Laboratory Informatics Market Analysis
The laboratory informatics market is predicted to grow at a 7.2% CAGR over the forecast period (2019-2025), as per the new Market Research Future (MRFR) report. Laboratory informatics, simply put, is a specialized information technology application that is aimed to optimize and extend laboratory operations. It offers a standardized approach for every laboratory process, including managing recipes, resources, and procedures along with the execution of laboratory tasks and workflows.
Various factors are propelling the laboratory informatics market growth. These factors, as per the new MRFR report, include increasing participation by leading players, increasing use of cloud-based platforms especially by CROs, growing preference for personalized medicine, an increase in regulatory approvals, untapped emerging markets, and increasing research and development activities in medicine. Additional factors pushing market growth include demand for lab automation systems, cancer genomics studies, growing patient engagement requirements, burgeoning demand in biorepositories/biobanks, creation of integrated laboratory informatics solutions, and growing need for lab automation.
On the flip side, high service and maintenance costs, scarcity of trained professionals, and lack of integration standards are factors that are likely to impede the laboratory informatics market growth over the forecast period.
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Laboratory Informatics Market Segmentation
The MRFR report offers an all-inclusive segmental analysis of the laboratory informatics market report on the basis of end user, deployment model, component, and product.
Based on product, the laboratory informatics market is segmented into Scientific Data Management Systems (SDMS), Enterprise Content Management (ECM), Laboratory Execution Systems (LES), Clinical Data Management Systems (CDMS), Electronic Data Capture (EDC), Electronic Lab Notebooks (ELN), Chromatography Data Systems (CDS), and Laboratory Information Management Systems (LIMS). The Laboratory Information Management Systems are again classified into industry-specific LIMS and broad-based LIMS. Of these, the Laboratory Information Management Systems segment will have the largest share in the market over the forecast period.
Based on component, the laboratory informatics market is segmented into services and software. Of these, the services segment will dominate the market over the forecast period chiefly due to an increase in outsourcing of laboratory information management systems
Based on deployment model, the laboratory informatics market is segmented into remotely hosted models, cloud-based models, and on-premise models. Of these, the cloud-based models will lead the market over the forecast period. The various advantages of using cloud-based models, including pay-as-you-go-pricing, extreme capacity flexibility, no upfront hardware capital investments, and on-demand self-serving analytics are accelerating the market growth.
Based on end user, the laboratory informatics market is segmented into environmental testing laboratories, CROs, life sciences companies, and others. Of these, the CROs segment will have the maximum share in the market over the forecast period. This is chiefly due to the increasing adoption of laboratory informatics by outsourcing companies for reducing health costs.
Laboratory Informatics Market Regional Analysis
By region, the laboratory informatics market report covers the latest trends and growth opportunities across Europe, the Asia Pacific (APAC), the Americas, and the Middle East and Africa.
Of these, North America will dominate the market over the forecast period. Factors aiding growth in the region include strict regulatory needs across industries, easy accessibility of laboratory informatics services and products, need for early drug discovery, growth in biobanks, rising funds from the government for research and development activities, and burgeoning demand for integration of laboratory systems. The US is the major contributor here chiefly due to growing investments by companies and higher use of digital healthcare.
The laboratory informatics market in the APAC region is predicted to have profitable growth during the forecast period. Factors aiding growth in the region include increasing awareness about Laboratory Information Management Systems and increasing expenditure made by both the private and public sectors. Japan and China are the leading contributors in the region.
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Laboratory Informatics Market Key Players
Leading players profiled in the laboratory informatics market report include Waters, Perkinelmer Inc., Thermo Fisher Scientific Inc., McKesson Corporation, Labworks LLC, Labware, Autoscribe Limited, Labvantage Solutions, Inc., Lablynx, Inc., KineMatik, IDBS, Dassault Systèmes, Cerner Corporation, Accelerated Technology Laboratories, Abbott Laboratories, Agilent Technologies, Inc., and others.
May 2019: Renowned electronic laboratory notebook provider, labfolder GmbH has joined hands with cubuslab GmbH to come up with a platform that is manufacturer-independent for the laboratory control software and laboratory equipment integration.