The Global Laboratory Informatics Market is poised to value over USD 4.2 billion by 2027 end at a CAGR of over 7.1% during the forecast period 2020 to 2027.
Increased automation in laboratories, establishment of integrated solutions of lab informatics, rise in the stringency of regulations, growing necessity for developing biorepositories and biobanks are responsible for the laboratory informatics market growth. As per the Journal of Lab Automation, the error rates for semi-automated operations vary between 1% to 9% while it varies between 1% to 5% in fully automated operations. However, a dearth of integration standards and high service costs are predicted to impede the proliferation of the market. Moreover, there has been a rising necessity for automation in laboratories for tackling the issues faced by healthcare professionals, thereby propelling the market growth. However, association like International Consortium of Innovation and Quality in Pharmaceutical Development and SiLA are taking significant strides in introducing nre data management standards and interfaces for facilitating system integration, which shall restrain the market proliferation.
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Laboratory Informatics Market Segmentation:
By Type of Solution
- Laboratory Information Management Systems (LIMS)
- Broad based LIMS
- Industry specific LIMS
- Electronic Lab Notebooks (ELN)
- Chromatography Data Systems (CDS)
- Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
- Laboratory Execution Systems (LES)
- Enterprise Content Management (ECM)
- Scientific Data Management Systems (SDMS)
By Deployment Model
- Remotely Hosted
- Life Sciences Industry
- Pharmaceutical & Biotechnology Companies
- Biobanks & Biorepositories
- Molecular Diagnostics & Clinical Research Laboratories
- Contract Service Organizations
- Academic Research Institutes
- Chemicals Industry
- Food & Beverage and Agriculture Industry
- Petrochemical Refineries and Oil & Gas Industry
- Environmental Testing Laboratories
- Other Industries
- North America
- Rest of the world
The global market is fragmented into type of solution, deployment model, industry, component and region. The deployment segment is fragmented into cloud-based, remotely hosted models and on-premise. The cloud-based deployment model is predicted to record the highest growth over the forecasted timeframe, and this can be attributed to benefits like on-demand analytics, extreme flexibility in the capacity. The life science industry is predicted to dominate the market owing to the regulations of federal agencies in maintaining the integrity and security of data. The component segment is categorised into services and software.
The North America region is predicted to dominate the global market owing to rise in the government funds for research and development activities, growth in biobanks, necessity for drug development and discovery, strict rules and regulations across various industries.
Some of the major market players are Thermo Fisher Scientific Inc., LabVantage Solutions, Inc., LabWare, Abbott Informatics, LabLynx, Inc., Waters, Agilent Technologies, Inc., Autoscribe Informatics, Dassault Systèmes, LABWORKS LLC, KineMatik , Accelerated Technology Laboratories, PerkinElmer Inc.
FutureWise Key Takeaways:
- Growth prospects
- SWOT analysis
- Key market trends
- Key data-points affecting market growth
Objectives of the Study:
- To provide with an exhaustive analysis on the global laboratory informatics market by type of solution, by deployment model, by industry, by end user and by region.
- To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
- To evaluate and forecast micro-markets and the overall market
- To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East and Africa
- To record, evaluate and analyze competitive landscape mapping- product launches, technological advancements, mergers and expansions
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