The U.S. laboratory informatics market size is expected to reach USD 1.45 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.9% during the forecast period. Rising demand for lab automation and information management activities owing to increasing amount of data generated by research laboratories is one of the primary growth stimulants for the market.
Laboratories are important to both research and manufacturing companies in the healthcare industry. A large amount of data is generated in these labs, which is impossible to capture, collect, store, and analyze manually. This is creating insurmountable obstacles for data management processes and conventional documentation requirements, especially in regulated environments, such as the life sciences sector.
Most laboratories manage information by combining manual & automatic methods and process it by using independent non-integrated data-processing systems. Use of isolated systems in laboratories hamper timely data transfer across information management systems, leading to unexpected delays and additional costs. Additionally, manual transfer methods increase likelihood of errors/loss leading to added QA controls and high number of manual transcription steps result in decreased efficiency and longer throughput time.
Seamless flow of information from raw data to reusable knowledge is managed by a combination of various informatics systems. In a laboratory, deployment of these informatics systems is highly dependent on environment (such as discovery, development, or manufacturing) and scientific domain (such as biology, chemistry, among others).
Application of an informatics system in drug discovery is different from how it is used in clinical and manufacturing domains. Overall focus of laboratory informatics is efficiency improvement with respect to paperless information management, regulatory compliance, information quality, and labor cost. The aforementioned benefits are expected to augment the market over the forecast period.
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Further key findings from the study suggest:
The LIMS segment held the substantial share of approximately 42.0% based on product in 2017, owing to rising adoption of LIMS solutions by biobanks coupled with increasing demand for integrated healthcare solutions
The cloud-based solutions segment is expected to register a CAGR of 5.5% over the forecast period owing to advantages over on premise and web-based solutions
Services held the largest share in the market on the basis of component in 2017 due to increasing trend of outsourcing by life science companies
On the basis of end use, the life science segment was the leading revenue contributor in the market in 2017 owing to rising adoption of laboratory informatics systems
CROs are expected to exhibit a CAGR of 5.6% over the forecast period owing to growing number of CROs.