboratory Informatics Market is estimated to be valued at US$ 3,031.4 Mn or in 2022 and is expected to exhibit a CAGR of 8.2% over the forecast period between 2022 and 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Laboratory informatics aims to manage data and process information generated through instruments and scientific experiments in laboratories. It helps manage the laboratory data and information through use of software solutions in drug discovery, drug development processes and clinical diagnostics. These software solutions help analyze, generate and interpret results to gain useful information and insights.
Market key trends:
Adoption of cloud-based laboratory informatics is gaining momentum due to growing need for managing large data volumes generated through high-throughput systems. Cloud-based solutions enable storing and sharing of massive volumes of data generated in laboratories with ease and flexibility. Moreover, cloud-based laboratory informatics solutions offer data security, scalability and on-demand services which conventional on-premise solutions cannot provide. This is expected to drive increased adoption of cloud-based laboratory informatics systems during the forecast period.
Segment Analysis
The global laboratory informatics market is segmented on the basis of component, product, deployment mode, industry, and region. On the basis of component, the market is divided into services and software. The software segment dominated the market in 2021 and is expected to remain dominant over the forecast period. This is owing to the increasing adoption of laboratory informatics software by various research organizations and laboratories for managing complex data and enhancing lab workflow efficiency.
Key Takeaways
The global laboratory informatics market size was valued at US$ 3,031.4 Mn in 2021 and is expected to reach US$ 6,636.2 Mn by 2028, registering a CAGR of 8.2% over the forecast period. The high market growth can be attributed to the increasing R&D investment in pharmaceutical and biotechnology companies.
Regionally, North America dominated the global laboratory informatics market in 2021. This is due to the presence of prominent players and rapid adoption of advanced technologies in the region. Asia Pacific is expected to witness the highest growth over the forecast period due to improving healthcare infrastructure and increasing government initiatives for promoting lab informatics in the region.
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 Inc. and Waters Corporation hold a significant share of the global market. This can be attributed to their wide portfolio of enterprise level laboratory informatics solutions and strong global presence.