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Global Laboratory Informatics, Market Analysis, Insights, Forecast 2024
Laboratory Informatics, Market Growth, Global Trends, Opportunities 2024
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Laboratory Informatics Market 2024 Key Insights:
• 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%.
• Growing Demand For Laboratory Automation Fuels Laboratory Informatics Market Expansion
• Technological Advancements Enhance Laboratory Informatics Market
• North America was the largest region in the laboratory informatics market in 2023
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