Laboratory Informatics Market Worth USD 4.9 Bn by 2027 at a CAGR of 4.0%

According to Nova one advisor, the global Laboratory Informatics market gathered revenue around USD 3.0 Billion in 2020 and market is set to grow USD 4.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 4.0% during the prediction period 2021 to 2027.

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An increase in the requirement for life sciences companies to comply with regulatory demands has further promoted the incorporation of Laboratory Information Management Systems (LIMS) as it helps professionals understand and fulfill complex regulatory obligations. Furthermore, demand for cost-efficient workflow management systems is anticipated to drive the market over the forecast period.

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

The outbreak of the coronavirus has resulted in a shutdown of laboratories around the world. Movement restrictions have created a logistical problem for players, results in shortages of on-premise delivery of products. However, with high demand for COVID-19 testing scaled up laboratory operations and faced new challenges like administration of huge volumes of patient specimens and test data. To accelerate the high demand COVID-19 tests, a LIMS plays an essential role in labs which led to the implementation of the product.

Report Coverage

Regional Insights

North America dominated the market for laboratory informatics and accounted for the largest revenue share of 43.2% in 2020. The major factors contributing to the growth of this region are the policies supporting the deployment of laboratory information systems and the availability of infrastructure with high digital literacy. In addition, the burgeoning healthcare cost coupled with the escalating pressure to bend the cost curve resulted in increased adoption of LIMS in this region. In addition, the presence of well-established pharma companies combined with the growing requirement to contain operational costs incurred in information management and analysis are the key contributing factors to the growth.

In Asia Pacific, the market for laboratory informatics is expected to witness lucrative CAGR in coming years owing to the increasing number of CROs offering LIMS solutions in this region. Major players outsource LIMS from the companies in this region to reduce the cost of LIMS support systems and improve operational efficiency.

The developing economies such as India and China emerge as outsourcing hubs. The Ministry of Health in China has defined an action plan for the deployment of e-health-related solutions to geographically dispersed sections of the country encompassing broad areas of medical services, insurance plans, and with a large focus on the adoption of electronic record systems to allow data sharing across the national healthcare system. The initiatives like these are expected to help to penetrate the lab informatics in China, thus boosting the growth of the market for laboratory informatics.

Laboratory Informatics Market Report Highlights

• Based on product, LIMS dominated the market in 2021 owing to the associated benefits such as data tracking and management with fewer errors
• The ECM product segment is expected to register a CAGR of 3.3% over the forecast period. Demand for upgraded laboratory informatics technologies such as Enterprise Content Management (ECM) solutions amongst research professionals and industry players, respectively, is expected to increase over the forecast period
• By delivery mode, the cloud-based segment is anticipated to register a lucrative CAGR of 5.4% over the forecast period due to the growing acceptance of cloud-based services by industry participants
• North America dominated the market and accounted for a revenue share of over 40.0% in 2021, which is attributed to supportive government initiatives promoting the adoption of LIMS
• In Asia Pacific, the market is likely to witness profitable growth over the forecast period due to the increasing R&D expenditure deployed by the public and private sectors, coupled with the increasing awareness levels pertaining to LIMS
• Key players are involved in partnerships, mergers and acquisitions, and the launch of new products. In September 2021, PerkinElmer has completed the acquisition of BioLegend. This purchase of BioLegend marks the major transaction in the company’s history as it expands PerkinElmer’s life science franchise

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Some of the prominent players in the Laboratory Informatics Market include: Thermo Fisher Scientific, Inc.; Core Informatics; LabWare; PerkinElmer, Inc.; LabVantage Solutions, Inc.; LabLynx, Inc.; Agilent Technologies; ID Business Solutions Ltd.; McKesson Corporation; Waters Corporation; Abbott Informatics

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

• By Product
  • 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
  • On-premise
  • Web-hosted
  • Cloud-based
• By Component
  • Software
  • Services
• By End-use
  • Life Science Companies
    • Pharmaceutical and Biotechnology Companies
    • Biobanks/Biorepositories
    • Contract Services Organizations
    • Molecular Diagnostics & Clinical Research Laboratories
    • Academic Research Institutes
  • CROs
  • Chemical Industry
  • Food & Beverage and Agriculture Industries
  • Environmental Testing Laboratories
  • Petrochemical Refineries and Oil & Gas Industry
  • Other Industries (Forensics and Metal & Mining Laboratories)

By Region

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

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Laboratory Informatics industry analysis from 2022 to 2030 to identify the prevailing Laboratory Informatics industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Laboratory Informatics industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Laboratory Informatics industry trends, key players, market segments, application areas, and market growth strategies.

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