With the passing time, software solutions are becoming more user-friendly, data is seem to be moving to the cloud, and the startups in the field of laboratory informatics is increased rapidly. It was observed that the Laboratory Information Management Systems (LIMS) segment dominated the market and held a revenue share of more than 45.0% in 2021. Furthermore, automation produces high-quality data and makes documentation more efficient and accurate.
According to Data Bridge Market Research the Global Laboratory Informatics Market which was valued at USD 3.4 billion in 2021 and is further estimated to reach USD 8.01 billion by 2029 during the forecast period, and is expected to grow at a CAGR of 11.3% during the forecast period of 2022 to 2029.
“Increasing Demand of Laboratory Automation Facilitate the Market Growth”
Laboratory automation is gaining much attention as a feasible solution to the difficulties of a labour scarcity and strategies to eradicate manual intervention in lab processes which will further increase the market growth. The growing adoption of robotics and process automation in healthcare has rendered operations to be fast moving and continuous. It is now possible to set up, run, and analyze the experimental results in a much shorter time. Increasing penetration of high throughput systems has allowed efficient evaluation of experimental results, increasing laboratory operations' total efficiency. Thus, this factor increases the market growth.
What restraints the growth of Global Laboratory Informatics Market?
“High Maintenance and Service Cost”
The high maintenance and service cost linked with the laboratory informatics solutions is hampering the market growth. The cost of maintenance and service shows a major expenditure and also the training and implementation cost around 15% of the actual price. Several small scale industries fail to deal with these complexities. Although, with the onset of cloud based offerings, the restraint is going to decrease in the coming years.
Segmentation: Global Laboratory Informatics Market
The laboratory informatics market is segmented on the basis of product, component, application and end user.
- Based on product, the laboratory informatics market is segmented into laboratory information management systems (LIMS), electronic lab notebooks (ELN), scientific data management systems (SDMS), laboratory execution systems (LES), electronic data capture (EDC) and clinical data management systems (CDMS), chromatography data systems (CDS) and enterprise content management (ECM).
- Based on delivery mode, the laboratory informatics market is segmented into on-premise, web-hosted and cloud-based.
- Based on component, the laboratory informatics market is segmented into software and services.
- Based on end user, the laboratory informatics market is segmented into life sciences, CROs, chemical industry, food and beverage and agriculture industries, environmental testing laboratories, petrochemical refineries and oil and gas industry and other industries.
Regional Insights: North America is expected to dominate the Global Laboratory Informatics Market
North America dominates the market because of the incidence of major market players and improving the rise in the advanced healthcare infrastructure with effective insurance coverage policies will further boost the growth of the market in the region during the forecast period 2022-2029.
Asia-Pacific is expected to grow in the forecast period of 2022-2029 because of the advancing economies and improved healthcare infrastructure. Furthermore, the increase in the prevalence of neurological, cardiovascular and orthopedic disorders is further expected to boost the growth of the market in the region in the coming years.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-laboratory-informatics-market
Recent Developments in Global Laboratory Informatics Market
- In 2021, CTI Clinical Trial and Consulting Services (CTI) entered into a massive partnership with LabWare, Inc. to increase its laboratory services to support rare disease and cell and gene therapy research across all the countries of the world
- In 2020, LabWare unveiled LabWare 8, the most recent version of its LIMS. The LabWare 8 solution is the company's enterprise laboratory platform (ELP) that includes LIMS and ELN functionality into a single system.
The Prominent Key Players Operating in the Global Laboratory Informatics Market Include:
- Thermo Fisher Scientific, Inc. (U.S.)
- LabWare, LabVantage Solutions Inc. (U.S.)
- Abbott (U.S.)
- Waters Corporation. (U.S.)
- Agilent Technologies, Inc (U.S.)
- IDBS (U.S.)
- PerkinElmer, Inc. (U.S.)
- Autoscribe Informatics. (U.K.)
- Arxspan a Bruker Company (US)
- Dassault Systèmes (France)
- Kinematik (Ireland)
- LabLynx LIMS (U.S.)
- Labworks (U.S.)
- Cerner Corporation (U.S.)
- McKesson Corporation (U.S.)
- Scientific Equipment Repair (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global laboratory informatics market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Laboratory Informatics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
