Laboratory Informatics Market Size, Share, Growth Analysis, By Type of Solution(Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Chromatography Data Systems (CDS), Electronic Data Capture and Clinical Data Management Systems (EDC/CDMS)), By Component(Software, Services, and Support), By Deployment Mode(On-premise Deployment Model, and Cloud-Based Deployment Model), By Industry(Life Science Industries, Food & Beverage and Agriculture Industries, Petrochemical and Oil & Gas Industries, Chemical Industries), By Region - Industry Forecast 2024-2031

Laboratory Informatics Market Driver

Growing Demand for Laboratory Automation  

• Lab automation has become an effective way to address the issue of lack of qualified laboratory staff and to facilitate less manual intervention in lab operations. Through programming the devices or orienting the workstations along with the necessary software, it is possible to automate the most common lab processes and thereby increase productivity allowing researchers to concentrate on issues that are more important. 

Growing Remote Working Setup Post Pandemic 

• The COVID-19 pandemic really accelerated the development of laboratory software and technologies. People were working and operating remotely, so digital solutions were a necessary requirement for a productive laboratory. Moreover, laboratory demands for testing, genomics, drug development, and vaccination had to evolve to become more capable and provide faster, quicker, and efficient results.  

Restraints 

High Cost Associated with Laboratory Informatics 

• The high cost associated with one time implementation and recurring maintenance and service can be a major challenge among end-users. When determining budgets, many organizations may decide to invest their financial resources in other areas that are more crucial for running laboratories. Owing to this approach, the number of potential customers who do not afford to purchase lab informatics solutions is increasing, thus restraining the market dynamics.  

Low Adoption Among Startups and SMEs 

• Insufficient financial resources as well as a relatively limited IT environment may suggest that smaller companies are not interested in using these systems to the extent necessary and appropriate. Another barrier may emerge through the required expertise as there are mandatory regulations and good practices to follow. There is a high level of specialization in the area of lab informatics that an SME is not likely to have and the systems to be put in place require a variety of customizations.