Laboratory Informatics Market Share, Size, Trends, Industry Analysis Report, By Type (ELN, LIMS, SDMS, CDS, EDC & CDMS, ECM); By Component; By Delivery; By End-User; By Region; Segment Forecast, 2024 - 2032
- Published Date:Feb-2024
- Pages: 118
- Format: PDF
- Report ID: PM4516
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
- Laboratory Informatics Market size was valued at USD 3.43 billion in 2023.
- The market is anticipated to grow from USD 3.58 billion in 2024 to USD 5.20 billion by 2032, exhibiting the CAGR of 4.8% during the forecast period.
Market Introduction
The laboratory informatics market is undergoing significant transformations driven by technological advancements, increasing demand for efficient data management, and a growing emphasis on data-driven decision-making in various industries such as healthcare, pharmaceuticals, biotechnology, and research.
Laboratory informatics solutions play a pivotal role in minimizing manual efforts, cutting down on labor costs, reducing the risk of errors, and accelerating throughput times. They bring about a transition to paperless information management and facilitate effective data analytics. These solutions contribute to enhancing data traceability, accessibility, and security while promoting seamless data sharing. Additionally, they streamline processes, elevate quality management, ensure adherence to regulatory requirements, and empower better control over all business processes and decision support.
Consequently, the automation of laboratory processes and the integration of data create a robust platform, empowering scientific decisions and elevating both quality and operational efficiency. This, in turn, enables laboratory professionals to efficiently advance their efforts in research, development, and manufacturing, fostering productivity and innovation in the field.
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- For instance, in July 2022, TetraScience unveiled a significant commitment, allocating $500 million over the next five years towards advancing the continuous development and deployment of a scientific data cloud. This cloud infrastructure was designed to be cloud-native, open, and purpose-built, establishing the groundwork for cutting-edge research in Artificial Intelligence (AI) and Machine Learning (ML).
The market for laboratory informatics is expanding due rising demand in healthcare. The healthcare sector is a key driver of the laboratory informatics market. Increasing investments in healthcare IT, the need for efficient patient data management, and the demand for personalized medicine are creating significant opportunities for laboratory informatics solutions. Moreover, as industries in developing economies continue to grow, there is a rising demand for laboratory informatics solutions to support research and development activities. This creates a lucrative market for vendors to expand their presence in emerging economies.
However, the initial costs associated with implementing laboratory informatics solutions, including software, hardware, and training, can be substantial. Small and medium-sized enterprises may face budget constraints when considering adoption. Thus, hindering the growth of laboratory informatics market.
The market research report offers an in-depth analysis of the industry to support informed decision-making. It offers a meticulous breakdown of various market niches and keeps readers updated on the latest industry developments. Along with tracking the Laboratory Informatics Market on the basis of SWOT and Porter’s Five Forces models, the research report includes graphs, tables, charts, and other pictorial representations to help readers understand the key insights and important data easily.
Market Trends
Industry Growth Drivers
Increasing demand for laboratory automation is projected to spur the product demand.
The laboratory informatics market growth is greatly aided by an increasing focus on laboratory automation. Laboratory automation encompasses cutting-edge, programmable workstations capable of executing diverse tasks, advanced robotics performing functions traditionally handled by humans, and artificial intelligence embedded in chips that learn from experiences, mirroring human cognition. The integration of automation and the continuous emergence of technological solutions have revolutionized the landscape of research and manufacturing for scientists and laboratory professionals.
The laboratory automation sector has progressed steadily, moving beyond automating routine pipetting tasks to embracing fully-integrated workstations that offer comprehensive application solutions. This automation extends to include automated laboratory instruments, software, processes, and systems, effectively minimizing human errors and cycle time. The result is streamlined operations, heightened productivity, enhanced accuracy, improved data management, elevated product/service quality, and a strengthened commitment to compliance standards.
Regulatory compliance is expected to drive laboratory informatics market growth.
Stringent regulatory requirements in industries such as pharmaceuticals and healthcare are compelling organizations to invest in laboratory informatics solutions for compliance with data integrity, traceability, and reporting standards.
Industry Challenges
Rise in data security concerns is likely to impede the market laboratory informatics growth opportunities.
Rise in data security concerns stand as a prominent factor hindering the growth of the laboratory informatics market. Data security is greatly hampered in laboratories by the handling of private and sensitive information. Data availability, confidentiality, and integrity must be guaranteed while strictly adhering to regulatory compliance, which is a difficult task.
There are unique problems associated with integrating laboratory informatics technologies with existing systems and operations. Organizations looking to execute complete informatics solutions smoothly may encounter challenges due to the complexities of the integration process.
Report Segmentation
The market is primarily segmented based on type, component, delivery, end-users, and region.
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By Type |
By Component |
By Delivery |
By End-Users |
By Region |
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By Type Analysis
Enterprise Content Management (ECM) segment is expected to witness highest growth during forecast period
The Enterprise Content Management (ECM) segment is projected to grow at a CAGR during the projected period in the laboratory informatics market. The ability of ECM to offer complete and integrated solutions that successfully meet the changing problems of the healthcare sector is what is driving its growing acceptance. The entire range of media, knowledge assets, and electronic documents within an organization can be captured, created, organized, accessed, and analyzed using the centralized approach provided by ECM. The consultation, design, installation, and maintenance of these software solutions are usually covered by companies that provide ECM services.
By Component Analysis
Services segment is expected to dominate the laboratory informatics market during forecast period
In 2023, the laboratory informatics market share was predominantly influenced by services segment, commanding a significant market share. The expansion of outsourcing in Laboratory Information Management System (LIMS) solutions is a key factor driving its growth. Large pharmaceutical research laboratories, facing constraints in both resources and the requisite skill set for deploying analytics, are opting to outsource these services.
Contract Research Organizations (CROs) provide comprehensive laboratory informatics services, encompassing compliance with promotional spending, social media analytics, manufacturing processes, preventive maintenance, predictive analytics for medical device failure, and benchmarking solutions. The increasing awareness of the advantages associated with these solutions among users is anticipated to further boost their demand in the upcoming years.
By Delivery Analysis
On-premise segment is expected to witness highest growth during forecast period
On-premise delivery in the laboratory informatics market is experiencing notable growth. Organizations prefer on-premise solutions for heightened control over data security and customization. This approach addresses specific industry needs, ensuring seamless integration with existing systems, and appeals to those who prioritize maintaining infrastructure within their premises.
By End-Users Analysis
Life science segment is expected to dominate the laboratory informatics market during forecast period
The surge in technological advancements within healthcare, propelled by heightened research and development in medicine, is poised to drive the demand for Laboratory Information Management Systems (LIMS). The expanding adoption of LIMS in hospitals and research laboratories, driven by its broadening application spectrum in patient engagement, workflow management, billing, patient health information tracking, and quality assurance, is anticipated to contribute significantly to its growth.
Regional Insights
North America region dominated the global laboratory informatics market in 2023
North America dominated the global laboratory informatics market in 2023 and is expected to continue to do so. Supportive laws that make it easier to implement laboratory information systems and an established infrastructure with a high level of digital literacy are driving this region's growth. The need to control expenses and the rising cost of healthcare have made Laboratory Information Management Systems (LIMS) more popular in this field. Moreover, the existence of well-established pharmaceutical firms and the increasing requirement to manage operational expenses associated with data administration and analysis are important drivers of expansion.
In the meanwhile, the Asia-Pacific is expected to be the most lucrative region in laboratory informatics market. This is due to the rise in outsourcing hubs in the developing economies such as India and China. In China, the Ministry of Health has outlined an action plan for the widespread implementation of e-health solutions, covering diverse aspects of medical services and insurance plans. A major focus is placed on adopting electronic record systems for nationwide data sharing in the healthcare system. Such initiatives are anticipated to drive the penetration of lab informatics in China, contributing to market expansion.
Key Market Players & Competitive Insights
The laboratory informatics market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Abbott Informatics Corporation
- Agilent Technologies
- LabWare
- LabVantage Solutions
- LIMSABC
- PerkinElmer
- RURO
- STARLIMS (Abbott Informatics)
- Thermo Fisher Scientific
- Waters Corporation
- Bio-Rad Laboratories
- Dassault Systèmes
- IDBS (Danaher Corporation)
- McKesson Corporation
- Siemens Healthineers
Recent Developments
- In February 2022, LabVantage Solutions, Inc., a provider of laboratory informatics solutions and services, which included purpose-built Laboratory Information Management System (LIMS) solutions enabling labs to achieve faster implementation and lower total costs, officially introduced version 8.8 of its acclaimed LabVantage LIMS platform.
- In August 2020, Thermo Fisher Scientific broadened the deployment options for its SampleManager Laboratory Information Management System (LIMS) software. This expansion facilitated laboratories by offering end-to-end support for deploying the software on the Amazon Web Services (AWS) cloud.
Report Coverage
The laboratory informatics market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, type, component, delivery, end-user, and their futuristic growth opportunities.
Laboratory Informatics Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 3.58 billion |
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Revenue forecast in 2032 |
USD 5.20 billion |
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CAGR |
4.8% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
Quality Assured
We strive to offer our clients the finest in market research with the most reliable and accurate research findings. We use industry-standard methodologies to offer a comprehensive and authentic analysis of the Laboratory Informatics Market. Besides, we have stringent data-quality checks in place to enable data-driven decision-making for you.
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FAQ's
The global laboratory informatics market size is expected to reach USD 5.20 billion by 2032
Abbott Informatics Corporation, Agilent Technologies, LabWare, LabVantage Solutions, LIMSABC vare the top market players in the market.
North America region contribute notably towards the global Laboratory Informatics Market.
Laboratory Informatics Market CAGR of 4.8% during the forecast period.
The Laboratory Informatics Market report covering key segments are on type, component, delivery, end-users, and region.
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