The laboratory informatics market had the revenue of USD 4,376.2 million in 2023, which will power at a rate of 11.4% by the end of this decade, reaching USD 9,176.6 million by 2030.
The development of this industry is mostly powered by the increase in the requirement for laboratory automation, along with for biobanks/biorepositories and an increase in R&D expenditure in the biotech and pharma sectors.
On the basis of product, LIMS had the largest share, of 30%, in 2023, and it will continue to lead the industry in the years to come as well. These systems provide functionalities for master data management, sample lifecycle reporting, system & security administration, scheduling, instruments, inventory, storing capacity, analytical workflow, and logistics.
In the years to come, the requirement for completely integrated services will increase to decrease data management errors and improve the qualitative analysis of research findings.
Furthermore, as a result of its compensations such as inventory tracking without losses, effective sample management, automatic reporting, efficient workflows, and automated data exchange, industries are accepting this management system widely.
On the basis of delivery mode, the cloud-based category will have the leading share, in the years to come. This is for the reason that cloud-deployed LIMs free up space on on-premises computer devices, by stowing vast amounts of data offsite, which likewise makes it easier to retrieve it when it is required by the clients.
Cloud-based LIMs can be availed in 3 ways, PaaS, IaaS, and SaaS. On the SaaS platform, IBM offers its Watson Analytics services. Additionally, Lab Vantage Solutions Inc. and Core Informatics provide cloud-based services for LIMS.
Moreover, web-based LIMS solution users get them from web servers through the internet protocol. 4 components of web-based solutions are, a web server, internet access, data administrator, and a software coding system.
The benefit of making use of the internet and web-based services is accessing the data from the most-remote locations, making the use of just a computer or monitoring apparatus in laboratories.
Europe follows the laboratory informatics market in the North American region, in terms of revenue as a result of the existence of notable research institutions and regional players. Moreover, the region has many growing economies, which allows for investments in novel technologies for labs.
Furthermore, the development in the count of biobanks, easy accessibility of lab informatics products and services, and strict regulatory needs for product safety and efficiency across industries power the industry
It is because of the increase in demand for lab automation all over the world, the demand for laboratory informatics solution is on the rise. This trend will continue to grow in the tears to come as well.
SOURCE: P&S Intelligence
