Published Date : 22 Feb 2023
The global laboratory informatics market size surpassed USD 2.4 billion in 2022 and it is expanding to around USD 3.43 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.6% between 2022 and 2030.
Laboratory informatics is a specialized use of information technology that uses a platform of devices, programs, and data management tools to enhance and expand laboratory operations. This increases the effectiveness of laboratory operations while enabling the capture, migration, processing, and interpretation of scientific data for immediate use, as well as storage, management, and sharing to assist future research, development, and lab testing initiatives.
Laboratory informatics is one of the laboratory-related technological fields with the most significant growth. Information management is still crucial, and laboratory informatics is concerned with the tech behind information management processes.
Scientific data management, including data mining and warehousing, knowledge management, specific data management systems (such as a chromatography data system), laboratory information management systems, and instrument interface, are all encompassed (including the use of an electronic lab notebook).
It has spread more widely as other "informatics" subjects like cheminformatics, bioinformatics, and health informatics have gained popularity. Aspects of laboratory informatics are common in graduate programs, occasionally with a clinical emphasis. A topic closely related to and, to a few, even incorporates it is laboratory automation.
A surge in demand for laboratory automation will likely stimulate adoption in the following years. The volume of laboratory data generated has significantly expanded due to recent technological advancements in genetic testing techniques and molecular genomics.
2022 is the base year to forecast the market from 2022 to 2030. The market size for 2021 is projected based on actual data and outputs from major global players and key players. When predicting the market through 2030, the last five years' tendencies are considered. 2021 will be a year of analysis and exceptions, particularly in light of the effects of the regional lockdown.
Laboratory Informatics Market Report Scope
|Market Size in 2023||USD 2.51 Billion|
|Projected Forecast Value in 2030||USD 3.43 Billion|
|Growth Rate||4.6% from 2022 to 2030|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Segments Covered||By Product, By Delivery Mode, By Component, By End Use|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Rising demand for laboratory automation
Laboratory automation effectively addresses the need for more laboratory professionals and methods to reduce manual labor participation. Using specialized instrument-programming software and workstations to automate routine lab procedures improves lab efficiency, and investigators are free to focus on essential tasks.
Automation produces high-quality data, which also results in enhanced documentation. The availability of stringent regulatory criteria and supervisory standards for error-free findings facilitates the development of standardized systems with reproducible results. The exponential expansion in the volume of data produced by lab equipment has created a requirement for efficient data processing, storage, and dissemination methods.
New technology adaptations
Medical advancements, including comfortable scanning equipment and more effective monitoring systems, help patients heal more quickly. The use of technology in telemedicine and medical devices has led to the automation of procedures because, in some instances, doctors don't even require to be physically present in the operating room with patients while the procedure is being performed.
Regulations and laws have been set up to regulate healthcare technology because it has been developing steadily. As a result, innovative caregiving methods are now possible.
High costs for services and maintenance
The high costs associated with laboratory informatics systems' maintenance and service are one of the main factors preventing this market from expanding. Industry analysts assert that IT system maintenance expenses are more than the price of the actual product. Around 20 to 30% of the total cost of ownership is made up of recurring maintenance and servicing costs, including adjusting the software to evolving user needs.
Additionally, the costs related to implementation and training account for 15% of the total cost. These factors make it difficult for many medium and small-sized laboratories to invest in such systems, which limits their acceptance.
Major Key Players:
By Delivery Mode
By End Use
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