Laboratory Informatics Market Forecast and CAGR
According to the latest research by Fact.MR, laboratory informatics market is set to witness steady growth during 2021-2031. Significant demand for laboratory informatics due to pandemic situation, with optimistic growth outlook in the long run. Increase demand from the healthcare industry will increase opportunities in near future, however, sales of laboratory informatics in the life-science industry will provide momentum.
What is Driving Demand for Laboratory Informatics?
End-user demand for lab automation to eliminate manual interference in lab processes is continuing to push laboratory informatics demand. Furthermore, for laboratory informatics manufacturers, the cloud-based laboratory informatics deployment model continues to be a lucrative path.
Contract Research Organizations (CROs) are expected to increase demand shortly due to the growing popularity of laboratory information systems in biobanks.
The advantages of using these systems include process optimization, reduced throughput time, and paperless information management, which lower labor costs, increase data quality by eliminating errors, and provide faster and more efficient data analytics, which is expected to increase the demand.
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Automotive Recovery Likely to Augment Laboratory Informatics Sales
The coronavirus epidemic has brought the healthcare industry into the spotlight. During this pandemic, shortages of essential medical supplies have had a significant effect on the laboratory informatics industry. About half of the world's laboratories were shut down, with only about 14% remaining operational.
Clinical labs, on the other hand, have scaled up their operations in response to unprecedented demand for COVID-19 testing around the world, and have faced new challenges such as the production, validation of new testing methods, the administration of large quantities of patient specimens, and test data, and the rapid and accurate reporting of test results.
Besides, a LIMS plays an important role in speeding up the high-demand COVID-19 studies in clinical laboratories, which contributed to the product's acceptance.
US and Canada Laboratory Informatics Market Outlook
The US is one of the largest markets for laboratory informatics globally. The US laboratory informatics Market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. Demand is likely to increase in the next couple of years, as several end-use industries make a gradual recovery.
A growing number of R&D companies are switching from outdated systems to digital laboratory solutions. This is because laboratory informatics solutions enable researchers to record the experiment process, relevant data, and findings while also providing a searchable archive of experimental data that researchers can access for successful collaboration.
The US and Canada healthcare spending are not likely to reduce drastically in 2022 and beyond, and this will continue to benefit laboratory informatics companies.
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Europe Demand Outlook for Laboratory Informatics
LIMS (Laboratory Information Management System) is becoming more common in Europe because they can meet a broad range of scientific needs by offering a user-friendly environment for multiple disciplines.
Furthermore, government policies across Europe are expected to boost demand. For example, the European Commission announced in October 2017 that it intends to invest $37 billion (€30 billion) in this fund between 2018 and 2020, including $2.5 billion (€2 billion) to help Open Science and $740 million (€600 million) for the European Open Science Cloud, European data infrastructure, and high-performance computing.
In addition, Horizon 2020 has made funding available for future and emerging technology, as well as for life science researchers through the ICT Work Programme. Rising R&D activities and government support would, in turn, fuel demand for successful data management and, as a result, propel the European laboratory informatics demand forward.
Who are the Key Manufacturers and Suppliers of Laboratory Informatics?
Some of the leading manufacturers and suppliers of laboratory informatics include
- Thermo Fisher Scientific Inc.
- LabVantage Solutions Inc.
- Abbott Informatics
- LabLynx Inc.
- Agilent Technologies Inc.
- Autoscribe Informatics
- Dassault Systèmes
- LABWORKS LLC
- Accelerated Technology Laboratories
- PerkinElmer Inc.
The laboratory informatics market is highly fragmented, with numerous small and large players. As a result, smaller players face fierce competition to maintain their position. Companies' technologically innovative platforms, such as Software as a Service (SaaS), advanced goods of greater utility to achieve a competitive advantage.
For instance, on May 3, 2021,Thermo Fisher Scientific, a global leader in science and technology, has introduced the Thermo Scientific Nexsa G2 surface analysis system, a fully automated x-ray photoelectron spectrometer (XPS) designed to boost efficiency and creativity in academic and industrial laboratories.
The Nexsa G2 features substantial software and hardware enhancements that enable researchers to gain a deeper understanding of surface chemistry. In comparison to the previous Nexsa model, it also provides the potential for product advances through increased sample throughput and correlative analysis.
Moreover, the companies are providing customized LIMS solutions. Hence, rivalry within the industry is anticipated to be high during the forecast period.
An Adaptive Approach to Modern-day Research Needs
Laboratory Informatics Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
By Type of Solution
- Laboratory Information Management Systems (LIMS)
- Electronic Lab Notebooks (ELN)
- Chromatography Data Systems (CDS)
- Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
- Laboratory Execution Systems (LES)
- Enterprise Content Management (ECM)
- Scientific Data Management Systems (SDMS)
By Deployment Model
- Remotely Hosted
- Life Sciences Industry
- Pharmaceutical & Biotechnology Companies
- Biobanks & Biorepositories
- Molecular Diagnostics & Clinical Research Laboratories
- Contract Service Organizations
- Academic Research Institutes
- Chemicals Industry
- Food & Beverage and Agriculture Industry
- Petrochemical Refineries and Oil & Gas Industry
- Environmental Testing Laboratories
- Other Industries
- North America
- The U.S.
- Latin America
- Rest of Latin America
- The U.K.
- Rest of Europe
- South Asia
- Rest of South Asia
- East Asia
- South Korea
- New Zealand
- The Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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