Market Research Report
Published: October 1, 2021
Global Industry Analysts, Inc.
Content info: 236 Pages
Delivery time: 1-2 business days
Global Laboratory Informatics Market to Reach US$4.5 Billion by the Year 2026
The term `laboratory informatics` refers to the application of information technology in a specialized manner with the aim of optimizing laboratory operations for extended use. Growth in the global market is set to be driven by advancements in integrated laboratory informatics solutions, growing need for laboratory automation, increasing demand for biorepositories and biobanks, growing demand from academic research institutes and contract research organizations (CROs) and increasing need to adhere to regulatory standards Advent of big data analytics and digital systems is fueling growth for laboratory informatics. Driven by their ability to generate reliable information, several healthcare service providers are now integrating laboratory informatics systems. This is assisting them in significantly reducing diagnostic errors while also improving patient outcomes. The ongoing technological advancements are assisting companies in offering interactive and faster laboratory informatics solutions to end users. The introduction of digital platforms, automated workstations, and system instruments software is enabling end users to improve operational efficiency as well as minimize manual errors.
Amid the COVID-19 crisis, the global market for Laboratory Informatics estimated at US$2.9 Billion in the year 2020, is projected to reach a revised size of US$4.5 Billion by 2026, growing at a CAGR of 7.8% over the analysis period. Laboratory Information Management Systems (LIMS), one of the segments analyzed in the report, is projected to grow at a 8.9% CAGR to reach US$2.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electronic Lab Notebooks (ELN) segment is readjusted to a revised 7.3% CAGR for the next 7-year period. This segment currently accounts for a 21.3% share of the global Laboratory Informatics market. Growing impetus on minimizing data processing errors, along with rising popularity of integrated services is fueling demand for Laboratory Information Management Systems (LIMS). The advanced electronic lab notebooks (ELN) system market is expected to experience strong growth on account of higher implementations in analytical chemistry labs.
The U.S. Market is Estimated at $1.3 Billion in 2021, While China is Forecast to Reach $454.8 Million by 2026
The Laboratory Informatics market in the U.S. is estimated at US$1.3 Billion in the year 2021. The country currently accounts for a 42.8% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$454.8 Million in the year 2026 trailing a CAGR of 10.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 7.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.7% CAGR while Rest of European market (as defined in the study) will reach US$495.9 Million by the end of the analysis period. North America leads the global market for laboratory informatics systems, on account of favorable policies to promote laboratory informatics solutions deployment, availability of superior infrastructure along with digital literacy and the presence of large pharmaceutical companies. In addition, factors such as increasing adoption of integrated laboratory systems, growing need for early drug discovery, increase in biobanks, growing government funding for research activities, strict regulatory requirements and expanding range of lab informatics products and services are factors stimulating growth in the market. Asia-Pacific is expected to witness robust growth, supported by rising R&D spending by both private and public sectors, increase in the number of CROs delivering LIMS solutions and growing awareness on LIMS.
Scientific Data Management Systems (SDMS) Segment to Reach $405.8 Million by 2026
A scientific data management system (SDMS) refers to a software tool that acts as a document management system (DMS) to capture, catalog, and archive data generated by various lab instruments such as mass spectrometry and HPLC, and applications like LIMS, ELNs and analytical applications. In the global Scientific Data Management Systems (SDMS) segment, USA, Canada, Japan, China and Europe will drive the 6.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$243 Million in the year 2020 will reach a projected size of US$369.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$33.9 Million by the year 2026.
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