Laboratory Informatics Market: A Forecast Report with Growth Prospects and Market Sizing to 2028

According to the TechSci Research report, “Laboratory Informatics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028,” the global Laboratory Informatics market is expected to grow at an impressive rate from 2024-2028. This growth can be attributed to the increasing demand for reducing human error and improving the efficiency of managing clinical data worldwide. The growing demand for time-saving management systems and increasing revenue are also expected to boost market growth during the forecast period. Additionally, the demand for standalone software platforms for managing vast amounts of data and retrieving it when needed by clients is expected to further enhance market demand. The growing automation in laboratories and technological advancements in laboratory information systems are major factors driving market growth. The increasing demand for biobanks or biorepositories and growing research and development in academic research institutes are also expected to contribute to market growth. The rising number of Contract Research Organizations (CROs) is also expected to boost market growth.

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However, high maintenance and service costs may slow down the growth of the global laboratory informatics market. The slow speed of implementation and lack of trained professionals may also restrict market growth.

The Laboratory Informatics market can be segmented by type of solution, component, development model, industry, and region. In terms of type of solution, the market includes laboratory information management systems, electronic lab notebooks, chromatography data systems, electronic data capture and clinical data management systems, laboratory execution systems, enterprise content management systems, and scientific data management systems. The laboratory information management system segment dominated the market in 2022 and is expected to continue its dominance throughout the forecast period due to the growing use of these systems in clinical laboratories for detecting chronic diseases.

In terms of development model, the market includes on-premise models, cloud-based models, and remotely hosted models. The cloud-based model segment is expected to dominate during the forecast period due to increasing demand for low-cost management systems and improved privacy concerns in hospitals and clinical laboratories. The growing demand for remote access to vast volumes of data and easier retrieval of data as needed by clients are also anticipated to boost market growth. 

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 the Global Laboratory Informatics market due to growth policies for developing laboratory information management systems and the availability of infrastructure with high digital literacy across the region. Burgeoning healthcare costs and escalating pressure to reduce costs, along with growing adoption of laboratory information management systems, are expected to drive market growth during the forecast period. The growing number of well-established pharma companies and increasing demand for containing operational costs incurred in information management and analysis in emerging countries are also expected to drive market growth. The rising number of CROs offering advanced management systems and the growing demand for reducing management costs are driving market growth. Additionally, the growing prevalence of cardiovascular diseases and demand for e-clinical services across the region, along with improving operational efficiency through advanced technology, are 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.

Table Of Content –

1. Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.     Markets Covered

1.2.2.     Years Considered for Study

1.2.3.     Key Market Segmentations

2. Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3. Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4. Voice of Customer
5. Global Laboratory Informatics Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     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)

5.2.2.     By Component (Services v/s Software)

5.2.3.     By Development Model (On premise model, Cloud based model, Remotely hosted model)

5.2.4.     By Industry (Life science industry, Chemical industry, Food & Beverage and agriculture industry, Petrochemical refineries and oil &gas industry, Environmental testing laboratories, Others)

5.2.5.     By Region (North America, Europe, Asia Pacific, South America, Middle East & Africa)

5.2.6.     By Company (2022)

5.3.  Market Map

5.3.1 By Type of Solution

5.3.2 By Component

5.3.3 By Development Model

5.3.4 By Industry

5.3.5 By Region

6. North America Laboratory Informatics Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     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)

6.2.2.     By Component (Services v/s Software)

6.2.3.     By Development Model (On premise model, Cloud based model, Remotely hosted model)

6.2.4.     By Industry (Life science industry, Chemical industry, Food & Beverage and agriculture industry, Petrochemical refineries and oil &gas industry, Environmental testing laboratories, Others)

6.2.5.     By Country

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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

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