According to a report by TechSci Research titled “Global Laboratory Informatics Market Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the Laboratory Informatics market is expected to experience impressive growth from 2024 to 2028. This is due to the increasing need for error reduction and improved efficiency in managing clinical data worldwide, which enhances market growth. Additionally, the demand for time-saving management systems and increased revenue is expected to drive market growth. The market is also expected to experience growth due to the rising demand for standalone software platforms to manage vast amounts of data and retrieve data as needed. Technological advancements in laboratory information systems and laboratory automation are also major factors driving market growth during the forecast period. Furthermore, there is an increasing demand for biobanks and biorepositories and growing research and development in academic research institutes, which is expected to lead to significant market growth. The increasing number of Contract Research Organizations (CROs) is also expected to drive market growth. However, high maintenance and service costs could slow down market growth during the forecast period. The slow implementation speed of laboratory informatics and the lack of trained professionals may further restrict the growth of the global Laboratory Informatics market.
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Laboratory Informatics market can be segmented by type of solution, component, development model, industry and region.
Based on the type of solution, the global Laboratory Informatics market can be further segmented into 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, and scientific data management systems. The laboratory information management system segment dominated the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed to the growing usage of laboratory information management systems due to the growing number of clinical laboratories for the detection of chronic diseases.
Based on development model, the market can be further segmented into a premise model, a cloud-based model, and remotely hosted model. The cloud-based model segment is expected to dominate during the forecast period on account of the increasing demand for low-cost management systems and improving privacy concerns in hospitals and clinical laboratories. Moreover, growing demand for vast volumes of data remotely and easier to retrieve data as needed by clients are anticipated to boost the growth of the market during the forecast period.
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)
Developments
- In August 2020, Thermo Fisher Scientific expanded the capabilities of their SampleManager LIMS software by introducing a model choice that allows laboratories to deploy the software in the Amazon Web Services (AWS) cloud. This end-to-end support for software deployment in the cloud enables LIMS software customers to use enhanced functionality and integration capabilities without significant investment in the setup and administration of a cloud environment.
- In July 2021, Abbott’s STARLIMS Corporation upgraded to Technology Platform v12.2, with improved functionality and upgrades. The HTML5 design of the Electronic Lab Notebook now includes all of the features from prior versions, including the Standard Operating Procedures (SOP) document viewer. This new design enhances start-up efficiency, integration, and usability.
- LabWare released the latest version of their LIMS, LabWare 8, in June 2020. This solution provides the capabilities of both LIMS and ELN in a single integrated system, making it the company’s flagship enterprise laboratory platform.
- LabVantage 8.5, an improved version of the LabVantage platform with a fully integrated SDMS, was released in July 2020, offering enhanced laboratory management capabilities.
- In August 2021, CTI Clinical Trial and Consulting Services and LabWare Inc. announced a collaboration agreement to extend laboratory services to support rare disease and cell and gene therapy research globally.
- In August 2018, Waters and Restek Corporation entered a contract to provide food and safety laboratories with training and application assistance for GC-MS methodologies and workflows for pesticide monitoring and screening.
- In May 2018, Agilent Technologies acquired Genohm, which added LIMS and workflow management capabilities to the company’s ELN capabilities, boosting its software portfolio.
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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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