Global Laboratory Informatics Market Size, Share, Growth Analysis, By Type of Solution (Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN)), By Component (Software, Services), By Deployment Mode (On-premise deployment model, and cloud-based deployment model), By Industry (Life Science Industries, Food & Beverage and Agriculture Industries), By Region - Industry Forecast 2024-2031

Global Laboratory Informatics Market size was valued at USD 4.35 billion in 2022 and is poised to grow from USD 4.80 billion in 2023 to USD 10.59 billion by 2031, growing at a CAGR of 10.4% 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. 'Abbott (US) ', 'Agilent Technologies, Inc. (US) ', 'IDBS (UK) ', 'LabLynx, Inc. (US) ', 'LabVantage Solutions, Inc. (US) ', 'LabWare (US) ', 'McKesson Corporation (US) ', 'PerkinElmer, Inc. (US) ', 'Thermo Fisher Scientific (US) ', 'Waters Corporation (US) ', 'Starlims Corporation (US) ', 'Dassault Systèmes (France) ', 'Revvity (US) ', 'Accelerated Technology Laboratories, Inc. (US) ', 'LabWorks (US) ', 'Xybion Digital Inc. (US) ', 'Novatek International (Canada) ', 'Agaram Technologies Pvt. Ltd. (India) ', 'Siemens (Germany) ', 'Caliber Technologies (India)'

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.