Laboratory Informatics Market Opportunities, Strategies, Size, Share And Analysis 2024-2033

The laboratory informatics market size has grown strongly in recent years. It will grow from $3.63 billion in 2023 to $3.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rise of electronic lab notebooks, laboratory automation, growing pharmaceutical r&d activities, integration of laboratory systems, increasing complexity of research.

The laboratory informatics market size is expected to see strong growth in the next few years. It will grow to $5.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to increased adoption of cloud-based solutions, mobile informatics solutions, globalization of research collaborations, data standardization initiatives, emphasis on environmental monitoring, remote access and virtualization.. Major trends in the forecast period include advancements in data visualization tools, cross-platform integration, enhanced user experience, exploration of blockchain technology.

Market Overview -
The laboratory informatics refer to software products that are used for instrument control, scientific data management, scientific search, network integration, and compliance management to streamline analytical laboratory operations. The laboratory informatics solutions reduce operational costs, accelerate decision-making, improve laboratory processes and others.

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Growing Demand For Laboratory Automation Fuels Laboratory Informatics Market Expansion
The increasing need for laboratory automation is expected to propel the growth of the laboratory informatics market during the forecast period. The frequent occurrence of human errors in laboratory operations led laboratory organisations to shift towards automated solutions. For instance, according to a study published by AZoLifeSciences, 30-86% of pre-analytical in laboratories are associated with human error. Laboratory automation is a process which utilises automated laboratory instruments and advanced analytical software to deliver precise, accurate results at a large scale. It provides improved accuracy and reliability of the data by lowering overall costs associated with manual operations. Therefore, the rising demand for laboratory automation is expected to drive the laboratory informatics market during the forecast period.

Competitive Landscape -
Major companies operating in the laboratory informatics market report are Thermo Fisher Scientific Inc., LabVantage Solutions Inc., LabWare Inc., STARLIMS Corporation, LabLynx Inc., Waters Corporation, Autoscribe Informatics, LABWORKS LLC, Cerner Corporation, McKesson Corporation, ID Business Solutions Limited, Arxspan LLC, Kinematik Ltd., RURO Inc., Accelerated Technology Laboratories Inc., Agilent Technologies Pvt. Ltd., PerkinElmer Inc., Dassault Systèmes SE, Novatek International Inc., LabArchives Inc., Bio-ITech BV, GenoLogics Life Sciences Software Inc., LabKey Corporation, LabSoft LIMS by Computing Solutions Inc., LIMS-plus, Promium LLC, Danaher Corporation, Siemens Healthineers AG, GE Healthcare Technologies Inc., Epic Systems Corporation

Technological Advancements Enhance Laboratory Informatics Market
Technological advancements are key trends gaining popularity in the laboratory informatics market. The companies operating in the laboratory informatics market are increasingly investing in the development of new technologically advanced software suites to meet the specific operational demands from laboratory customers across the globe. For instance, in February 2022, Biosero, Inc., a US-based laboratory automation company, launched the Green Button Go software suite, which includes automated workflows ranging from a single workstation to operations that span multiple labs. This infusion has a variety of applications, such as controlling and scheduling multiple instruments and devices in the lab from a single interface. The technology uses automation by running various algorithms and codes to store and give the results.

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Key Segments -

The laboratory informatics market covered in this report is segmented -
1) By Type: Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Chromatography Data Systems (CDS), Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS), Laboratory Execution Systems (LES), Enterprise Content Management (ECM), Scientific Data Management Systems (SDMS)
2) By Component: Services, Software
3) By Deployment Model: On-premise, Cloud-based, Remotely Hosted
4) By Industry: Life Sciences Industry, Chemicals Industry, Food & Beverage and Agriculture Industry, Petrochemical Refineries and Oil & Gas Industry, Environmental Testing Laboratories, Other Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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