Global Laboratory Informatics Market to Witness CAGR of 10.9% from 2023 to 2031, Anticipated to Reach US$ 9.15 Billion by 2031

WILMINGTON, DELAWARE, UNITED STATES, December 4, 2023 /EINPresswire.com/ -- Global Laboratory Informatics Market Synopsis
The laboratory informatics market is driven by factors such as increasing volume and complexity of scientific data, regulatory compliance requirements, and the demand for streamlined laboratory workflows. Growing research and development activities, particularly in pharmaceuticals and life sciences, further propel the adoption of informatics solutions for data management and analysis.
Before COVID-19, the laboratory informatics market was on a growth trajectory, driven by the increasing digital transformation of labs. However, the pandemic acted as a catalyst, amplifying the importance of informatics solutions. Post-COVID-19, laboratories embraced these tools more enthusiastically, relying on them for remote work, data management, and analysis, thus reshaping lab practices and priorities.

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Global Laboratory Informatics Market Analysis & Insights:
• A significant driver in the laboratory informatics market is the expanding role of informatics in healthcare. Electronic health records (EHRs) and clinical data management increasingly relies on laboratory data for diagnosis and treatment decisions. The American Medical Informatics Association (AMIA) reported that 80% of clinical decisions depend on laboratory results. This integration of laboratory informatics into healthcare enhances patient care, reduces errors, and boosts demand for solutions like Laboratory Information Management Systems (LIMS) and Clinical Data Management Systems (CDMS), fostering market growth.
• Regulatory compliance requirements are a significant driver in the laboratory informatics market, especially in highly regulated industries like pharmaceuticals and healthcare. For example, the FDA's Electronic Common Technical Document (eCTD) mandates electronic data submissions. In response, the demand for informatics solutions to manage and report data while meeting stringent regulatory standards has surged. A survey by the Society for Laboratory Automation and Screening (SLAS) revealed that 74% of respondents cited compliance as a key factor driving informatics adoption. This compels laboratories to implement systems that ensure data traceability, auditability, and adherence to regulatory guidelines.
• Laboratories are increasingly focused on enhancing operational efficiency and productivity in the laboratory informatics market. The need to reduce manual errors and streamline workflows drives the adoption of informatics solutions. The American Society for Quality (ASQ) reported that laboratory informatics tools led to a 30% improvement in efficiency. Laboratories prioritize solutions like Laboratory Execution Systems (LES) and Scientific Data Management Systems (SDMS) to automate data collection, analysis, and reporting processes. This not only improves overall productivity but also accelerates time-to-insight, supporting faster decision-making in research, development, and quality control processes.
• New technologies, such as artificial intelligence (AI), machine learning (ML), and cloud computing, are being used to develop new and improved laboratory informatics solutions. These technologies are helping to automate tasks, improve data analysis, and make laboratory operations more efficient. Furthermore, laboratory informatics solutions are increasingly being integrated with other enterprise systems, such as electronic health records (EHRs) and manufacturing execution systems (MES). This integration is helping to improve data sharing and collaboration across the laboratory and the enterprise. Moreover, cloud-based laboratory informatics solutions are becoming increasingly popular due to their flexibility, affordability, and scalability. Cloud-based solutions are also making it easier for laboratories to collaborate with other laboratories and research institutions.
• The Asia Pacific region exhibits highest growth rate in the laboratory informatics market. This growth is propelled by increasing investments in research and development activities. The study found that China significantly increased its research output in various fields, including life sciences and chemistry, positioning itself as a global research hub. The adoption of informatics solutions in the region is also supported by the expansion of pharmaceutical and biotechnology industries. For instance, India's pharmaceutical market is estimated to reach $100 billion by 2025, driving the adoption of laboratory informatics solutions to meet regulatory standards and manage research data effectively.

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Global Laboratory Informatics Market: Competitive Scenario & Key Business Developments
o Accelerated Technology Laboratories, Inc.
o Agilent Technologies, Inc.
o Dassault Systemes
o IDBS
o Lablynx, Inc.
o LabVantage Solutions Inc.
o LabWare
o Labworks
o Oracle
o PerkinElmer Inc.
o STARLIMS Corporation (Abbott Informatics)
o Thermo Fisher Scientific Inc.
o Waters Corporation
o Xybion Digital Inc.
o Other Industry Participants

In October 2022, LabVantage Solutions and Biomax Informatics announced merger to forge novel capabilities within the life sciences and biomanufacturing sectors. This merger centers on enhancing fresh avenues for scientific exploration, conceptualizing new products, and delivering value-added services to clients, ultimately aiming to drive innovation in these industries.
In April 2022, Scitara revealed a partnership with PerkinElmer, a prominent figure in scientific analytical technology. This collaboration aims to facilitate the harmonious integration of PerkinElmer's Signals Research Suite informatics platform, designed for comprehensive scientific data and workflow management, with laboratory instruments, applications, and resources. This integration will be accomplished through Scitara's iPaaS for Science, enhancing the efficiency and synergy of scientific processes.

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Global Laboratory Informatics Market:
By Type of Solution
o Laboratory Information Management Systems
• Broad-Based LIMS
• Industry-Specific LIMS
o Electronic Lab Notebooks
o Chromatography Data Systems
o Electronic Data Capture & Clinical Data Management Systems
o Laboratory Execution Systems
o Enterprise Content Management Systems
o Scientific Data Management Systems

By Component
o Software
o Services
By Deployment Model
o On-Premise Model
o Cloud-Based Model
o Remotely Hosted Model
By Industry
o Life Sciences Industry
• Pharmaceutical & Biotechnology Companies
• Biobanks & Biorepositories
• Academic Research Institutes
• Molecular Diagnostics & Clinical Research Laboratories
• Contract Service Organizations
o Chemical Industry
o Petrochemical Refineries and Oil & Gas Industry
o Food & Beverage and Agriculture Industry
o Environmental Testing Laboratories
o Other Industries

By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)

Consult with Our Expert:
Jay Reynolds
The Niche Research
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Jay Reynolds
The Niche Research
+1 302-232-5106
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