Healthcare Laboratory Informatics Market Trend - Increasing Need for Advanced Solutions to Manage Large Data and Rapid Advancements in Automation Technology, Says Emergen Research

According to Emergen Research, the global Healthcare laboratory informatics market size was USD 2.54 billion in 2020 and is expected to reach USD 4.21 billion in 2028 and register a steady CAGR of 6.5% during the forecast period, 2021-2028.

Market Dynamics:

Healthcare Laboratory informatics is a specialized application of IT that focuses on optimizing and extending laboratory operations. It helps laboratory professionals and researchers to reduce manual efforts and errors, labor costs, and throughput time. improve data traceability, security, accessibility, and offers effective data management, streamlined process, and paperless information management. laboratory informatics uses a variety of technology tools for collecting data and analysis to increase workflow efficiencies, support integration with other lab systems, and improve regulatory compliance. Factors such as increasing need for cost-effective laboratory automation solutions, rapid adoption of advanced laboratory informatics in biorepositories, biobanks, academic research, environmental testing laboratories, and other sectors such as food & beverage, oil & gas, and petrochemical refineries, and rising R&D investments are expected to drive global market revenue growth during the forecast period.

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However, dearth of skilled laboratory informatics specialists, lack of proper standards, and inaccessibility to latest laboratory informatics solutions are some key factors that can hamper market growth to a certain limit over the forecast period.

COVID-19 Impact Analysis 

• Social distancing and restrictions severely disrupted businesses and operations
• Lockdowns caused disruptions in transportation and logistics
• Impacted manufacturing activities and mining operations globally
• Took a toll on economy of various countries
• Caused sudden and drastic downturn in economic activity
• Disrupted agriculture, fisheries, dairy, and other sectors
• Caused loss of employment and financial crisis
• Supply impacts were further compounded owing to reduced disposable income
• Emergence of variants continue to cause concerns and impact normal routines

Electronic Lab Notebooks Segment To Register Rapid Revenue Growth:

The electronic lab notebooks segment is expected to register rapid revenue CAGR over the forecast period. Revenue growth of the segment can be attributed to factors such as increasing adoption of laboratory automation, rising R&D activities, rapid advancements in laboratory information solutions, growing inclination towards electronic notebooks over paper-based notebooks for storing large data, and increasing demand for cloud-based electronic lab notebooks. 

Pharmaceutical & Biotechnology Segment to Account for Largest Revenue Share:

The pharmaceutical and biotechnology segment is expected to account for largest revenue share between 2021 and 2028 owing to increasing pharmaceutical and biotechnology companies across the globe, rising need for advanced solutions for managing large data volumes and storing crucial information, and increasing number of clinical trials. 

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North America to Lead In Terms of Revenue Share:

North America is expected to account for largest revenue share in the global market over the forecast period owing to rapid technological advancements, presence of well-developed research facilities and infrastructure, and increasing adoption of automation in many laboratories. In addition, rising number of pharmaceutical companies and contract research organizations, growing need for better diagnostics, and rising investments in developing more advanced laboratory informatics solutions are expected to drive North America market growth during the forecast period. 

Major Companies in the Market Include:

• Agilent Technologies, Inc.
• Dassault Systèmes SE
• LabLynx, Inc.
• Thermo Fisher Scientific, Inc.
• LabVantage Solutions, Inc.
• Cerner Corporation
• McKesson Corporation
• PerkinElmer, Inc.
• Accelerated Technology Laboratories Inc.
• Waters Corporation

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For the purpose of this report, Emergen Research has segmented the global laboratory informatics market on the basis of component, deployment, solution, end-use, and region:

Component Outlook (Revenue, USD Billion; 2018-2028)

• Software
• Services

Deployment Outlook (Revenue, USD Billion; 2018-2028)

• Cloud-based
• On-premises
• Web-hosted

Solution Outlook (Revenue, USD Billion; 2018-2028)

• Electronic Lab Notebooks
• Laboratory Information Management Systems
• Scientific Data Management Systems
• Electronic Data Capture
• Laboratory Execution Systems
• Clinical Data Management Systems
• Enterprise Content Management
• Chromatography Data Systems

End-use Outlook (Revenue, USD Billion; 2018-2028)

• Contract Research Organizations
• Environmental Testing Laboratories
• Food & Beverage
• Oil & Gas
• Pharmaceutical & Biotechnology
• Petrochemical Refineries
• Others

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Regional Outlook (Revenue, USD Billion; 2018–2028)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • U.K.
  • BENELUX
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Rest of LATAM
• Middle East & Africa
  • Saudi Arabia
  • U.A.E.
  • South Africa
  • Turkey
  • Rest of MEA

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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