Product ID: SQMIR35G2278
North America Laboratory Informatics Market Size, Share, Growth Analysis, By Product(Laboratory Information Management System (LIMS), Electronic Lab Notebook (ELN)), By Mode of delivery (On-premise solutions, cloud-based solutions), By Component(Services, and software), By End-user(Chemical testing laboratories, life sciences industry) - Industry Forecast 2024-2031
Report ID:
SQMIR35G2278 |
Region:
Regional |
Published Date: April, 2024
Pages:
219
|
Tables:
121 |
Figures:
72
North America Laboratory Informatics Market Dynamics
North America Laboratory Informatics Market Driver
Increase in Investments on R&D to Augment Growth
- Increased R&D efforts aid in the development of new drugs. As a result, the demand for effective lab and data management grows. An increasing number of R&D firms are shifting away from traditional old systems towards the digital laboratory solutions owing to the fact that laboratory informatics solutions empower researchers to capture the experiment process, relevant data, and conclusion of the research, while also supporting a searchable repository of experimental data that researchers can access for active engagement. Furthermore, academic research is a significant and necessary component of the entire R&D environment in the United States, accounting for nearly 60% of all basic research. The life sciences field is the most prevalent application of academic research, accounting for over 56% of all academic R&D funding. As a result, significant budget allocation and academic research centred on life sciences applications help in providing growth momentum for the North American laboratory informatics market.
North America Laboratory Informatics Market Restraint
High Cost of Laboratory Service and Maintenance to Hamper Growth
- One of the major factors impeding the expansion of this market is the high service and maintenance expenses related with laboratory informatics solutions. Service and maintenance are recurring costs that constitute nearly 20-30% of full ownership costs. Furthermore, training and implementation costs account for approximately 15% of the total cost. As a result of these factors, many small and medium-sized laboratories have issues regarding investment in these systems, limiting their user acceptance. However, with the rise of cloud-based services, the impact of this constraint is expected to diminish in the coming years.
North America Laboratory Informatics Market Report Snapshots
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