Laboratory Informatics Market: Expected Rapid Growth, Industry Size, and Share in 2028

Posted by Kumar on May 15th, 2023

This growth is fueled by the increasing demand for reducing human error and improving the efficiency of clinical data management on a global scale. The market is poised to benefit from the rising need for time-saving management systems and increased revenue generation. Moreover, there is a projected surge in demand for standalone software platforms that can efficiently manage and retrieve large volumes of data as required by clients. The market's growth is further supported by the automation of laboratories and advancements in laboratory information systems. Additionally, the expansion of biobanks, research and development activities in academic institutes, and the presence of Contract Research Organizations (CROs) are expected to significantly contribute to the market's growth.

However, the global laboratory informatics market may encounter obstacles in the form of high maintenance and service costs, which could potentially hinder its growth during the forecast period. Furthermore, the sluggish implementation of laboratory informatics and the scarcity of trained professionals may impede the market's expansion.

Segmentation of the Laboratory Informatics market can be based on the type of solution, component, development model, industry, and region. The solutions encompass laboratory information management systems, electronic lab notebooks, chromatography data systems, electronic data capture and clinical data management systems, laboratory execution systems, enterprise content management systems, and scientific data management systems. Among these, the laboratory information management system segment currently holds the largest market share and is expected to maintain its dominance throughout the forecast period. This is primarily due to the increasing utilization of laboratory information management systems in the detection of chronic diseases in clinical laboratories.

Additionally, the market can be segmented based on the development model, which includes the premise model, cloud-based model, and remotely hosted model. The cloud-based model is anticipated to dominate the market during the forecast period owing to its cost-effectiveness and improved privacy concerns in hospitals and clinical laboratories. Moreover, the growing demand for remote access to vast volumes of data and the ease of data retrieval for clients are expected to drive the market's growth.

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Major companies operating in the global Laboratory Informatics market are:

• Thermo Fisher Scientific Inc.
• LabWare, Inc.
• Core Informatics, LLC
• Abbott Laboratories, Inc.
• LabVantage Solutions, Inc.
• LabLynx, Inc.
• PerkinElmer, Inc.
• Waters Corporation
• Agilent Technologies, Inc.
• IDBS (Danaher Corporation)

In August 2020, Thermo Fisher Scientific expanded SampleManager LIMS software and developed a model choice that enabled laboratories with end-to-end support for software deployment in the Amazon Web Services (AWS) cloud and the customers of LIMS software can use the system's enhanced functionality and integration capabilities without investing considerable resources in the setup and continuing administration of a cloud environment.

In July 2021, Abbott's STARLIMS Corporation upgraded to Technology Platform v12.2. Functionality and upgrades have been improved and all of the features from prior versions of Electronic Lab Notebook are available in HTML5: Standard Operating Procedures (SOP) document viewer. The new HTML5 design enhanced start-up efficiency, integration, and usability.

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“North America is expected to dominate in the Global Laboratory Informatics market owing to the growth policies for the development of laboratory information management systems along with the availability of infrastructure with high digital literacy across the region. Similarly, burgeoning healthcare cost, escalating pressure to bend the cost curve along with growing adoption of laboratory information management systems is expected to create significant growth during the forecast period. Moreover, the growing number of well-established pharma companies and growing demand for containing operational costs incurred in information management and analysis in emerging countries is expected to further drive market growth during the forecast period. Furthermore, growing number of CROs companies offering advanced management systems and the growing demand for reducing the cost of management are driving the growth of the market. Besides, the growing prevalence of cardiovascular diseases demands e-clinical services across the region along with improving the operational efficiency of advanced technology is further expected to create lucrative opportunities for market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Laboratory Informatics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type of Solution (Laboratory information management system, electronic lab notebooks, Chromatography data systems, electronic data capture and clinical data management systems, Laboratory execution systems, Enterprise content management system, Scientific data management systems), By Component (Services v/s Software), By Development Model (On premise model, Cloud based model, Remotely hosted model), By Industry (Life science industry, Chemical industry, Food & Beverage and agriculture industry, Petrochemical refineries and oil &gas industry, Environmental testing laboratories, Others), By Region, and Competition”, has evaluated the future growth potential of global Laboratory Informatics market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Laboratory Informatics market.

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