$8.5+ Bn Laboratory Informatics Market to Grow at 9.2% CAGR, Globally, by 2032

Allied Market Research has recently released a comprehensive report entitled “Laboratory Informatics Market: Global Opportunity Analysis And Industry Forecast, 2023-2032.” This in-depth analysis covers various facets of the market, categorizing it by type into Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Laboratory Execution Systems (LES), Scientific Data Management Systems (SDMS), and others. The market is further segmented by component (Software, Services), delivery mode (On-Premise, Web-Hosted, and Cloud-Based), and end-user industries including Life Science Industries, Chemical Industries, Food and Beverage, Agriculture Industries, and others.

According to the findings, the global laboratory informatics industry exhibited substantial growth in 2022, generating a revenue of $3.5 billion. Projections indicate a noteworthy expansion, with the market expected to reach $8.5 billion by 2032. This impressive trajectory is underpinned by a robust Compound Annual Growth Rate (CAGR) of 9.2% from 2023 to 2032.

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The laboratory informatics market represents a dynamic and rapidly evolving sector within the expansive life sciences and healthcare industry. It is characterized by a diverse array of software solutions and cutting-edge technologies meticulously crafted to streamline and elevate laboratory operations, data management, and analytical processes. This intricate ecosystem includes pivotal components such as Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Scientific Data Management Systems (SDMS), and more.

Prime determinants of growth

Rise in the use of laboratory informatics software to comply with stringent government regulations, increase in technological advancement in laboratory informatics software, and surge in the demand for lab automation drive the growth of the global laboratory informatics market. However, the high implementation and service costs of laboratory informatics software are hampering the laboratory informatics market growth. On the contrary, the increase in adoption of key strategies by key players, and the high growth potential in developing countries are expected to offer remunerative opportunities in the industry

What is the Impact of Recession 2023 on Laboratory Informatics Market?

• Due to the recession in the first quarter of 2023, the laboratory informatics market faced a downturn.
• However, the impact of the recession on the laboratory informatics market was temporary. The high growth potential in developing countries and growing demand for laboratory informatics software in R&D laboratories are creating significant opportunities in the industry.

What is the Impact of Recession 2023 on Laboratory Informatics Market?

• Due to the recession in the first quarter of 2023, the laboratory informatics market faced a downturn.
• However, the impact of the recession on the laboratory informatics market was temporary. The high growth potential in developing countries and growing demand for laboratory informatics software in R&D laboratories are creating significant opportunities in the industry.

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North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global laboratory informatics market revenue, owing to robust healthcare infrastructure, presence of key players, and rise in healthcare expenditure. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.3% from 2023 to 2032 and is likely to dominate the market during the forecast period, due to a rise in R&D laboratories, and a surge in the demand for lab automation.

Leading Market Players: –

• Agilent Technologies Inc.
• CrelioHealth Inc.
• Illumina Inc.
• LabLynx, Inc
• LabWare, Inc
• McKesson Corporation
• PerkinElmer, Inc.
• STARLIMS Corporation
• Thermo Fisher Scientific Inc.
• Waters Corporation

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