Laboratory Informatics Market Research Report – Recent Trends, Growth Opportunities, and Market Size and Share Global Forecast Analysis – 2024 - 2032

Laboratory Informatics Market Size Research Report – In a Glance

As per the Research report on global laboratory informatics market, the market is projected to foresee a CAGR of 9.2% between 2024-2032, and further generate a market size of USD 8.6 billion by the end of 2032. In the year 2023, the market size was valued at USD 3.5 billion.

• The global laboratory informatics market is projected to grow on account of the growing healthcare and life science industry.
• In Japan, the laboratory informatics market growth can be attributed to the growing Research and Development in pharmaceutical and biotechnology industries.
• KDMI analyst’s growth analysis foresees data security and privacy concern to challenge the market growth.
• The Asia Pacific laboratory informatics market is projected to dominate the global market.

Laboratory Informatics Market Analysis

Laboratory informatics refers to the application of information technology to optimize processes within a laboratory setting. It involves integration of hardware, software and data management tool in order to improve the overall efficiency, data precision and productivity of research and analysis.

With advancement in technology, laboratories are generating a large amount of data from various experimentation sources and research studies. This data needs to be managed, analyzed and interpret for crucial decision making and scientific discoveries. In 2023, 120 zettabytes of data were produced and it is estimated to increase by 150% during the forecast period, driving a good investment in the market. LabVantage, LabWare, and Thermo Fisher Scientific Inc are some of the significant parties in the global market for Laboratory Informatics.

Analyst’s Observation on Japan Laboratory Informatics Market Research

With the increasing interest of Japan in Research and Development in pharmaceutical and biotechnological industries, the government of Japan is launching new study projects, disease-oriented projects, biobanks, vaccine development projects, etc. Biobanks in Japan were launched in 2003 and conducted clinical Researchs to collect survival data of 200,000 participants and studied various common diseases. Coupled genomic data, clinical information was stored in the form of laboratory informatics providing opportunities to various Laboratory informatics companies. Japan spends consistently over 3% of its GDP on R&D, proving it to be a profitable market for the upcoming investors. Shimadzu Corporation, DeeCorp Limited and Abbot Japan Co., Ltd are some of the significant parties in the market for Laboratory Informatics in Japan.

Laboratory Informatics Market Growth Drivers and Challenges

Rising Research and Development Activities:

Increased investment in research and development in various industries and government firms, including pharmaceuticals, biotechnology, healthcare, life science and environmental sciences, are driving the need for laboratory informatics. Laboratories involved in research require data management and automation for storing the research data and analysis report, laboratory informatics can provide. The healthcare and life science industry are currently experiencing a rise in advancement in medical technology. As a result, there is a need for efficient data storage and availability, leading to requirement of proper setup to store data, these requirements are fulfilled by laboratory informatics.

High maintenance and service cost:

The high maintenance and service cost are the restraint factors associated with laboratory informatics solution. The services and maintenance costs around 20-25% of the total cost of ownership, representing a recurring expenditure. Due to this even a small sized laboratories find it difficult to invest in their system, leading to other source adoption.

Laboratory Informatics Market Segmentation

Our experts at KD Market Insights have segmented the global Laboratory Informatics market research report as:

Laboratory Informatic Market Regional Synopsis

The Asia Pacific Laboratory Informatics market is majorly driven by a significant surge due to increasing demand in pharmaceutical firms. Lack of trained workers and rising R&D expenditures, particularly in the pharmaceutical and biotechnology sectors, are increasing the need for outsourcing and opening up new market prospects, due to this the Asia-Pacific laboratory information market size will be worth USD 4.1 billion by 2030. As a result, China, Japan, India, and Middle Eastern countries are major upcoming markets for laboratory informatics.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific Laboratory Informatics market growth:

• Agilent Technologies
• LabVantage Solutions
• Abbot Laboratories
• Agaram Technologies Pvt Ltd
• Shimadzu Corporation

Laboratory Informatics Market Competitive Landscape

Some of the key players who top the global laboratory informatics market share:

• LabVantage
• LabWare
•  Cerner Corporation
•  Thermo Fisher Scientific Inc.
•  Abbot Informatics
•  PerkinElmer Inc.
• Agilent Technologies, Inc.
•  Lablynx, Inc.
•  Waters Corporation
•  Autoscribe Informatics
• Dassault Systemes
•  Labworks LLC

Laboratory Informatics Market Recent Developments

• LabWare announced LabWare 8 – foundation for company that brings the capabilities of Laboratory Information Management System (LIMS) and an Electronic Laboratory Notebook (ELN) in a comprehensive solution.
• Waters and Restek Corporation signed an agreement with each other, under which they agreed to provide training and application of GC-MS methods and monitoring of pesticides and screening to food safety laboratories.