CHICAGO, Aug. 23,
2024 /PRNewswire/ -- The global Laboratory
Informatics Market is valued at an estimated USD 5.3 billion in 2024 and is projected to reach
USD 8.7 billion by 2029 at a CAGR of
10.4% during the forecast period. The laboratory informatics
industry is poised for significant growth in emerging economies
such as China, India, Japan,
Singapore, Brazil, and the Middle East due to increasing adoption of
cloud-based models driven by growing data volumes in laboratories
and reduced ownership costs. For example, Revvity, Inc. recently
launched the Signals Research Suite, a cloud-based SaaS platform
integrating various applications to streamline the drug development
process. However, challenges such as technical expertise gaps and
interoperability issues remain. The market is buoyed by the rising
need for laboratory automation to address staff shortages and
enhance precision, regulatory compliance pressures, and the growing
demand for real-time data analytics. Despite these opportunities,
high implementation and maintenance costs, particularly for small
and mid-sized laboratories, could hinder growth. The lab
informatics ecosystem encompasses a diverse range of stakeholders
including investors, academic researchers, government bodies, and
various industries such as pharmaceuticals, biotech, and
environmental testing. In 2023, North
America led the market, driven by high healthcare spending,
technological advancements, and a competitive environment fostering
innovation. Key market players include Thermo Fisher Scientific,
LabVantage Solutions, Agilent Technologies, and others, with the
Software-as-a-Service (SaaS) model and biobanks &
biorepositories showing notable market shares.
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Thermo Fisher Scientific Inc.: Leader in Laboratory
Informatics
Thermo Fisher Scientific Inc. (US) is a global leader in
laboratory informatics. The company offers a comprehensive range of
products and services, including LIMS, enterprise data and workflow
connectivity, chromatography data systems, inventory and asset
management, and laboratory automation solutions. Additionally,
Thermo Fisher provides services such
as validation, consulting, test development, and validation
training, as well as cloud services and product support. The
company serves diverse sectors including Pharma/Biotech, QA/QC, Oil
and Gas, Metals and Mining, Forensic Testing, Water and
Environmental Testing, and Food & Beverage Testing. In
November 2023, Thermo Fisher and Flagship Pioneering (US)
expanded their partnership to create new platform companies focused
on advancing biotech tools and pioneering therapies. With a
presence across the Americas, APAC, and EMEA regions, Thermo Fisher continues to lead through
innovation and strategic collaborations.
LabVantage Solutions, Inc.: Key Player in Laboratory
Informatics
LabVantage Solutions, Inc. (US) is a significant player in the
global laboratory informatics market. The company offers an
extensive suite of products and services, including LIMS,
electronic lab notebooks (ELN), and business intelligence solutions
such as Laboratory Execution Systems and Scientific Data Management
Systems. LabVantage caters to sectors like Pharma & Biotech,
Biobanking, Diagnostics, Food & Beverage, Oil & Gas,
Contract Testing, Cancer Research, Public Health Labs, Consumer
Packaged Goods, Forensic, and Government. The company's commitment
to growth is evident in its strategic acquisitions and technology
integrations, such as the May 2024
acquisition of SEIN Infotech in South
Korea, which enhanced its EHS management solutions.
LabVantage's global footprint includes offices in the Americas,
Europe, Asia Pacific, the Middle East, and Africa, reflecting its ongoing dedication to
innovation and market leadership.
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Deployment Segment: Cloud-Based Solutions Lead Laboratory
Informatics Market
The laboratory informatics market is segmented into on-premise
and cloud-based solutions. In 2023, the cloud-based segment emerged
as the fastest-growing category. This growth is driven by the
benefits of cloud-based models, including data accessibility from
any location, automatic data backups, and the ability to serve
global laboratories. Additionally, cloud-based solutions are more
user-friendly, as they are managed by third-party providers,
whereas on-premise solutions require VPNs or physical presence in
the lab for accessing critical information. Key players are also
focusing on cloud-based solutions to meet modern user demands. For
example, in April 2024, STARLIMS
launched Advanced Analytics 2.0, a cloud-based SaaS solution
designed to enhance data-driven decision-making in laboratory
operations.
Component Segment: Services Dominate Laboratory Informatics
Market
The laboratory informatics market is divided into software,
services, and support components. In 2023, the services segment
held the largest share. This segment's growth is attributed to
enhanced security, cost-effectiveness, usability, flexibility, and
integration capabilities. The increasing user base and evolving
needs for comprehensive solutions and support contribute to high
demand for services such as modifications, implementation, and
consulting.
Regional Insights: North America Leads Laboratory Informatics
Market
By region, North America holds
a significant share of the laboratory informatics market. The
region's growth potential is fueled by high per-capita healthcare
expenditure and advanced technological innovations in laboratory
systems, including ERP and CDS integration. North America's developed infrastructure,
coupled with rising demand for digital technologies like AI, ML,
and cloud computing, drives the adoption of analytical solutions
across various industries. Additionally, the region's access to
advanced healthcare facilities and the growing number of biobanks
further support market growth.
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