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.
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The increasing need for laboratory automation; the development of integrated lab informatics solutions; the need to comply with regulatory requirements; and the growing demand in biobanks/biorepositories, academic research institutes, and CROs are the major factors driving the growth of the laboratory informatics market.
The services segment accounted for the largest share of the lab informatics market in 2018.
Based on components, the healthcare laboratory informatics market is segmented into services and software. The services segment dominated this market in 2018. The large share of the services segment can be attributed to the growing technological advancements in solution offerings by various vendors, increasing adoption of cloud-based solutions, growing need for consulting services, and the recurring nature of services. Furthermore, in terms of IT usage and skill, the life science industry relies heavily on service providers.
The cloud-based models segment is expected to grow at the highest CAGR during the forecast period.
On the basis of deployment model, the lab 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. However, data transfer complexities and data security concerns may hinder the growth of this market segment.
North America dominated the healthcare laboratory informatics solutions market in 2018.
In 2018, North America dominated the healthcare laboratory informatics market, followed by Europe. The large share of the lab informatics market can primarily be attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region. 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.
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The prominent players in the lab informatics market are Thermo Fisher Scientific Inc. (US), LabVantage Solutions, Inc. (US), LabWare (US), Abbott Informatics (US), LabLynx, Inc. (US), Waters (US), Agilent Technologies, Inc. (US), Autoscribe Informatics (US), Dassault Systèmes (Paris, France), LABWORKS LLC (US), KineMatik (Ireland), Accelerated Technology Laboratories (ATL) (US), and PerkinElmer Inc. (US).
Lab Informatics Market Size, Share, Trends - Analysis Report
Global Drug Discovery Informatics Market is expected to show a tremendous growth over the forecast period owing to the technological advancements in the field of data mining and analytics regarding structured and unstructured data explosions, and drug development.
The continuous advancements in software for the endowment of data visualization, data processing and analysis and data aggregation for the adoption of more automated and integrated lab systems.
Furthermore, the lack of informational technology applications that provides critical attributes of data evaluation and assisting in data aggregation so as to make real-time decisions is presumed to influence research in this sector.The significant shift from conventional in-vitro drug development to computer aided drug designing as expensive failures of late drug development upsurges the use of in-silico models for early ADME/Toxicity screening is estimated to boost the growth of this sector.
Moreover, the increasing disease burden due to growing incidence of chronic diseases such as infectious diseases, oncology, cardiovascular and diabetes is considered to be the major concerns for healthcare and government providers across the globe.
Outsourced informatics is estimated to witness the fastest growth over the coming six years owing to the rising collaborations between key players and software service provider so as to gain access to in-silicon databases and tools for the therapeutic drug discovery.
Global Drug Discovery Informatics Market is expected to show a tremendous growth over the forecast period owing to the technological advancements in the field of data mining and analytics regarding structured and unstructured data explosions, and drug development.
The continuous advancements in software for the endowment of data visualization, data processing and analysis and data aggregation for the adoption of more automated and integrated lab systems.
Furthermore, the lack of informational technology applications that provides critical attributes of data evaluation and assisting in data aggregation so as to make real-time decisions is presumed to influence research in this sector.The significant shift from conventional in-vitro drug development to computer aided drug designing as expensive failures of late drug development upsurges the use of in-silico models for early ADME/Toxicity screening is estimated to boost the growth of this sector.
Moreover, the increasing disease burden due to growing incidence of chronic diseases such as infectious diseases, oncology, cardiovascular and diabetes is considered to be the major concerns for healthcare and government providers across the globe.
Outsourced informatics is estimated to witness the fastest growth over the coming six years owing to the rising collaborations between key players and software service provider so as to gain access to in-silicon databases and tools for the therapeutic drug discovery.