Burlingame, Nov. 27, 2024 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global laboratory informatics market size is estimated to be valued at USD 3.75 billion in 2024 and is expected to surpass USD 6.61 billion by 2031, growing at a CAGR of 8.4% from 2024 to 2031.
The laboratory informatics market is driven by increasing adoption of artificial intelligence in life sciences. Artificial intelligence helps in storage, management, and interpretation of large and complex data sets generated during drug discovery and clinical trials. It also assists in accelerating drug discovery processes by analyzing huge amounts of data in short span of time.
Further, increasing demand for laboratory automation is also fueling market growth. Automation reduces manual errors and prevents data loss, while ensuring compliance with regulatory guidelines. This has increased demand for integrated laboratory informatics solutions.
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Market Trends:
Growing adoption of cloud-based laboratory informatics solutions remains a key trend in the market. Cloud-based solutions offer benefits such as data accessibility from any location, reduced IT infrastructure cost, automatic software upgrades, and scalability.
Furthermore, emergence of integrated laboratory informatics solutions is another major trend witnessed in the market. Vendors are focusing on developing integrated solutions that can manage entire laboratory workflow right from sample receipt to results reporting. This improves efficiency and ensures seamless data exchange across various modules.
Laboratory Informatics Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $3.75 billion |
| Estimated Value by 2031 | $6.61 billion |
| Growth Rate | Poised to grow at a CAGR of 8.4% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Device Type, By Product, By Delivery Mode |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Rising utilization of laboratory informatics solutions • Leveraging Connectivity for Quality and Efficiency |
| Restraints & Challenges | • Lack of integration standards • Risk of infection associLack of reimbursement policies in developing countriesated with pressure ulcers |
Market Opportunities:
The Laboratory Information Management System (LIMS) segment is expected to hold the largest market share in 2024 and is expected to maintain its dominance over the forecast period. LIMS help streamline operations in various labs by managing workflow and maintaining sample, instrument, and reagent inventory.
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The services and software component segment is estimated to account for the highest revenue share in 2024. This is owing to the recurring nature of services and upgrades required for software. Moreover, service providers ensure seamless integration, implementation, training, and maintenance of these complex informatics solutions.
Key Market Takeaways
The global laboratory informatics market was valued at US$ 3.75 billion in 2024 and is anticipated to witness a CAGR of 8.4% during the forecast period. Rising need for laboratory automation and adoption of In Vitro Diagnostics (IVD) is expected to fuel the market growth.
On the basis of product, the Laboratory Information Management System (LIMS) segment is expected to hold a dominant position owing to its ability to streamline operations in various labs.
By component, the services and software segment is projected to dominate the market in 2024. This is due to the recurring nature of services and upgrades required for software.
Regionally, North America is anticipated to continue its dominance during the forecast period. This is due to stringent regulatory standards and growing biopharma industry in the region.
Competitor Insights
- Agilent Technologies
- Cerner Corporation
- McKesson Corporation
- Thermo Fisher Scientific Inc.
- Abbott Laboratories (Abbott Informatics Corporation)
Recent developments
In August 2021, CTI Clinical Trial and Consulting Services (CTI) entered into a partnership with LabWare, Inc. to expand laboratory services to support rare disease and cell & gene therapy research across all regions of the world.
In March 2021, LabVantage Solutions, Inc. launched LabVantage Analytics, a full-featured, self-service advanced analytics solution that lets users easily explore, analyze, and visualize LIMS, enterprise, and external data to gain actionable business insights.
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Detailed Segmentation-
By Device Type:
- Services
- Software
By Product:
- Laboratory Information Management System (LIMS)
- Electronic Lab Notebook (ELN)
- Enterprise Content Management (ECM)
- Laboratory Execution System (LES)
- Chromatography Data System (CDS)
- Scientific Data Management System (SDMS)
- Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS)
By Delivery Mode:
- On-premise
- Web-hosted
- Cloud-based
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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