Laboratory Informatics Market Waters Corporation Growing Presence In Data Integration
Description
The Laboratory Informatics Market is estimated to be valued at US$ 3,031.4 Mn in 2022 and is expected to exhibit a CAGR of 8.2% over the forecast period 2022 and 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Laboratory informatics refers to management of data acquisition in life sciences research and clinical experimentation. It involves integrated software solutions and laboratory information management systems (LIMS) that help to store, manage and integrate data from analytical instruments and laboratory operations. These solutions help research and clinical laboratories to improve productivity, reduce turnaround times and ensure regulatory compliance.
Market key trends:
Data integration has become an important capability expected of laboratory informatics solutions. This is due to growing need to combine data from disparate analytical sources and lab information systems on a single platform. Key players like Waters Corporation have started offering unified laboratory informatics solutions on a single platform. Its UNIFI Scientific Information System aims to eliminate data silos by integrating analytical data from instruments, ELN notebooks, LIMS and other sources. This helps organizations to enhance collaboration and accelerate scientific discoveries through easier access to validated and connected data.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established customers make it easy for new companies to enter the market. However, strong brand loyalty and need for technological expertise limits new competition.
Bargaining power of buyers: Large laboratory chains and research institutions have significant influence over suppliers due to high purchase volumes. Product differentiation allows buyers to negotiate on price and demand additional services.
Bargaining power of suppliers: A few large companies dominate the market, giving them control over pricing and product development. Proprietary technologies and customer switching costs increase supplier bargaining power.
Threat of new substitutes: No major substitute products exist currently. However, expanding use of cloud computing and free/open source software presents a potential long term threat.
Competitive rivalry: Intense competition exists among key players. Large R&D investments and acquisitions are used to gain market share and expand service offerings.
SWOT Analysis
Strengths: Strong brands and reputation for quality among top suppliers. Growing need for data management and analytics in pharma/biotech industries.
Weaknesses: Rapid technology changes require constant new product development and software upgrades. High customer support and service costs.
Opportunities: Rising drug discovery and clinical trials activities driving demand. Expanding into emerging Asian and Latin American markets. Adoption of artificial intelligence and IoT in laboratory workflows.
Threats: Economic slowdowns reducing customer budgets for new systems. Regulatory delays and compliance issues disrupting planned product launches. Rising costs of acquisitions and partnerships.
Key Takeaways
The global Laboratory Informatics Market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing R&D investments in pharmaceutical and biotechnology companies. The market was valued at US$ 3,031.4 Mn in 2021 and is projected to reach US$ 5,678.3 Mn by 2028.
North America currently dominates the market, with the US accounting for the largest share. Significant research spending and presence of major players in the region are driving the North American laboratory informatics market. However, the Asia Pacific region is projected to witness the fastest growth during the forecast period. Growing biomedical sector and increasing drug discovery activities in countries such as China and India offer lucrative opportunities for suppliers.
Key players operating in the laboratory informatics market are Waters Corporation, PerkinElmer Inc., LabWare Inc., LabVantage Solutions Inc., LabLynx Inc., Thermo Fisher Scientific Inc., Mckesson Corporation, Cerner Corporation, Agilent Technologies, and Abbott Laboratories (Abbott Informatics Corporation), among others. Major players are focusing on new product launches, partnerships, and acquisitions to expand their product portfolios and geographical footprints.
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