| The laboratory informatics market is expected to generate a revenue of USD 8.7 billion by 2029, with a revenue of USD 5.3 billion in 2024 to register a CAGR of 10.4%. There are significant development prospects for the laboratory informatics industry in emerging economies such as China, India, Japan, Singapore, Brazil, and the Middle Eastern nations. A noteworthy trend in the market is the growing adoption of cloud-based models that can be attributed to the increasing creation of data volume in laboratories and the resulting decrease in the total cost of ownership. For instance, in December 2023, Revvity, Inc. (US) launched the Signals Research Suite, a unified, cloud-based SaaS platform that advocates the complete drug development process—from early research, in-vitro testing, and safety to the new product development of specialty chemicals by integrating the Revvity Signals Notebook, VitroVivo, and Inventa applications into one platform. However, there are a few major barriers to the expansion of the laboratory informatics business, including a lack of technical competence and interoperability problems. |
