USD 3.21 billion
Report ID: SQSG35G2028 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 126 | Figures: 73
Laboratory Informatics Market was valued at USD 3.21 billion in 2021, and the market size is estimated to reach USD 4.49 billion by 2028, at a CAGR of 4.90% over the forecast period (2022–2028).
An increase in demand for laboratory automation is projected to stimulate adoption in the future years. Data generated by laboratories has increased considerably in recent decades as a result of technological advances in molecular genomics and genetic testing procedures. Furthermore, the shift in preference toward personalized medicine, cancer genomics investigations, and increased patient interaction requirements is projected to drive higher demand for lab automation systems.
Software solutions are becoming more user-friendly, data is migrating to the cloud, and the number of companies in the field of laboratory informatics is growing. The cloud is increasingly becoming the standard for laboratory informatics software. Informatics suppliers must now have a cloud and SaaS strategy. Furthermore, the number of research laboratories utilizing cloud, mobile, and voice technologies is growing over time, driving up demand for lab automation solutions.
US Laboratory Informatics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.21 billion
Laboratory Information Management Systems (LIMS)
Laboratory Information Management Systems (LIMS)
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The global Laboratory Informatics Market is segmented based on product, delivery mode, component, end-use, and region. Based on product, the Laboratory Informatics market is segmented into Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Scientific Data Management Systems (SDMS), Laboratory Execution Systems (LES), Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS), Chromatography Data Systems (CDS), Enterprise Content Management (ECM). Based on delivery mode, the Laboratory Informatics market is segmented into On-premise, Web-hosted, Cloud-based. Based on component, the Laboratory Informatics market is segmented into Software, Services. Based on end-use, the Laboratory Informatics market is segmented into Life Sciences, CROs, Chemical Industry, F&B and Agriculture, Environmental Testing Labs, Petrochemical Refineries & Oil and Gas Industry, Other Industries. Based on region, the Laboratory Informatics market is categorized into North America, Europe, Asia-Pacific, and MEA.
Laboratory Informatics Market Analysis by product
In 2021, the Laboratory Information Management Systems (LIMS) segment dominated the market, accounting for more than 45% of total revenue. Master data management, sample lifecycle reporting, stability studies, system and security administration, timetables, inventories, instruments, storage capacity and logistics, and analytical workflow are examples of these systems. Demand for completely integrated services in the life sciences and research industries to reduce data management errors and improve the qualitative interpretation of research data will drive segment expansion in the coming years. Owing to these considerations, the LIMS segment is likely to maintain its position throughout the projection period. Furthermore, the superior Electronic Lab Notebooks (ELN) system sector is expected to develop significantly over the projected period as a result of growing usage by researchers in analytical chemistry labs.
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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.
Because of the growing number of CROs offering LIMS solutions in Asia Pacific, the market for laboratory informatics is likely to rise rapidly in the future years. To minimize the cost of LIMS support systems and increase operational efficiency, major players outsource LIMS to enterprises in this region. Developing economies like India and China are emerging as outsourcing hotspots. The incidence of cardiovascular and infectious disorders in India has also contributed significantly to the expansion of eClinical services. Over the projected period, this is expected to contribute to a rise in demand for laboratory informatics. India has the capacity to provide the necessary infrastructure for conducting clinical trials involving low-cost patient care and evidence-based management.
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Laboratory Informatics Market Driver
Laboratory automation is developing as a viable solution to the challenges of laboratory professional shortages and strategies to eliminate manual intervention in lab procedures. Automation of common lab procedures boosts lab productivity and allows individual researchers to focus on critical tasks by using dedicated workstations and software to program devices. Automation generates high-quality data and allows for improved documentation. Supervisory standards, combined with severe regulatory criteria for error-free outputs, aid in the establishment of standardized systems with reproducible results. The exponential increase in data produced by lab systems has necessitated the development of efficient data storage, processing, and sharing technologies. Laboratory informatics solutions provide an effective solution to this requirement since they greatly enable, enhance, and improve laboratory process productivity and efficiency.
Laboratory Informatics Market Restraint
One of the primary issues impeding the growth of this market is the high maintenance and service costs associated with laboratory informatics solutions. According to industry analysts, the cost of maintaining IT solutions exceeds the cost of the product itself. Service and maintenance (which includes modifying software to meet changing user requirements) are recurrent expenses that account for around 20-30% of total cost of ownership. Furthermore, training and implementation costs account for around 15% of the total cost. Because of these factors, it is difficult for many small and medium-sized laboratories to invest in these systems, restricting their adoption. However, with the rise of cloud-based services, the impact of this constraint is projected to diminish in the coming years.
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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.
Laboratory Informatics Market Top Player’s Company Profiles
Laboratory Informatics Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, major upcoming markets for LIMS include China, Japan, India, Singapore, Brazil, and Middle Eastern countries. These markets lack sufficient standards and government restrictions, creating enormous opportunity for vendors that are unable to match the requirements set in developed markets such as the United States. Several biopharma companies are likewise relocating manufacturing units to Asia for lower-cost production. This has resulted in a huge increase in demand for informatics solutions in Asian countries. However, the COVID-19 epidemic has forced stakeholders in developed markets such as the United States and Europe to minimize their reliance on Asian countries and return to in-house operations.
|Market size value in 2021||USD 3.21 billion|
|Market size value in 2028||USD 4.49 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Laboratory Informatics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Laboratory Informatics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG35G2028