CHICAGO , Aug. 23, 2024 /PRNewswire/ -- The global Laboratory Informatics Market is valued at an estimated USD 5.3 billion in 2024 and is projected to reach USD 8.
7 billion by 2029 at a CAGR of 10.4% during the forecast period. The laboratory informatics industry is poised for significant growth in emerging economies such as China , India , Japan , Singapore , Brazil , and the Middle East due to increasing adoption of cloud-based models driven by growing data volumes in laboratories and reduced ownership costs.
For example, Revvity, Inc. recently launched the Signals Research Suite, a cloud-based SaaS platform integrating various applications to streamline the drug development process. However, challenges such as technical expertise gaps and interoperability issues remain.
The market is buoyed by the rising need for laboratory automation to address staff shortages and enhance precision, regulatory compliance pressures, and the growing demand for real-time data analytics. Despite these opportunities, high implementation and maintenance costs, particularly for small and mid-sized laboratories, could hinder growth. The lab informatics ecosystem encompasses a diverse range of stakeholders including investors, academic researchers, government bodies, and various industries such as pharmaceuticals, biotech, and environmental testing.
In 2023, North America led the market, driven by high healthcare spending, technological advancements, and a competitive environment fostering innovat.