Laboratory Informatics Market is Estimated to Witness High Growth Owing to Opportunity in Adoption of Laboratory Informatics Solutions by Emerging Economies
Laboratory informatics is a branch of bioinformatics that combines computing and information technology with life sciences, applying them in laboratories for managing workflow, data analysis and reporting. It offers laboratories with tools to acquire, store, retrieve, display, analyze and interpret data and images generated during testing and analysis procedures in laboratories. With increasing spending on healthcare and biotechnology R&D, laboratory informatics solutions helps streamlining operations while maintaining compliance with regulatory standards. 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 Opportunity The opportunity in adoption of laboratory informatics solutions by emerging economies is expected to drive growth of the market. Emerging economies in Asia Pacific and Latin America are witnessing increased investments in life science sector as governments aim to improve healthcare infrastructure and promote domestic biotechnology industry. Laboratory informatics solutions help optimize laboratory operations, ensure compliance and data security in these developing markets. Increasing awareness about productivity gains and cost savings through digitization of laboratory workflows is encouraging more labs in emerging nations to adopt laboratory informatics products and services. This in turn is anticipated to spur demand over the forecast period.
Porter’s Analysis Threat of new entrants: The laboratory informatics market requires significant financial investment in R&D for innovative product development. Further, existing players have strong brand recognition and economies of scale which pose significant barriers for new players. Bargaining power of buyers: Individual buyers have moderate bargaining power due to the availability of alternatives. However, large organizations have significant bargaining power due to large volume buying. Bargaining power of suppliers: The presence of numerous software development companies limits the bargaining power of individual suppliers in the laboratory informatics market. Threat of new substitutes: There are limited viable substitutes for laboratory informatics as it offers integrated solutions for data management, storage, and analysis. Competitive rivalry: The laboratory informatics market is moderately competitive due to the presence of various global and regional vendors. Vendors compete based on product differentiation, services, and pricing.
SWOT Analysis Strengths: Large player base, strong R&D capabilities, and diverse product portfolios. Integrated solutions improve workflow efficiency. Weaknesses: High initial investment and complexity of systems. Dependency on skilled professionals for system customization and maintenance. Opportunities: Market expansion in emerging nations. Rising demand for lab automation and integrated systems for data-driven research. Integration of AI and analytical tools. Threats: Cybersecurity threats and data privacy concerns. Budgetary constraints in research organizations. Open-source alternatives pose pricing pressures.
Key Takeaways The Global Laboratory Informatics Market Sizeis expected to witness high growth during the forecast period of 2023 to 2030, driven by factors such as rising R&D investments, technological advancements, and increasing automation in laboratories. Technological advancements are enabling integrated solutions and connectivity, thereby improving laboratory workflow efficiency. 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 the market owing to presence of major players, increasing R&D expenditure, and advanced research infrastructure. The Asia Pacific region is expected to record the fastest growth due to rising life science research funding and expanding biotechnology industry in emerging countries.
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. Major players are focusing on new product launches, collaborations, and acquisitions to gain a competitive advantage and strengthen their market position. For instance, in 2023 GE launched its latest Unified Lab informatics software platform to provide integrated solutions for laboratory workflows.