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The global laboratory informatics market size is expected to reach USD 5.71 Billion in 2032, and register a rapid revenue CAGR of 5% during the forecast period.

NEW YORK, NEW YORK, UNITED STATES, May 9, 2023 /EINPresswire.com/ -- The global Laboratory Informatics Market was valued at USD 3.68 Billion in 2022 and is projected to grow to USD 5.71 Billion by 2032, with a rapid revenue CAGR of 5% during the forecast period. The market is being propelled by a growing demand for laboratory automation, digitization of laboratory productivity, efficiency, and data management, and an increasing uptake of cloud-based solutions. Laboratory informatics is a term used to describe the use of Information Technology (IT) to improve data collection and analysis in laboratories, which is critical to ensuring data reliability and quality in scientific research activities.

There is an increasing demand for informatics solutions that can connect with laboratory equipment and instruments, along with the growing demand for laboratory automation. These technologies help improve laboratory productivity by minimizing manual data entry and enabling real-time data analysis. Laboratory Information Management Systems (LIMS) and Electronic Laboratory Notebooks (ELN) are being used to store and manage data as laboratory activities become more digitalized.

Moreover, the use of cloud-based solutions in laboratory informatics is driving the market's revenue growth. Cloud-based solutions are becoming increasingly popular due to their scalability, flexibility, and cost-effectiveness, as the need for data storage and analysis grows. The demand for laboratory informatics systems is also being driven by government funding and initiatives for Research & Development (R&D) in the life sciences sector.

However, the high implementation costs and the shortage of qualified personnel are major challenges that could limit market revenue growth. Installing laboratory informatics solutions requires a significant investment of time, money, and qualified personnel, particularly for small and medium-sized laboratories. Additionally, the pharmaceutical and healthcare sectors are heavily regulated, necessitating strict data management and compliance with regulatory standards. Laboratory informatics solutions may assist in ensuring compliance and improving data management procedures.

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Segments Covered in the Report –
The global laboratory informatics market is analyzed and forecasted in this report from 2019 to 2032. The report provides a detailed analysis of the market trends in each of the segments and sub-segments. The market is segmented based on product type, deployment model, component, industry, and region.

The product type segment includes Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Scientific Data Management Systems (SDMS), Chromatography Data Systems (CDS), Electronic Data Capture (EDC), Laboratory Execution Systems (LES), and others. The report provides revenue forecasts for each product type from 2019 to 2032.

The deployment model segment is further categorized into on-premise, cloud-based, and web-based. The report analyzes revenue growth for each deployment model from 2019 to 2032.

The component segment is categorized into software and services. The report analyzes the revenue growth of each component from 2019 to 2032.

The industry segment includes Pharmaceuticals, Biotechnology, Chemicals, Food and Beverage (F&B), Environmental Testing, Forensics, and Others. The report provides revenue forecasts for each industry from 2019 to 2032.

The regional outlook segment includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The report provides revenue forecasts for each region from 2019 to 2032.

The report also highlights the major drivers and restraints of the laboratory informatics market. Increasing demand for laboratory automation, digitization of laboratory productivity, efficiency, and data management, and increasing uptake of cloud-based solutions are major factors driving revenue growth of the market. On the other hand, high implementation costs and shortage of competent workers are major factors that could restrain market revenue growth.

Overall, the laboratory informatics market is expected to grow rapidly with a CAGR of 5% during the forecast period.

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Strategic Developments:
Thermo Fisher Scientific Inc. acquired Mesa Biotech, Inc., a molecular diagnostic company, for USD 450 million on January 19, 2021. The aim of this acquisition was to improve Thermo Fisher's offerings in the molecular diagnostic market and reinforce its presence in the point-of-care testing sector. On
July 11, 2019, Agilent Technologies, Inc. bought BioTek Instruments, Inc., a leading provider of life science equipment, for USD 1.2 billion. The objective of this acquisition was to expand Agilent's product portfolio in the life science research market and strengthen its position in the cell analysis segment.

Competitive Landscape:
The global laboratory informatics market is fiercely competitive, with a significant market share held by a variety of large and medium-sized players. To expand their market share and provide more effective products and services to their customers, major players in the laboratory informatics market are employing various strategies, such as mergers and acquisitions, collaborations, partnerships, and product launches. Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Waters Corporation, PerkinElmer, Inc., Abbott Informatics Corporation, Accelerated Technology Laboratories, Inc., LabWare, Inc., Lablynx, Inc., Autoscribe Informatics, Inc., and Computing Solutions, Inc. are among the major companies in the global laboratory informatics market.

Thermo Fisher Scientific Inc. acquired Mesa Biotech, Inc., a privately held molecular diagnostic company, for USD 450 million in January 2021. This acquisition aimed to strengthen Thermo Fisher's presence in the point-of-care testing segment and enhance its product offerings in the molecular diagnostic market. In July 2019, Agilent Technologies, Inc. acquired BioTek Instruments, Inc., a leading life science instrumentation provider, for USD 1.2 billion. This acquisition aimed to enhance Agilent's product portfolio in the life science research market and strengthen its position in the cell analysis segment.

These strategic moves have allowed these companies to remain competitive in the market and continue to offer innovative products and services to their customers. As the laboratory informatics market continues to expand, it will be interesting to see how these companies continue to evolve and adapt to new challenges and opportunities.

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Nikhil Morankar
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