Laboratory Informatics Market Segmentation by Product Type - Laboratory Information Management Systems (LIMS) | Electronic Lab Notebooks (ELN) | Scientific Data Management Systems (SDMS) | Laboratory Execution Systems (LES) | Chromatography Data Systems (CDS)
Industry: Healthcare
Published Date: November-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP33204
Newly-released Laboratory Informatics market analysis report by Persistence Market Research shows that global sales of the Laboratory Informatics market in 2021 were held at US$ 3 Bn. With 5.8%, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical growth. The absolute dollar opportunity for the Laboratory Informatics market will be witnessing US$ 2.4 Bn overall growth due in the upcoming years, adoption is projected to be fueled by a rise in demand for laboratory automation.
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Attribute |
Details |
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Laboratory Informatics Market Size (2021A) |
US$ 3 Bn |
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Laboratory Informatics Market Size (2022E) |
US$ 3.2 Bn |
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Projected Market Value (2032F) |
US$ 5.5 Bn |
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Global Market Growth Rate (2022-2032) |
5.8% CAGR |
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Laboratory Informatics Market Share of USA (2032F) |
6.1% |
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Key Companies Profiled |
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Because of technical breakthroughs in molecular genomics and genetic testing techniques, the amount of data collected by laboratories has increased considerably over the last few decades. Furthermore, the preference for customized treatment, cancer genomics investigations, and increased patient interaction needs are projected to drive up demand for lab automation systems.
As per the Laboratory Informatics market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Laboratory Informatics markets increased at around 5.5% CAGR, wherein, the region North America held a significant share in the global market.
Adoption is projected to accelerate in the future years as demand for laboratory automation rises. The amount of data collected by laboratories has grown dramatically during the last several decades. Software solutions are becoming more user-friendly, data is migrating to the cloud, and the number of laboratory informatics companies is growing. For laboratory informatics software, the cloud is quickly becoming the standard. Informatics service providers must now have a cloud and SaaS strategy in place.
Furthermore, the number of research laboratories utilizing the cloud, mobile, and voice technologies is growing over time, creating demand for lab automation solutions. As a result, the Laboratory Informatics market is expected to grow at a CAGR of 5.8% over the forecast period.
Software solutions are becoming more user-friendly, data is transferring to the cloud, and the number of organizations specializing in laboratory informatics is increasing. The cloud is quickly becoming the norm for laboratory informatics software. Informatics suppliers must now have a cloud and SaaS strategy. Furthermore, the number of research laboratories that use cloud, mobile, and voice technologies is increasing over time, boosting demand for lab automation solutions.
Laboratories are crucial to the life sciences and medical research sectors' production and research operations. The major goal of a laboratory is to assure the development of high-quality and trustworthy experiment data that adheres to industry regulatory criteria. Technological advancements, along with severe regulatory requirements and increasing economic demands, have resulted in the quick collection of massive volumes of data from many parts of research and development, quality assurance, and manufacturing.
A stringent regulations barrier for the deployment of lab automation is likely to provide this industry with attractive development prospects. Because of the growing use of robots and automation technologies in healthcare, procedures are becoming more reproducible and predictable. It is now feasible to set up, perform, and analyze experimental data in significantly less time. The increasing penetration of high throughput technologies has allowed for efficient assessment of experimental data, increasing the overall efficiency of laboratory operations.
Which Country Lies at the Center stage for Laboratory Informatics Market Revenue?
The US leads the North American Laboratory Informatics market, which is estimated to reach USD $ 2.1 billion by 2032 and rise at a 6.1% CAGR during the forecast period. In the United States, reimbursement and technical advancement facilities are positive considerations.
The availability of infrastructure with high digital literacy is one of the major factors driving the growth of this regional market. Policies supporting the deployment of laboratory information systems and the availability of infrastructure with high digital literacy are the major factors driving the growth of this regional market.
Furthermore, rising healthcare costs, along with increasing demand to bend the cost curve, have resulted in greater use of LIMS in this region. Additionally, the existence of well-established pharma businesses, as well as the rising need to restrict operating expenses involved in information management and analysis, are major drivers driving regional market expansion.
The geriatric population in the United States is rapidly rising, and these groups are connected with a variety of illnesses. As a result, the growing number of lifestyle problems may eventually increase the demand for laboratory testing. These laboratory systems aid in increasing efficiency. Several firms are launching laboratory informatics-related goods, services, and activities. In March 2020, for example, Ovation.io announced a plan to increase COVID-19 testing capacity across the United States. In this effort, the corporation provides cloud technologies to assist laboratories in serving patients and collecting public health data. As a consequence, professionals may immediately obtain data and reports, resulting in speedier diagnosis and treatment.
Which Region is projected to Offer the Largest Opportunity in the Laboratory Informatics market?
Between 2022 and 2032, the APAC (Asia Pacific) Laboratory Informatics market is estimated to develop at the quickest rate, with over 7.1 % and 6.3 % projected growth rates in China and Japan, respectively. Some of the large corporations, that have manufacturing units in all main APAC locations, have begun to extend their production units to diverse APAC regions in order to boost distribution speed. While this indicates a shift in global geographical diversification, it also provides substantial potential for the Laboratory Informatics market.
Because of the growing number of CROs offering LIMS solutions in this area, the laboratory informatics market is likely to rise rapidly in the next years. To minimize the cost of LIMS support systems and increase operational efficiency, major players outsource LIMS to enterprises in this region. Developing economies like India and China are emerging as outsourcing hotspots.
The incidence of cardiovascular and infectious disorders in India has also contributed significantly to the expansion of clinical services. Over the projected period, this is likely to contribute to a rise in demand for laboratory informatics.
India can to provide the necessary infrastructure for conducting clinical trials including low-cost patient care and evidence-based treatment. Initiatives like these are likely to help lab informatics permeate China, hence enhancing market growth.
Japan Market Insights
The laboratory informatics market in Japan is estimated to achieve figures of US$ 269.2 Mn till the end of the forecast period. The market grew at a CAGR of 5.3% in the year 2021 and is estimated to rise at a CAGR of 6.3% during the forecast period. The market for automation and digitization in Labs is growing at a CAGR of 5.1% and is correspondingly giving a boost to the Laboratory Informatics market.
UK Market Insights
The UK is set to witness growth for the Laboratory Informatics market. With revenues of US4 106.9 Mn in 2021 at a CAGR of 5.1%, the market is expected to ascend at a CAGR of 6.3% till the end of the forecast period are reach figures of US4 234.2 Mn. Major companies in the Laboratory Informatics domain such as Thermo Fisher Scientific- UK are contributing largely towards addressing the challenges faced by the healthcare industry due to Covid-19 outbreak. Further, adherence towards compliance in manufacturing of LIMS and ensuring quality control measures in the Laboratory Informatics domain by industry players is augmenting the market.
South Korea Market Insights
The healthcare sector in South Korea is adopting a Laboratory Response System to save people from chemical and biological threats. This system is useful for controlling infectious diseases. This activity is also giving a boost to the Laboratory Informatics market in South Korea which enables ease of access to data. The Laboratory Informatics market is set to witness a health CAGR of 4.4% during the forecast period reaching figures of US$ 100.1.
France Market Insights
France is showing remarkable increase in adoption of patient monitoring systems and thereby data management in laboratories. This is proving beneficial for the Laboratory Informatics market is the sectors increasingly giving prominence to patient information; especially after the Covid-19 outbreak.
Which Products in Laboratory Informatics capture more demand?
The Laboratory Information Management Systems (LIMS) category led the market and is expected to grow at a substantial CAGR of 6.1% during the projected period. Sample lifecycle reporting, Master data management, stability studies, sample lifecycle reporting, system and security administration, timetables, instruments, storage capacity, logistics, and analytical workflow are all part of these systems. Demand for completely integrated services in the life sciences and research sectors to reduce data management mistakes and increase the qualitative analysis of research data is likely to drive segment expansion in the coming years. As a result of these reasons, the LIMS segment is likely to hold its position during the projection period. Furthermore, owing to its rising acceptance by researchers in analytical chemistry laboratories, the superior Electronic Lab Notebooks (ELN) system sector is expected to develop significantly throughout the projection period.
ECM is becoming more popular since it provides integrated and complete answers to the rising difficulties in the healthcare business. ECM provides a centralized method for capturing, creating, organizing, accessing, and analysing an organization's full ecosystem of media, knowledge assets, and electronic documents. Consultation, design, installation, and maintenance of ECM software systems are among the services provided by firms.
What are the end-user insights of Laboratory Informatics?
Biobanks, molecular diagnostic and clinical research laboratories, contract service organizations, pharmaceutical, and biotechnology firms, and university research institutes are all part of this market. The life sciences business is seeing an increase in the demand for laboratory informatics in order to produce novel products, enhance product quality, and increase operational efficiency. More virtual and electronic laboratories are needed to meet these standards, which is driving up the demand for them. Laboratory informatics solutions enable effective data management and the dismantling of research and discovery silos.
Increasing technological improvements in the healthcare industry as a result of increased R&D in the field of medicine are expected to boost demand for LIMS. The rising application breadth of LIMS in hospitals and research laboratories for patient engagement, workflow management, billing, patient health information monitoring, and quality assurance is likely to drive market expansion. Because of the rising tendency of outsourcing, the CROs market is likely to develop profitably throughout the projection period. The growing use of CROs by outsourcing firms to reduce healthcare expenses is contributing to the profitable expansion of the CROs industry. LIMS is also used in forensic science, the metal and mining industries, and other pharmaceutical laboratories. The growing desire to reduce operating expenses, combined with the benefits of using LIMS, is likely to contribute to the expansion of this market.
What about the Deployment mode insights in laboratory Informatics?
The cloud-based category led the market in 2021, will account for more than 6 % of growth in the forecast period, and is likely to retain its dominance throughout the forecast period. Cloud-based technology allows for the remote storage of vast volumes of data, freeing up space on devices and facilitating data retrieval based on client requirements. Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS) are the three services provided by the technology (SaaS). SaaS-based services are provided for the cloud-based analytics software. IBM's Watson Analytic services are available as a SaaS platform.
Cloud-based LIMS services are provided by companies such as Core Informatics and LabVantage Solutions, Inc. CROs are increasing their use of cloud-based platforms owing to the accompanying benefits such as lower personnel costs, less time and space required for system setup, and secure access to clinical data. Other advantages of cloud-based solutions include real-time data tracking, remote data access, and a simple ecosystem. These aforementioned aspects are projected to provide profitable chances to this market.
Which are the main components of the Laboratory Informatics Market?
The segment's growth is being aided by a rise in the outsourcing of LIMS solutions. Because major pharmaceutical research laboratories lack the resources and expertise set necessary for analytics adoption, these activities are outsourced. Laboratory informatics services are provided by CROs in packages that include promotional expenditure compliance, social media analytics, preventive maintenance, predictive analytics for medical device failure, and benchmarking solutions. Growing user knowledge of the related benefits of these solutions is projected to increase their demand in the future years.
The availability of technologically sophisticated software, such as SaaS, which offers effective information management solutions for laboratories, is likely to drive profitable growth in the software category throughout the projection period. The laboratory informatics software available can perform key operations such as data acquisition, storage, interpretation, and analysis. This program must be updated on a regular basis in order to be compatible with the most recent analytics approaches.
Over the projected period, rising emphasis on innovations and investments among public and private entities is expected to strengthen competition in this business field. In addition, product commercialization and partnership tactics are expected to be profitable in the upcoming years. Market players Concentrating on various business strategies such as mergers and acquisitions, partnerships, and new product launches to strengthen their market position
The major vendors in the global Laboratory Informatics market Thermo Fisher Scientific Inc., Core Informatics, LabWare, PerkinElmer, Inc., LabVantage Solutions, Inc., LabLynx, Inc., Agilent Technologies, ID Business Solutions Ltd., McKesson Corporation, Waters Corporation, Abbott Informatics among others.
The Recent Development in Laboratory Informatics markets are: -
By Product Type
By Deployment Mode
By Component
By End- user
By Region
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The global Laboratory Informatics market is worth more than US$ 3.2 Bn at present.
Value of Laboratory Informatics market are projected to increase at a CAGR of around 5.8% during 2022 - 2032.
Value of Laboratory Informatics market increased at a CAGR of around 5% during 2017 - 2021.
Top 5 countries driving demand for Laboratory Informatics market are the U.S., China, UK, Japan, and South Korea.
The major product that is used and has high demand is Laboratory Information Management Systems (LIMS) which will be accounted for 6.1% CAGR during (2022-2032)
The US Laboratory Informatics market is projected to expand at a CAGR of around 6.1% during 2022 - 2032.
The major companies are Thermo Fisher Scientific Inc., Core Informatics, LabWare, PerkinElmer, Inc., LabVantage Solutions, Inc., LabLynx, Inc., Agilent Technologies, ID Business Solutions Ltd., McKesson Corporation, Waters Corporation, Abbott Informatics among others.
