Laboratory informatics involves the use of various informatics software and solutions for laboratories to manage, process and store data generated during research and development activities effectively. It includes Laboratory Information Management Systems (LIMS), Electronic Laboratory Notebooks (ELN), Chromatography Data Systems (CDS), and Scientific Data Management Systems (SDMS) that are used across various industries such as life sciences, chemicals, food and beverages, petrochemicals, and others. These solutions help scientists and researchers in effectively maintaining records and protocols, tracking samples and reagents, integrating instruments, performing calculations, and collaborating securely.
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:
The growing need for regulatory compliance across laboratories is one of the major drivers fueling growth of the global laboratory informatics market over the forecast period. With increasing stringency of regulatory laws regarding data and sample management, documentation, and reporting across industries, there has been rising adoption of laboratory informatics solutions that ensure adherence to compliance standards. For instance, guidelines introduced by the US FDA on electronic records and electronic signatures have increased investments in laboratory informatics by life sciences companies. Additionally, increasing integration of laboratory instruments with informatics solutions is also propelling market growth. Instruments manufacturers are offering compatibility of their devices with various informatics platforms, which aids transfer of instrument data to electronic notebooks, LIMS, and other systems. This consolidates workflows and increases efficiency of laboratories.
Segment Analysis
The laboratory informatics market is dominated by the LIMS sub-segment, which holds around 40% market share. LIMS provides centralized data management of samples, instruments, and processes in laboratories. It allows tracking samples and manages workflows. With increasing data complexity in labs, the demand for LIMS is rising as it helps in integrating and managing scattered lab information systems.
PEST Analysis
Political: Government regulations regarding data privacy and security are encouraging laboratories to adopt scalable informatics solutions to ensure compliance. Economic: Rising R&D investments in life sciences is fueling market growth. Social: Growing need to enhance lab productivity and safety is a key factor. Technological: Adoption of artificial intelligence and cloud computing in lab informatics is allowing remote access and predictive analytics.
Key Takeaways
The Global Laboratory Informatics Market Growth is expected to witness high.
Regional Analysis: North America dominates currently due to rapid technological advancements and stringent regulatory framework for lab data management in the region. However, Asia Pacific is expected to grow at the fastest pace owing to increasing investments by key players and rising biotechnology research in countries like China and India.
Key players operating in the laboratory informatics market are AkzoNobel, BASF, Clariant, DowDuPont, and Evonik. AkzoNobel and BASF have been at the forefront of product innovation and hold a majority share in the specialty chemicals market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it