The global laboratory informatics market is expected to reach a valuation US$ 3.43 Bn by 2030 from US$ 2.3 billion US$ in 2021 and is expected to witness over 4.6% from 2022 to 2030.
The global laboratory informatics market is expected to reach a valuation US$ 3.43 Bn by 2030 from US$ 2.3 billion US$ in 2021 and is expected to witness over 4.6% from 2022 to 2030.
The informatics is one of the most rapidly growing areas in laboratory science. Laboratory informatics is concerned with the technology used in data management. The laboratory informatics market is growing due to growing need for laboratory automation, the increase in demand in academic research institutes and biobanks, increasing rapid technological breakthroughs in molecular genomics, and a shift in consumer preference towards cancer genomics.
Furthermore, the rising popularity of cloud-based laboratory informatics, rising use of laboratory informatics solutions, and developing significant growth prospects in developing countries will provide lucrative opportunities for the global laboratory informatics market to expand during the forecast period. Several factors could contribute to the growth of the laboratory informatics industry.
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| Report Scope | Details |
| Market Size in 2030 | USD 3.43Billion |
| Growth Rate from 2022 to 2030 | CAGR of 4.6% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
Regional Snapshot
North America is the largest segment for laboratory informatics market in terms of region.The U.S. is dominating the laboratory informatics market in the North America region. The factors such as favorable government policies, growing cost of healthcare, and expansion of healthcare sector is driving the growth of laboratory informatics market in North America region. In addition, the existence of pharmaceutical firms in the region is also boosting the expansion of North America laboratory informatics market.
Asia-Pacific region is the fastest growing region in the laboratory informatics market.India and Chinahold the highest market share in the Asia-Pacificlaboratory informatics market. The growing trend of outsourcing the healthcare processes is driving the expansion of Asia-Pacific laboratory informatics market. Moreover, the rising prevalence of infectious and cardiovascular disorders is also supporting the growth and development of laboratory informatics market in Asia-Pacific region.
Market Dynamics
Drivers
Technological developments
The adoption of advanced and latest technologies is driving the growth of global laboratory informatics market. The technologies such as internet of things, blockchain, and artificial intelligence are paving way for the market growth. Thus, technological developments are boosting the expansion of global laboratory informatics market.
Restraints
Inadequate government regulations
There are not proper regulations and standards for integration of laboratory informatics. In addition, the lack of skilled professionals is also hindering the market growth. There is one standard in the laboratory informatics market, which is known as Standardization in Lab Automation. Thus, inadequate government regulations are restricting the growth of global laboratory informatics market.
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Opportunities
Growing need and demand for laboratory automation
One of the key trends shaping the global laboratory informatics market is automation. The government norms and regulations are driving the demand for laboratory automation. The technological developments and adoption of innovative technologies is resulting into automation of laboratories. Automation of laboratories also help to save time as well as helps to increase efficiency. As a result, growing need for laboratory automation is creating lucrative opportunities for the growth of global laboratory informatics market over the projected period.
Challenges
High cost for maintenance and service
As per the analysts of healthcare industry, the cost of maintaining information technology solutions is higher than the cost of the product itself. Maintenance and service is a cost that accounts for around 20%-30% of the overall cost. Furthermore, implementation and training costs accountfor about 15% of the total cost. Thus, high cost for maintenance and service is one of the biggest challenges for the growth of global laboratory informatics market.
Report Highlights
- On the basis of product, laboratory information management systems (LIMS) segment holds the largest market share in the global laboratory informatics market. The growing integration of biobanking with laboratory information management systems is driving the segment growth.
- On the basis of delivery mode, cloud-based segment holds the largest market share in the global laboratory informatics market. The cloud-based laboratory informatics helps in the storage of large amount of data and information in a remote way.
- On the basis ofcomponent, services segment holds the largest market share in the global laboratory informatics market.The growing outsourcing of laboratory information management systems is supporting the expansion of the segment.
- On the basis of end user, life science companies segment holds the largest market share in the global laboratory informatics market. In order to produce novel products and increase product quality and operational effectiveness, the life sciences sector is growing its demand for laboratory informatics.
Recent Developments
- In July 2020, LabVantage Solutions will introduce version 8.5 of their laboratory information management system, which incorporates a fully integrated scientific data management system.
- Waters announced a contract with Restek Corporation in August 2018. Restek Corporation and Waters collaborated to offer food safety laboratories with application and training assistance for GC-MS methodologies and processes for pesticide screening and monitoring as part of this collaboration.
- LabVantage Solutions Inc., announced the release of LabVantage Analytics in March 2021, a comprehensive and advanced analytics solution that allows users to effortlessly explore, analyze, and visualize laboratory information management systems and external data to get meaningful business insights.
Some of the key players in the laboratory informatics market include:
- Thermo Fisher Scientific Inc.
- LabVantage Solutions Inc.
- Core Informatics
- ID Business Solutions Ltd.
- McKesson Corporation
- Abbott Informatics
- PerkinElmer Inc.
- Agilent Technologies
- Waters Corporation
- LabLynx Inc.
Market Segmentations:
By Product
- LIMS
- ELN
- SDMS
- LES
- EDC & CDMS
- CDS
- ECM
By Delivery Mode
- On-premise
- Web-hosted
- Cloud-based
By Component
- Software
- Services
By End Use
- Life Sciences Companies
- CROs
- Chemical Industry
- F&B and Agriculture
- Environmental Testing Labs
- Petrochemical Refineries & Oil and Gas Industry
- Other Industries
Regional Segmentations:
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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