“Increasing need for laboratory automation and growing demand in biobanks/biorepositories are expected to drive the overall growth of the global laboratory informatics market.”
The laboratory informatics market is estimated to reach USD 3.8 billion by 2024 from USD 2.6 billion in 2019, at a CAGR of 7.5% during the forecast period. The increasing need for laboratory automation; development of integrated lab informatics solutions; need to comply with regulatory requirements; and the growing demand in biobanks/biorepositories, academic research institutes, and CROs are the major factors driving the growth of the laboratory informatics market. On the other hand, lack of integration standards and high maintenance and service cost are expected to restrain the growth of this market in the coming years.
“The LIMS segment is expected to grow at the highest CAGR during the forecast period.”
Based on type of solution, the laboratory informatics market is segmented into laboratory information management systems (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), and scientific data management systems (SDMS). The LIMS segment is expected to grow at the highest CAGR owing to the wide range of benefits associated with the use of these systems, including increased workflow efficiencies, reduced transcription errors, easy integration with other lab systems, and better regulatory compliance. Additionally, growing adoption of LIMS in biobanks and biorepositories as well as academic research organizations and CROs and CMOs create a positive impact on the growth of this market.
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“The services segment accounted for the largest share of the laboratory informatics market in 2018.”
Based on the component, the laboratory informatics market is segmented into services and software. The services segment dominated this market in 2018. The large share of the services segment can be attributed to the growing technological advancements in solution offerings by various vendors, increasing adoption of cloud-based solutions, growing need for consulting services, and the recurring nature of services. Furthermore, in terms of IT usage and skill, the life science industry relies heavily on service providers.
“Asia to witness high growth during the forecast period.”
By region, the global laboratory informatics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America dominated the market in 2018. The large share of this market can primarily be attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region. However, Asia is expected to register the highest CAGR during the forecast period. Factors such as growing R&D investments, growing awareness of lab informatics solutions, increase in drug development-based research, and rising pressure to comply with regulatory requirements are driving the growth of the laboratory informatics market in Asia.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type: Tier 1 (32%), Tier 2 (44%), and Tier 3 (24%)
- By Designation: C-level (30%), D-level (34%), and Others (36%)
- By Region: North America (40%), Europe (28%), Asia (20%), and RoW (12%)
List of Companies Profiled in the Report
- Thermo Fisher Scientific Inc. (US)
- LabVantage Solutions, Inc. (US)
- LabWare (US)
- Abbott Informatics (US)
- LabLynx, Inc. (US)
- Waters (US)
- Agilent Technologies, Inc. (US)
- Autoscribe Informatics (US)
- Dassault Syst?mes (Paris, France)
- LABWORKS LLC (US)
- KineMatik (Ireland)
- Accelerated Technology (US)
- PerkinElmer Inc. (US)
- This report provides a picture of the global laboratory informatics market. It aims at estimating the size and future growth potential of the market across different segments, such as type of solution, component, deployment model, industry, and region.
- The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall laboratory informatics market and its subsegments.
- This report will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies.
- It will also enable stakeholders to understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.