What is the global market size of Laboratory Informatics Market?

Laboratory Informatics Market size was valued at USD 3.21 billion in 2021 and is poised to grow from USD 3.35 billion in 2022 to USD 4.91 billion by 2030, growing at a CAGR of 4.9% in the forecast period (2023-2030).

Who are the key vendors in the Global Laboratory Informatics Market?

The market is highly fragmented, with many small and major businesses competing. This creates fierce competition among smaller firms to maintain their market position. Furthermore, the businesses offer customized LIMS solutions. As a result, industry competitiveness is expected to be fierce during the projection period. Furthermore, leading players are contributing to market growth by forming alliances and developing new products. GoMeyra MD, a next-generation health care management platform, will be available in July 2021. Similarly, Abbott Informatics published STARLIMS Laboratory Execution System v1.1 in August 2021. This is based on the most recent STARLIMS Quality Manufacturing QM 12.2 standard. The launch of such cutting-edge goods is expected to promote market growth during the forecast period. 'Thermo Fisher Scientific', 'Siemens', 'LabVantage Solutions Inc.', 'LabWare Inc.', 'Waters Corporation', 'Agilent Technologies, Inc.', 'PerkinElmer, Inc.', 'Abbott Laboratories', 'Dassault Systèmes SE', 'Autoscribe Informatics', 'LabArchives LLC', 'Arxspan LLC', 'LabKey Corporation', 'Labguru', 'Lab-Ally LLC', 'Novatek International', 'LabCentral', 'Core Informatics LLC', 'Kinematik US & EU Inc.', 'RURO Inc.'.

What is the key driver of Global Laboratory Informatics Market?

Rising demand for laboratory automation

What is the key market trend for Global Laboratory Informatics Market?

The growing popularity of cloud-based lab informatics is likely to generate considerable growth opportunities for players in the worldwide laboratory informatics market. Cloud-based technology allows vast volumes of data to be stored remotely, freeing up space on devices and facilitating data retrieval based on client requirements. PerkinElmer will debut its Signals Research Suite, a cloud-based solution based on Amazon Web Services, in October 2021. It is a secure informatics platform that delivers complete, end-to-end scientific data and workflow management for pharmaceutical and industrial customers.

Which region accounted for the largest share in Global Laboratory Informatics Market?

North America dominated the market, accounting for more than 40% of sales in 2021. The availability of infrastructure with high digital literacy is one of the primary reasons driving the growth of this regional industry. Policies encouraging the adoption of laboratory information systems are also important. Furthermore, rising healthcare costs, along with increasing demand to bend the cost curve, have resulted in greater adoption of LIMS in this region. Furthermore, the existence of well-established pharma businesses, as well as the growing need to restrict operating expenses involved in information management and analysis, are major factors driving regional market expansion.

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

Report ID: SQMIG35G2216 | Region: Global | Published Date: September, 2024
Pages: 251 | Tables: 126 | Figures: 77

Laboratory Informatics Market Insights

Global Laboratory Informatics Market size was valued at USD 4.35 billion in 2022 and is poised to grow from USD 4.80 billion in 2023 to USD 10.59 billion by 2031, growing at a CAGR of 10.4% in the forecast period (2024-2031).

Growing usage of lab automation is driving the demand for laboratory informatics market. Over the past few decades, data generated by laboratories have been growing rapidly due to increasing technological innovations in molecular genomics and genetic testing practices. Moreover, lab automation systems demand is expected to increase by preference shift towards personalized medicine, and cancer genomics studies, and increasing patient engagement needs. In addition, software solutions are getting more user-friendly, data is moving to the cloud, and the number of startups in the laboratory area is constantly increasing. Thus, clouds are becoming the standard for laboratory informatics software. Furthermore, numerous research laboratory crowdsourcing, crowdsharing, and collaboration experiments have shown that over time more research laboratories are deploying cloud, mobile, and voice technologies, thus driving the demand for lab informatics solutions.

The uptake of laboratory informatics solutions is gaining ground across the industries, especially in healthcare, pharmaceutical, biotechnology, and contract research organizations. As for other solutions, laboratory information systems are increasingly deployed in biobanks, academic research institutions, and contract research organizations, as they facilitate process optimization, due observation of the existing legislative norms and intellectual property rights, reduction of throughput time and going paperless.

US Laboratory Informatics Market is poised to grow at a sustainable CAGR for the next forecast year.

Laboratory Informatics Market Report Snapshots

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FAQs

The level of merger & acquisition in the industry is moderate. There is a surge in the acquisition of small and medium players in the market by major players with an aim to strengthen their capabilities, diversify product portfolios and enhance its competency. The impact of regulations on the market is high. Generally, the convergence of technological advent, stringent regulatory requirements, and commercial pressures has led to the massive generation of data from different facets, such as the development of new products, quality assurance, and manufacturing. The data management processes and conventional documents in such stringent environments, such as the life sciences industry, which is subject to strict regulation, are facing challenges due to these pressures. The level of regional expansion in the industry is moderate. There is a heightened demand for laboratory informatics solutions in emerging markets. 'Abbott (US) ', 'Agilent Technologies, Inc. (US) ', 'IDBS (UK) ', 'LabLynx, Inc. (US) ', 'LabVantage Solutions, Inc. (US) ', 'LabWare (US) ', 'McKesson Corporation (US) ', 'PerkinElmer, Inc. (US) ', 'Thermo Fisher Scientific (US) ', 'Waters Corporation (US) ', 'Starlims Corporation (US) ', 'Dassault Systèmes (France) ', 'Revvity (US) ', 'Accelerated Technology Laboratories, Inc. (US) ', 'LabWorks (US) ', 'Xybion Digital Inc. (US) ', 'Novatek International (Canada) ', 'Agaram Technologies Pvt. Ltd. (India) ', 'Siemens (Germany) ', 'Caliber Technologies (India)'

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 Trend for Real Time Analysis: Lab informatics solutions are emerging as highly viable solutions, because there could be an increase in the demand for real time data analytics solutions across varied industries such as life sciences, food & beverage, petrochemical, chemicals, among others. Given that these industries require data analytics for taking strategic business decisions, it becomes highly relevant to deploy advanced technologies in the form of LIMS, ELN, CDS, etc. for the same. The demand for real-time insights is likely to enhance the market, leading to the growth in the adoption of highly advanced informatics systems.

North America laboratory informatics market dominated the demand share in terms of region. The laboratory informatics field has been continuously shaping over the recent past and the North America market has been influenced by several factors. The North America clinical laboratories are increasingly changing in size and ownership as a result of rapid technological transformation in key areas, including measurement, digital, communication and transportation technologies. Furthermore, point-of-care and critical care testing are increasingly becoming common, and this requires real-time availability of data and information management systems that can effectively support clinical decision making.

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Laboratory Informatics Market Insights

Laboratory Informatics Market Report Snapshots

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What is the global market size of Laboratory Informatics Market?

Who are the key vendors in the Laboratory Informatics Market?

What is the key driver of Laboratory Informatics Market?

What is the key market trend for Laboratory Informatics Market?

Which region accounted for the largest share in Laboratory Informatics Market?

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