What is the global market size of Laboratory Informatics Market?

Laboratory Informatics Market size was valued at USD 3.21 billion in 2021 and is poised to grow from USD 3.35 billion in 2022 to USD 4.91 billion by 2030, growing at a CAGR of 4.9% in the forecast period (2023-2030).

Global Laboratory Informatics Market Size, Share, Growth Analysis, By Product(Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN)), By Delivery Mode(On-premise, Web-hosted), By Component(Software, Services), By End-use(Life Sciences, CROs) - Industry Forecast 2024-2031

Report ID: SQMIG35G2216 | Region: Global | Published Date: April, 2024
Pages: 251 | Tables: 126 | Figures: 77

Global Laboratory Informatics Market Dynamics

Laboratory Informatics Market Driver

Rising demand for laboratory automation

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

High servicing and maintenance costs

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.

Global Laboratory Informatics Market Report Snapshots

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Laboratory Informatics Market size was valued at USD 3.21 billion in 2019 and is poised to grow from USD 3.35 billion in 2023 to USD 4.91 billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).

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. 'Thermo Fisher Scientific', 'Siemens', 'LabVantage Solutions Inc.', 'LabWare Inc.', 'Waters Corporation', 'Agilent Technologies, Inc.', 'PerkinElmer, Inc.', 'Abbott Laboratories', 'Dassault Systèmes SE', 'Autoscribe Informatics', 'LabArchives LLC', 'Arxspan LLC', 'LabKey Corporation', 'Labguru', 'Lab-Ally LLC', 'Novatek International', 'LabCentral', 'Core Informatics LLC', 'Kinematik US & EU Inc.', 'RURO Inc.'

Rising demand for laboratory automation

The growing popularity of cloud-based lab informatics is likely to generate considerable growth opportunities for players in the worldwide laboratory informatics market. Cloud-based technology allows vast volumes of data to be stored remotely, freeing up space on devices and facilitating data retrieval based on client requirements. PerkinElmer will debut its Signals Research Suite, a cloud-based solution based on Amazon Web Services, in October 2021. It is a secure informatics platform that delivers complete, end-to-end scientific data and workflow management for pharmaceutical and industrial customers.

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.

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Global Laboratory Informatics Market Size, Share, Growth Analysis, By Product(Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN)), By Delivery Mode(On-premise, Web-hosted), By Component(Software, Services), By End-use(Life Sciences, CROs) - Industry Forecast 2024-2031

Global Laboratory Informatics Market Dynamics

Global Laboratory Informatics Market Report Snapshots

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