Market Highlights
The increasing participation of key players is one of the key factors driving the laboratory information system market. In 2018, Sysmex Corporation, Japan-based Company, launched a new network solution Caresphere. The solution is designed to provide new value through the intelligent use of information by people involved in testing and healthcare.
Various other factors such as the increase in adoption of cloud-based platforms by CROs, increasing preference towards personalized medicine, untapped emerging markets, rise in regulatory approvals, and rising R&D in the field of medicine are also expected to propel the growth of the market.
The global laboratory informatics market size is expected to grow significantly over the forecast period. It is anticipated that the market held a valuation of USD 2422 million in 2018 and is projected to register a CAGR of 7.2% over the forecast period.
However, high maintenance and service costs can hamper market growth over the forecast period.
Segmentation
The global laboratory informatics market is segmented based on product, component, deployment model, end user, and region.
The global market for laboratory informatics, by product, is segmented into Laboratory Information Management Systems (LIMS), Chromatography Data Systems (CDS), Electronic Lab Notebooks (ELN), Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS), Laboratory Execution Systems (LES), Enterprise Content Management (ECM), and Scientific Data Management Systems (SDMS). The Laboratory Information Management Systems (LIMS) segment is further classified as broad-based LIMS and industry-specific LIMS.
Key Players
Some of the key players in the global laboratory informatics market are Agilent Technologies, Inc., Abbott Laboratories, Accelerated Technology Laboratories, Cerner Corporation, Dassault Systèmes, IDBS, KineMatik, Lablynx, Inc., Labvantage Solutions, Inc., Autoscribe Limited, Labware, Labworks LLC, McKesson Corporation, Thermo Fisher Scientific Inc., Perkinelmer Inc., Waters, and others.
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According to research report the lab informatics market is estimated to reach USD 3.8 billion by 2024 from USD 2.6 billion in 2019, at a CAGR of 7.5% during the forecast period.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=203037633Growth in the lab informatics market is mainly driven by the increasing need for laboratory automation, development of integrated lab informatics solutions, increasing need to comply with regulatory standards, and growing demand in biobanks/biorepositories.
On the other hand, the lack of integration standards and high maintenance and service costs are expected to restrain the growth of this market to a certain extent.
North America dominated the laboratory informatics solutions market in 2018.In 2018, North America dominated the market, followed by Europe.
Growth in the North American market is supported by the growing demand for the integration of laboratory systems, rising government funding for research, growth in biobanks, need for early drug discovery, easy availability of laboratory informatics products and services, and stringent regulatory requirements across industries.The cloud-based models segment is expected to grow at the highest CAGR during the forecast period.On the basis of deployment model, the laboratory informatics market is segmented into on-premise, cloud-based, and remotely hosted models.
The cloud-based models segment is expected to grow at the highest CAGR during the forecast period.
Factors such as on-demand self-serving analytics, no upfront capital investment for hardware, extreme capacity flexibility, and a pay-as-you-go pricing model will boost the demand for cloud-based laboratory informatics solutions in the coming years.
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