Laboratory informatics are the application of information technology in laboratory setups through an array of data management tools, software, and instruments. The data can be captured, processed, interpreted, and transferred to external devices for future research and development purposes. The global laboratory informatics market report by Market Research Future (MRFR) has been compiled through a blend of primary and secondary market research made possible through extensive questioning of experts and analysis.
Market Outlook
The global laboratory informatics market size can expand at a CAGR of 7.2% from 2019 to 2024 (forecast period). It was valued at USD 2,422 million in 2018. Immense demand for lab automation and information management due to surfeit volume of data generated for research purposes is the primary driver of the market. Advances in genomics and cancer research as well as the slow resurgence of the biotechnology sector can fuel the market growth.
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The critical importance placed on laboratories for its contribution to life sciences and other comparable fields as well as adherence to stringent lab rules can drive the market demand over the forecast period. Need for cost-efficient management systems as well as demand for laboratory informatics management systems (LIMS) can bolster the market growth. Furthermore, demand for electronic notebooks and integrated healthcare solutions can create novel opportunities.
Segmentation Analysis
The global laboratory informatics market is segmented by product, component, deployment, and end-user.
Products discussed in the market report include scientific data management systems (SDMS), laboratory execution systems (LES), enterprise content management (ECM), electronic lab notebooks (ELN), chromatography data systems (CDS), electronic data capture (EDC) & clinical data management systems (CDMS), and laboratory information management systems (LIMS).
By component, it is segmented into services and software.
By deployment, it is segmented into remotely hosted models, cloud-based models, and on-premise models. Cloud-based models can accumulate tremendous revenue due to the scalability and flexibility of cloud technology which allows ample space for storage and retrieval of vital data. Adoption of these models by CROs for saving time and money on system implementation and real-time data tracking can influence the segment revenue trajectory.
By end-user, it is segmented into environmental testing laboratories, life science companies, contract research organizations (CRO), and others.
Regional Analysis
Geographically, the global laboratory informatics market comprises the Middle East & Africa (MEA), Americas, Asia Pacific (APAC), and Europe.
The Americas are presumed to dominate the market due to rising adoption of LIMS, escalating healthcare costs, and immense pressure for reducing operational expenditure. According to the Organization for Economic Co-operation and Development, people in the U.S. spent close to USD 3.65 trillion on healthcare making laboratory informatics pivotal in the operations and daily functioning of R&D units. Additionally, presence of various pharmaceutical companies with the need to contain their operational expenditure can drive the laboratory informatics market demand in the coming years.
The European region is expected to assume the second position in the global market due to surplus of funding in research and development facilities by external parties or companies. Germany is projected to be the leading contributor due to automation of processes in laboratories.
The APAC region can register a stellar growth rate due to investment by venture capital firms for the production of blockbuster drugs and establishment of contract research organizations due to economically viable labor force. Lastly, the MEA region is touted to experience a modest growth rate due to the low economic development in Africa.
Competitive Outlook
Major market players include Abbott Laboratories, Cerner Corporation, Kinematik, Autoscribe Limited, Agilent Technologies, Inc., Labware, Dassault Systèmes, McKesson Corporation, Waters, PerkinElmer Inc., Labworks LLC, Labvantage Solutions, Inc., IDBS, Thermo Fisher Scientific Inc., Accelerated Technology Laboratories, Lablynx, Inc., and others.
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