Systems Laboratory informatics is driven by growing focus on automated systems. Laboratory informatics include various software applications used to perform laboratory processes like data access, data analysis, data management, and to manage the overall laboratory environment. Laboratory informatics assist researchers in simplifying workflows, managing complex datasets, complying with regulatory guidelines, and collaborative research through integrated platforms. The growing adoption of automated laboratory systems and demand for integration of laboratory systems with clinical and hospital information systems to improve healthcare delivery is expected to drive the growth of the laboratory informatics market over the forecast period.
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:
One of the key trends in the laboratory informatics market is growing adoption of cloud-based laboratory informatics solutions. Cloud-based solutions enable on-demand access to laboratory information from anywhere via internet. Researchers can collaborate, analyze data, and share findings in real-time using cloud services. Cloud-based models allow smaller labs and research organizations to access advanced laboratory informatics solutions at lower upfront costs and without need for extensive on-premise IT infrastructure. Cloud providers also ensure regular updates and upgrades to software, reducing maintenance costs. This has increased preference for Subscription/Software-as-a-service (SaaS) based models among end users.
Threat of new entrants: Low set up cost and existing intellectual property barriers allow incumbents to maintain their position. However, growing digitization and connectivity of labs is opening up opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power given the specialized needs of lab environments and limited substitutes. However, an increasing number of vendors are providing integrated solutions.
Bargaining power of suppliers: Suppliers of lab equipment and related technologies have moderate bargaining power given the specialized components required. However, competition ensures reasonable pricing and innovation.
Threat of new substitutes: Limited threat currently as laboratory informatics solutions are integrated with specialized lab equipment. However, virtual and decentralized technologies could potentially disrupt workflows over the long run.
Competitive rivalry: The market is growing but still fragmented with the top players competing on the basis of product innovation, service reliability and granular customization capabilities.
The Global Laboratory Informatics Market Size is expected to witness high growth over the forecast period supported by increasing digitization of labs, big data analytical needs and stringent regulatory mandates. 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.
The North American region currently dominates due to high adoption of advanced solutions across pharma and biotech industries. The Asia Pacific region is expected to grow at the fastest pace due to increasing R&D investments by global players and expansion of clinical trial activities in countries 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, AFC Energy. These players are focused on developing innovative cloud-based platforms, artificial intelligence-driven analytics and specialized software. Strategic partnerships are also a key area of focus.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it