Market Research Report
Global Laboratory Informatics Market - Forecasts from 2021 to 2026
|Global Laboratory Informatics Market - Forecasts from 2021 to 2026|
Published: July 9, 2021
Knowledge Sourcing Intelligence
Content info: 113 Pages
Delivery time: 1-2 business days
The global laboratory informatics market is evaluated at US$1.365 billion for the year 2019 and is projected to grow at a CAGR of 5.68% to reach a market size of US$2.009 billion by the year 2026.
Laboratory informatics refers to the specialized application of information to optimize and extend lab operations through the use of a platform of instruments, software, and data management tools. Laboratory informatics are integral to both manufacturing and research organizations across industry verticals such as life sciences and medical research industries. Laboratory informatics aids in allowing scientific data to be captured, stored, migrated, and interpreted for immediate use, research, testing, and development while maximizing the efficiency of lab operations. It is often modeled as an integral component or hub for other branching elements of Laboratory informatics. Moreover, Laboratory informatics incorporates data acquisition, lab automation, laboratory information management systems (LIMS), scientific data mining, and knowledge management.
The growth in the market can be attributed to the growing application of Laboratory informatics coupled with rising technological advancements in molecular genomics genetic testing practices. The growing demand for Laboratory informatics automation is expected to further augment the demand in the global Laboratory informatics market. Furthermore, the shifting trends in the healthcare industry towards digitalization through the use of Laboratory informatics is helping in bringing about improvisation of healthcare delivery processes, thereby burgeoning demand in the global Laboratory informatics market. Moreover, increasing accuracy and efficacy of results provided by the application of Laboratory informatics is expected to prole demand in the Laboratory informatics market over the forecasted period. However, lack of integration of standards within the system coupled with lack of availability for skilled labor may hamper growth in the global laboratory informatics market.
The COVID-19 pandemic has had a net positive impact on the global laboratory informatics market. Owing to unprecedented demand for testing worldwide, healthcare institutions were required to scale up their operation to meet the increasing demand. The growing demand for testing in clinical labs has resulted in inclining the adoption of LIMS systems, thereby helping in administering large volumes of patient specimens and data. However, shortages of critical medical supplies and supply chain disruptions within the healthcare industry resulted in negatively impacting the global laboratory informatics market.
Laboratory management informatics segment to hold a significant market share.
The laboratory management information systems (LIMS) holds a significant market share and is expected to grow at a significant rate over the forecasted period. The growth in the segment can be associated with its robust ability to track monitor laboratory information efficiently. Moreover, laboratory management information systems (LIMS) aids in accelerating workflow through their inbuilt capabilities, thereby boosting demand in the global laboratory informatics market. Moreover, growing demand in industries such as Life sciences and research for minimizing data errors and optimizing qualitative research information is further expected to augment demand for Laboratory Management Information systems (LIMS) in the global Laboratory informatics market.
Services segment holds a significant market share.
The services segment is expected to hold a dominant share in the market and is anticipated to grow at a significant rate over the forecasted period. The market growth in the segment can be tributed to increased outsourcing of LIMS solutions. Moreover, increasing awareness among people about the benefits associated with these solutions is anticipated to propel demand in the services segment over the forecasted period. However, the software segment is projected to offer lucrative growth opportunities owing to growing technological advancements.
Cloud-Based Deployment model to have notable market share.
The cloud-based deployment model is anticipated to hold a significant market share in the global laboratory informatics market. The inclining market share can be associated with the ability to store large amounts of data.
By end-user, life-sciences show good growth opportunities.
Lifesciences end-user industry segment is expected to hold a dominant market share over the forecasted period. The dominant market share of the end-user industry segment can be associated with growing demand for the development of innovative product solutions across and increasing focus towards improving operational efficiency. By integrating laboratory informatics within life science industry solutions, laboratory informatics helps in overcoming barriers to innovation.
Asia Pacific region to witness lucrative growth opportunities.
The North American region holds a dominant share in the laboratory informatics market and is expected to grow significantly over the forecasted period. Market growth in the North American region can be attributed to the availability of infrastructure, high digital literacy, and the presence of well-established pharma companies in the region is expected to fuel demand in the market. Moreover, increasing investments in the healthcare industry coupled with a well-established health care industry is expected to further boost demand in the laboratory informatics market in the region.
However, the Asia Pacific region is expected to witness lucrative opportunities over the forecasted period owing to the large number of companies offering LIMS solutions in the region. Moreover, the emergence of China and India as prominent outsourcing hubs is estimated to further propel demand in the market.
Participation by market players.
The Prominent market players are actively participating in form of increased investments in R&D by assisting in the launch of novel service &software solutions and offering paperless information management and effective data analysis. For instance, Abbot Informatics announced the launch of its novel software solution, STRALIMS Lifesciences V11.2 catering to the life sciences industry vertical. Similarly, Thermo Fisher Scientific announced the launch of Ion AmpliSeq SARS-CoV-2 Insight Research Assay that is designed for early identification of COVID-19 variants. The product enables to obtain workflow automation and seamless informatics in a rapid turnaround time.
Companies in the global laboratory informatics market are employing various growth strategies such as the development and production of innovative solutions coupled with the adoption of advanced technology across industry verticals to gain a competitive advantage over their competitors in the market.
Laboratory Information Management System(LIMS)
Enterprise Content Management(ECM)
Scientific Data Management Systems(SDMS)
Laboratory Execution Systems
Electronic Data Capture(EDC) & Clinical Data Management Systems(CDMS)
Electronic Lab Notebooks(ELN)
Chromatography Data Systems(CDS)
Environmental Testing Laboratories
Food & Beverage and Agriculture Industries
Petrochemical Refineries and Oil & Gas Industry
Middle East and Africa
§ Saudi Arabia
§ South Korea