North America to Dominate the Laboratory Informatics Market

Introduction

The laboratory informatics market’s most prominent driver is the rising demand for laboratory automation. Technological advancement in molecular genomics and genetic testing practices and advancements of existing technologies in healthcare laboratory informatics provide an impetus to the market growth.

In the last few years, the adoption of enterprise content management (ECM) systems has been witnessing a significant surge as it offers integrated and comprehensive solutions to the healthcare sector. ECM offers a structured method for documenting, producing, coordinating, and accessing and analyzing the entire media, information assets, and electronic documents of an organization.

Due to the availability of technologically advanced software, such as SaaS, which provides effective laboratory information management solutions, the software segment is expected to showcase lucrative growth. The software available for laboratory computer technology can perform critical functions such as data collection, storage, interpretation, and analysis. Periodic updates to this program are required to be coordinated with the latest analytics method.

Key Highlights

• The Laboratory Informatics market was valued at USD 2,650 million in 2019 and is expected to grow with a CAGR of 7.6% during the forecast period.
• The laboratory information management systems (LIMS) dominates the market on account of rising demand for fully integrated services in life sciences and research industries to reduce data processing errors
• The cloud-based segment to grow at the fastest rate on account of its rising adoption to enhance data accessibility, cost-effectiveness, and real-time analysis
• The services segment holds the largest market share due to increasing outsourcing
• The life sciences industry is the fastest-growing segment owing to the high demand for laboratory informatics to develop new products, boost product quality, and operational performance
• North America dominates the laboratory informatics market on account of rising healthcare costs, coupled with increasing acceptance of LIMS

Competitive Players

1. Thermos Fisher Scientific, Inc.
2. Core Informatics
3. Labware
4. PerkinElmer, Inc.
5. Lab Vantage Solutions, Inc.
6. Lab Lynx, Inc.
7. Agilent Technologies
8. ID Business Solutions Ltd.
9. McKesson Corporation
10. Waters Corporation
11. Abbott Laboratories

Recent Developments

• November 2023- Autoscribe Informatics has appointed Elab Informatics as the exclusive distributor of their highly acclaimed Matrix Gemini LIMS in India. Until recently, Elab has primarily focused on its lab informatics consulting services. The new partnership opens new horizons by allowing Elab to offer their customers Matrix Gemini LIMS software, complemented by configuration and informatics consulting services.
• December 2022- LabVantage Solutions, Inc., the leading provider of laboratory informatics solutions and services, including purpose-built LIMS solutions that allow labs to go live faster and at a lower total cost, today announced the launch of version 8.8 of its industry-leading LabVantage LIMS platform.

Segmentation

1. By Product
   1. Laboratory Information Management Systems
   2. Electronic Lab Notebooks
   3. Scientific Data Management Systems
   4. Laboratory Execution Systems
   5. Electronic Data Capture and Clinical Data Management Systems
   6. Chromatography Data Systems
   7. Enterprise Content Management
2. By Delivery Mode
   1. On-Premise
   2. Web-Hosted
   3. Cloud-Based
3. By Component
   1. Software
   2. Services
4. By End-User
   1. Life Sciences
   2. CROS
   3. Chemical Industry
   4. F&B and Agriculture
   5. Environmental Testing Labs
   6. Petrochemical Refineries and Oil and Gas Industry
   7. Others