North America Laboratory Informatics Market Size, Share, Growth Analysis, By Product(Laboratory Information Management System, Electronic Lab Notebook ), By Mode of delivery, By Component, By End-user - Industry Forecast 2024-2031

North America Laboratory Informatics Market was valued at USD 1.24 billion in 2022 and is expected to rise from USD 1.28 billion in 2023 to reach a value of USD 1.69 billion by 2031, at a CAGR of 3.50% during the forecast period (2024-2031).

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Top-down and bottom-up approaches were used to estimate and validate the size of the North America Laboratory Informatics market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

North America Laboratory Informatics Market Segmental Analysis

North America laboratory informatics market is segmented based on product, mode of delivery, component, end-user, and region. Based on product, the North America Laboratory Informatics Market is segmented into Laboratory Information Management System (LIMS), Electronic Lab Notebook (ELN), Chromatography Data Systems (CDS), Electronic Data Capture (EDC) & Clinical Data Management System (CDMS), Laboratory Execution System (LES), Enterprise Content Management (ECM), and Scientific Data Management System (SDMS). With respect to segmentation by mode of delivery, the North America Laboratory Informatics Market is segmented into on-premise solutions, cloud-based solutions, and web-based solutions. On the basis of components, the North America Laboratory Informatics Market is bifurcated into services, and software. By end-user, the North America Laboratory Informatics Market is split into chemical testing laboratories, life sciences industry, food & beverage and agriculture industries, petrochemical and oil & gas industries. Regionwise, North America Laboratory Informatics Market is categorized into U.S., Canada, and others.

Drivers of the North America Laboratory Informatics Market

Increased investment in research and development drives the innovation of new pharmaceuticals, consequently fueling the demand for efficient laboratory and data management solutions. In response to this trend, a growing number of R&D enterprises are transitioning from conventional systems to digital laboratory solutions. This shift is propelled by the recognition that laboratory informatics solutions empower scientists to document experiment processes, relevant data, and research conclusions, while also facilitating a searchable database of experimental findings for ongoing analysis. Moreover, academic research plays a vital role in the broader R&D landscape in the United States, constituting approximately 60% of all fundamental research activities, with the life sciences sector being the predominant focus, receiving over 56% of academic R&D funding. This substantial allocation of resources and academic research emphasis on life sciences applications contribute significantly to the expansion of the North American laboratory informatics market.

Restraints in the North America Laboratory Informatics Market

The substantial obstacle hindering the growth of this market is the considerable expenses associated with service and maintenance of laboratory informatics solutions, comprising about 20-30% of overall ownership costs, alongside training and implementation costs constituting approximately 15% of the total expense. Consequently, numerous small and medium-sized laboratories face challenges in investing in these systems, thus constraining their user adoption. Nonetheless, the emergence of cloud-based services is anticipated to alleviate the impact of this limitation in the foreseeable future.

Market Trends of the North America Laboratory Informatics Market

Laboratory informatics is undergoing a transformative shift, with software solutions becoming increasingly intuitive for users, data migrating to the cloud, and a notable rise in the number of start-ups venturing into this domain. The adoption of cloud-based platforms is becoming standard practice, with informatics providers actively crafting strategies for cloud and Software as a Service (SaaS) offerings. Moreover, there's a discernible trend among research laboratories towards embracing cloud, mobile, and voice technologies, fueling the demand for automation solutions within the lab environment.