North America to Dominate the Laboratory Informatics Market

Thu, 21 May 2020 11:28

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.

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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

Key Players

  • LabWare
  • Core Informatics
  • Thermo Fisher Scientific, Inc.
  • PerkinElmer Inc.
  • LabVantage Solutions, Inc.
  • Abbott Laboratories
  • LabLynx, Inc.
  • Agilent Technologies
  • Waters Corporation
  • Cerner Corporation
  • IDBS
  • McKesson Corporation

Recent Developments

  • In July 2019, Abbott Informatics launched STARLIMS Quality Manufacturing Solution QM 12.0, a laboratory information management system, to support the integration of different platforms
  • In February 2019, Waters Corporation launched BioAccord System, a liquid chromatography-mass spectrometry (LC-MS) solution, to increase time-of-flight mass spectrometry capabilities

Laboratory Informatics Market Segmentation

 By Product

  • Laboratory information management systems (LIMS)
  • Electronic lab notebooks (ELN)
  • Scientific data management systems (SDMS)
  • Laboratory execution systems (LES)
  • Electronic data capture (EDC) and clinical data management systems (CDMS)
  • Chromatography data systems (CDS)
  • Enterprise content management (ECM)

By Delivery Mode

  • On-premise
  • Web-hosted
  • Cloud-based

 By Component

  • Software
  • Services

 By End-Use

  • Life sciences industry
  • Food and beverage
  • Agriculture industry
  • Petrochemical refineries
  • Oil and gas industry
  • Chemical industry
  • Environmental testing laboratories

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Central and South America and the Caribbean
  • The Middle East and Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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