Laboratory Informatics Market to be Dominated by Laboratory Information Management System Through 2028
The growing automation in
laboratories is expected to drive the growth of Global Laboratory Informatics
market during the forecast period, 2024-2028.
According to TechSci Research report, “Laboratory
Informatics Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, global Laboratory Informatics market is anticipated to register an
impressive rate during the forecast period, 2024-2028. This can be
ascribed to the growing demand for reducing human error and increased
efficiency of managing clinical data across the globe to enhance the market
growth. Moreover, the growing demand for time-saving management systems and
increasing revenue are also expected to boost the growth of the market during
the forecast period. Moreover, the growing demand for platforms based on
standalone software for managing vast data and retrieving the data when clients
require it, is expected to further enhance the demand for the Laboratory
Informatics market during the forecast period. Besides, the growing automation
in laboratories along with technological advancements in laboratory information
systems is a major factor that is expected to drive the growth of the market during
the forecast period. Similarly, the growing demand for biobanks or
biorepositories along with growing research and development in academic
research institutes is expected to create significant growth during the
forecast period. Moreover, increasing number of Contract Research Organizations
(CROs) is expected to further boost the market growth during the forecast
period.
However, high maintenance
and service costs may slow down the growth of the global laboratory informatics
market during the forecast period. Moreover, the slow speed of implementation
of laboratory informatics along with the lack of trained professionals can
further restrict the growth of the global Laboratory Informatics market.
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Laboratory Informatics market can be
segmented by type of solution, component, development model, industry and
region.
Based on the type of solution, the global Laboratory
Informatics market can be further segmented into laboratory information management system,
electronic lab notebooks, chromatography data systems, electronic data capture
and clinical data management systems, laboratory execution systems, enterprise content
management system, and scientific data management systems. The laboratory information management system segment
dominated the market in 2022 and is expected to continue maintaining its
dominance throughout the forecast period. This can be ascribed to the growing
usage of laboratory information management systems due to the growing number of
clinical laboratories for the detection of chronic diseases.
Based on development model, the market can be further
segmented into a premise model, a cloud-based model, and remotely hosted model. The cloud-based model segment is expected to
dominate during the forecast period on account of the increasing demand for
low-cost management systems and improving privacy concerns in hospitals and
clinical laboratories. Moreover, growing demand for vast volumes of data
remotely and easier to retrieve data as needed by clients are anticipated to
boost the growth of the market during the forecast period.
Major companies operating in the global Laboratory
Informatics market are:
- Thermo
Fisher Scientific Inc.
- LabWare,
Inc.
- Core
Informatics, LLC
- Abbott
Laboratories, Inc.
- LabVantage
Solutions, Inc.
- LabLynx,
Inc.
- PerkinElmer,
Inc.
- Waters
Corporation
- Agilent
Technologies, Inc.
- IDBS
(Danaher Corporation)
In August 2020, Thermo Fisher Scientific expanded SampleManager LIMS software and
developed a model choice that enabled laboratories with end-to-end support for
software deployment in the Amazon Web Services (AWS) cloud and the customers of
LIMS software can use the system's enhanced functionality and integration
capabilities without investing considerable resources in the setup and
continuing administration of a cloud environment.
In July 2021, Abbott's STARLIMS Corporation
upgraded to Technology Platform v12.2. Functionality and upgrades have been
improved and all of the features from prior versions of Electronic Lab Notebook
are available in HTML5: Standard Operating Procedures (SOP) document viewer.
The new HTML5 design enhanced start-up efficiency, integration, and usability.
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“North America is expected to dominate in the Global Laboratory Informatics market
owing to the growth policies for the development of laboratory information
management systems along with the availability of infrastructure with high
digital literacy across the region. Similarly, burgeoning healthcare cost,
escalating pressure to bend the cost curve along with growing adoption of
laboratory information management systems is expected to create significant
growth during the forecast period. Moreover, the growing number of
well-established pharma companies and growing demand for containing operational
costs incurred in information management and analysis in emerging countries is
expected to further drive market growth during the forecast period. Furthermore,
growing number of CROs companies offering advanced management systems and the
growing demand for reducing the cost of management are driving the growth of
the market. Besides, the growing prevalence of cardiovascular diseases demands
e-clinical services across the region along with improving the operational
efficiency of advanced technology is further expected to create lucrative
opportunities for market growth,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Laboratory
Informatics Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type of Solution (Laboratory
information management system, electronic lab notebooks, Chromatography data
systems, electronic data capture and clinical data management systems,
Laboratory execution systems, Enterprise content management system, Scientific
data management systems), By Component (Services v/s Software), By Development
Model (On premise model, Cloud based model, Remotely hosted model), By Industry
(Life science industry, Chemical industry, Food & Beverage and agriculture
industry, Petrochemical refineries and oil &gas industry, Environmental
testing laboratories, Others),
By Region, and Competition”, has evaluated
the future growth potential of global Laboratory Informatics market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global Laboratory Informatics market.
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