Market Insights
The global laboratory informatics market insights is forecasted to experience strong growth over the forecast period. The market held a valuation of $2422 million in 2018 and expected to register a CAGR of 7.89% over the forecast period, 2019-2030, according to Market Research Future.
Several other factors, such as the increasing number of CROs using increasingly cloud-based platforms, the growing preference for personalized medicines, untapped emerging markets, increasing regulatory approvals, and increased research and development in the medical field, should stimulate market growth.
Due to increased workload, cost constraints, and technological progress, the nature of the pathology changes rapidly, depending on market needs. The new lab systems are manufactured with the best technologies to mitigate today's global demand. New approaches to laboratory information management are now needed to meet changing health system requirements.
The growth in this market is mainly due to the growing need for laboratory automation, the development of integrated IT solutions, the growing need for compliance with legal standards, and the growing demand for biobanks. In addition, lack of integration standards and high maintenance and service costs are likely to slow growth in this market to some extent.
However, high maintenance and service costs can hinder the market growth during the forecast period.
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Market Segmentation
The global laboratory informatics market insights is bifurcated based on component, product, deployment model, end-user, and industry.
The product segment is diversified into Chromatography Data Systems (CDS), Electronic Data Capture (EDC), Laboratory Execution Systems (LES), Scientific Data Management Systems (SDMS), Laboratory Information Management Systems (LIMS), Clinical Data Management Systems (CDMS), Electronic Lab Notebooks (ELN), and Enterprise Content Management (ECM). The LIMS segment is further divided into industry-specific LIMS and broad-based LIMS.
The component segment is bifurcated into services and software.
The global laboratory informatics market is also classified based on the deployment model into remotely hosted models, on-premise models, and cloud-based models.
The end-users of the laboratory informatics market insights are life sciences companies, CROs, environmental testing laboratories. However, the CROs segment is anticipated to show a rapid growth trend owing to high demand from outsourcing companies as a step to curb the healthcare costs.
Moreover, based on the industry, the global laboratory informatics market insights is segregated into chemicals environmental testing laboratories, petrochemical refineries, oil & gas, agriculture, and life science.
Regional Insights
The global laboratory informatics market headed by North America and is set to sustain its dominance owing to the presence of some leading industry giant. North America is anticipated to uplift its market share in the coming future due to developed healthcare infrastructure and convenient compensation facilities in the region. The United States is the leading market in the region owing to an inclination for digital healthcare in the nation and heavy investments of key players to build sophisticated operational facilities.
Asia Pacific region is anticipated to grow at significant pace to high number of CROs presenting LIMS solutions in the region. China and India are anticipated to come out as leading destinations for outsourcing. Deployment of high-tech medical equipment that helps to retrieve factual data has enhanced the demand for laboratory informatics.
Key Players
Industry players are largely focusing on the latest methodologies to develop efficient solutions. These key players include Agilent Technologies, Inc, Labvantage Solutions, McKesson Corporation, Dassault Systèmes, Labworks LLC, KineMatik, Lablynx, Waters, Autoscribe Limited, Perkinelmer Inc., IDBS, Thermo Fisher Scientific Inc., and Perkinelmer Inc.
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