Laboratory Informatics Market Size to Worth US$ 5.72 BN by 2030

According to Vision Research Reports, the global laboratory informatics market size is expected to worth around US$ 5.72 billion by 2030 and is projected to grow at a CAGR of 6.10% from 2021-2030.

An increase in demand for laboratory automation is expected to fuel the adoption of laboratory informatics in the coming years. Data generated by laboratories has dramatically risen in the past few decades owing to rising technological advancements in molecular genomics and genetic testing practices.

Increasing requirement for the life science companies to comply with regulatory demands has further promoted the incorporation of laboratory information management systems (LIMS) as they help professionals understand and fulfill the complex regulatory obligations.

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Rising adoption of LIMS solutions by biobanks, coupled with increasing demand for integrated healthcare solutions, is a key contributing factor for the growth of the market over the forecast period. In addition, growing awareness levels amongst the end-use segments and technological evolution of LIMS solutions are anticipated to fuel the market growth in the coming years.

Demand for fully integrated LIMS platforms is growing in accordance with the requirements of life sciences and research industries to reduce the incidence of errors in data management and qualitative analysis of research information.

Report Coverage

Laboratory Information Management System is Expected to Hold its Highest Market Share in the Product

The Laboratory Information Management Systems (LIMS) segment dominated the market and held a revenue share of over 45% in 2021. The Enterprise Content Management (ECM) segment is anticipated to register a CAGR of 3.3% during the forecast period.

The COVID 19 has raised pressure on testing procedures, taking time and innovation into consideration to combat the pandemic situation. Thus, the traditional laboratory procedures are required to upgrade in terms of managing the entire operations. This may influence the demand of the LIMS. The LIMS has shown possible ways to get fast approval in regulatory workflow from the FDA due to its capabilities of reporting results. As per FDA and CDC guidelines, the CloudLIMS has already helped multiple labs less than a week using FDA-approved, preconfigured workflows.

As time is a key factor in pandemics to controlling rising cases, thus, LIMS platforms are robust to track and monitor the laboratory information. Companies, like lab advantage solutions, have developed LabVantage COVID-19 LIMS. This platform helps manage and accelerate the laboratory workflow in less than four weeks through its inbuilt capabilities.

Moreover, in the product segment of the laboratory informatics market, laboratory information management system is believed to have the largest market size.

A Laboratory Information Management System (LIMS) enables efficient management of the flow of samples and associated data to improve lab efficiency. LIMS are usually intended for the laboratories having recurring workflows, such as quality control laboratories. LIM system contains a special data structure, and the processes of the laboratory (workflow) should already be established in a certain format. LIMS products have been losing market share to electronic lab notebooks (ELN) and laboratory execution systems (LES) in recent years. This trend can be observed in the sales growth of LES vendors and the investment of large LIMS providers in the field of ELN and LES. Some of the major players in the market studied, such as LabVantage Solutions Inc., have invested heavily to develop comprehensive and highly integrated LES and ELN capabilities.

Moreover, Laboratory information management systems are being increasingly integrated into biobanking. These systems allow effective management and tracking of data quality, end-user billing, patient demographics, and security. For example, CloudLIMS is a purpose-built, scalable, SaaS, in the cloud LIMS and grows with its biorepository by supporting automation, data management, and regulatory requirements. They also improve data sampling and research information integration, thereby, making data access easier. Additionally, market players are focusing on the launch of new LIMS across the Globe to enhance their market presence. In July 2020, LabVantage Solutions launched edition 8.5 of its lab information management system (LIMS) with a fully integrated scientific data management system (SDMS). Thus, due to the above mentioned factors, the laboratory information management system segment will contribute significantly to the market growth.

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North America Dominates the Market and is expected to do the same in the Forecast Period

The United States is the most COVID-affected country across the world. In the COVID-19 pandemic, the need for data sharing across various platforms and with patients has become essential. Data from diagnostic centers to hospitals to confirmed positive patients must flow as freely as possible without sacrificing privacy or other essential elements of ethical care and research. Hence, in the United States, healthcare providers focus on digital Information systems to keep track of the total tests administered, treatment results, evolving case definitions, and streamline many other processes. Thus, the COVID-19 outbreak is more likely to increase the utilization and adoption of laboratory informatics systems now and in the future.

North America currently dominates the market for laboratory informatics and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the well-established healthcare industry and better reimbursement facilities in the region. The United States holds the majority of the market in the North American region due to the higher adoption of digital healthcare in the country and rising investments done by the companies over there.

Furthermore, in the United States, the geriatric population is growing at a high rate, and these populations are associated with several diseases. Thus, the increasing number of lifestyle disorders may ultimately grow the demand for laboratory tests. These laboratory systems help in improve efficiencies.

Several companies are launching products, services, and initiatives associated with laboratory informatics. For example, in March 2020, Ovation.io announced an initiative to double the COVID-19 testing capacity across the United States. In this initiative, the company delivers cloud technology to help labs serve patients and gather public health data. Hence this permits the clinicians to quickly access results and reports, leading to faster diagnosis and treatment.

Delivery Mode Insights

The cloud-based segment dominated the market and accounted for a revenue share of over 40.0% in 2021 and is expected to maintain its dominance throughout the forecast period. Cloud-based technology helps in storing large amounts of data remotely to allow free space on devices and facilitate data retrieval according to client needs. The technology comprises three services including Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS). The cloud-based analytics software is available as SaaS-based services. IBM offers its Watson Analytic services on the SaaS platform.

On-premise delivery mode involves the installation of services and solutions on computers present within the organization. Web-based LIMS solutions are delivered to users through web servers using the internet protocol. Web-based solutions comprise four elements including internet connection, web server, data administrator, and the software coding system.

Component Insights

The services segment dominated the market and accounted for a revenue share of over 55.0% in 2021 and is anticipated to maintain its position over the forecast period. An increase in the outsourcing of LIMS solutions is contributing to the segment growth.

The software segment is expected to witness lucrative growth over the forecast period due to the availability of technologically advanced software, such as SaaS, which offers effective information management solutions for laboratories.

End-use Insights

The life science companies segment accounted for the largest revenue share of over 25.5% in 2021. This segment encompasses biobanks, molecular diagnostic and clinical research laboratories, contract service organizations, pharmaceutical and biotechnology companies, and academic research institutes. The demand for laboratory informatics is increasing in the life sciences industry to develop innovative products and improve product quality and operational efficiency. To fulfill these requirements, the need for more virtual and electronic laboratories is increasing. Laboratory informatics systems allow effective management of a large amount of data and break down research and discovery silos.

The CROs segment is expected to witness profitable growth during the forecast period due to the growing trend of outsourcing. Increasing adoption by outsourcing companies to curb healthcare costs is contributing to the lucrative growth of the CROs segment.

Key Players

• LabWare
• Core Informatics
• Thermo Fisher Scientific, Inc.
• PerkinElmer Inc.
• LabVantage Solutions, Inc.
• Abbott Laboratories
• LabLynx, Inc.
• Agilent Technologies
• Waters
• Cerner Corporation
• IDBS
• McKesson Corporation

Market Segmentation

By Product Outlook

• 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)

By Delivery Mode Outlook

• On-premise
• Web-hosted
• Cloud-based

By Component Outlook

• Software
• Services

By End-use Outlook

• Life Science Companies
  • Pharmaceutical and Biotechnology Companies
  • Biobanks/Biorepositories
  • Contract Services Organizations
  • Molecular Diagnostics & ClinicalResearch Laboratories
  • Academic Research Institutes
• CROs
• Chemical industry
• Food & Beverage and Agriculture Industries
• Environmental Testing Laboratories
• Petrochemical Refineries & Oil and Gas Industry
• Other Industries (Forensics and Metal & Mining Laboratories)

By Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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