Laboratory Informatics Market: Segmented: By Product (LIMS, ELN, CDS, EDC, CDMS, LES, ECM, SDMS), By Component (Software, Service), By Delivery Mode (On-premise, Cloud, Web-Hosted), By End Use (Life Sciences, CROs, Chemical Industry, Food & Beverage and Agriculture Industries, Environmental Testing Laboratories, Petrochemical Refineries and Oil & Gas Industry, and Others) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Laboratory Informatics Market to surpass USD 6.82 billion by 2031 from USD 3.26 billion in 2021 at a CAGR of 6.9% in the coming years, i.e., 2022-32.
Laboratory Informatics refers to the specialization of information technology in laboratories to optimize operations and improve efficiency. It uses software tools for scientific data management, network integration, scientific research, instrument control, and compliance management to enhance laboratory operations. Laboratory Informatics has become a crucial part of modern laboratory operations as it provides reliable top quality and reliable data and results. Laboratory Informatics is being used in various end use industries such as academic research institutes, food & beverage, agriculture, petrochemical refineries, oil & gas, life sciences, CROs, and others.
Laboratory Informatics to surpass USD 6.82 billion by 2031 from USD 3.26 billion in 2021 at a CAGR of 6.9% in the coming years, i.e., 2022-32. Rising need for automation of laboratories, advancement in technology, rising Investments, strict government regulations, and increasing popularity of cloud-based solutions in the healthcare industry are driving the growth of the Laboratory Informatics market.
Laboratory Informatics market is classified on the basis of products into LIMS, ELN, CDS, EDC, CDMS, LES, ECM, and SDMS. Laboratory Information Management Systems (LIMS) segment is dominating the market with the largest market share. LIMS keeps track of data associated with experiments, samples, and laboratory workflows and provides control over the processes. Growing demand in the research industries and fully integrated services in the life sciences will fuel the growth of the Laboratory Information Management Systems market. Also, Electronic Lab Notebooks are projected to grow at a significate rate during the forecast period.
Laboratory Informatics market is fragmented on the basis of components into Software, Services. Software segment is projected to grow with the highest CAGR during the forecast period. Rising adoption of advanced technology in laboratories has induced the use of software such as SaaS and rise in outsourcing of Laboratory Information Management Systems (LIMS) is boosting the growth of the Software segment.
Rising Need for Automation of Laboratories
Automation of laboratories minimizes human intervention in laboratory processes which results in less occurrence of human error, which is fueling the growth of the market. Automated laboratory instruments and analytical software are used to deliver accurate and reliable results by reducing overall costs related to manual operations. Automated laboratories enhance productivity and efficiency of researchers as it allows them to focus on important tasks, improve safety of labs, and help in tackling the shortage of skilled professionals. Strict government regulations for error-free results have induced the need of Laboratory Informatics solutions.
Advancement in Technology and Rising Investments
Adoption of advanced technology in medical equipment and telehealth has enabled automation in surgeries. Medical innovations have facilitated the faster recovery of patients with the integration of comfortable scanning equipment and better monitoring systems. Introduction of artificial intelligence, augmented reality, and virtual reality in the healthcare systems is contributing in the market growth. Increasing popularity of cloud-based solutions in the healthcare industry for accessing information and growing investments in the development of advanced software are playing vital roles in market growth.
Lack of Integration Standards and Shortage of Skilled Professionals
Lack of integration standards for laboratory informatics solutions is impeding market growth. Furthermore, the shortage of skilled and experienced professionals and high costs pertaining to the service and maintenance of laboratory informatics systems are restraining the market growth.
In June 2020, LabWare 8, the latest version of LabWare’s LIMS was introduced.
Laboratory Informatics market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is dominating the market with a major share in the revenue. The growth is attributed to the rising adoption of Laboratory Information Management Systems (LIMS) in order to reduce the operational costs and presence of key market players in the region. Further, Asia Pacific is projected to grow at a faster rate during the forecast period owing to the increasing outsourcing of LIMS by major players and rising automation demand of laboratories.
Covid-19 pandemic has adversely affected the economies all over the world. Imposition of lockdowns and social distancing regulations led to the shutdown of many businesses. Rapid covid-19 testing has made clinical laboratories to scale up their operations and increased the need of upgrading the traditional laboratories. Growing adoption of LIMS by laboratories to improve workflows and rising use of laboratory informatics solutions by research laboratories engaged in vaccine development has contributed in the steady growth of Laboratory Informatics Market.
|Market size value in 2021
|USD 3.26 Billion
|Revenue forecast in 2031
|USD 6.82 Billion
|CAGR of 6.9% from 2022 to 2032
|Base year for estimation
|Revenue in USD million and CAGR from 2022 to 2032
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Product, Component, Delivery Mode, End Use and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|Thermo Fisher Scientific, Inc., LabWare, Core Informatics, LabVantage Solutions Inc., Abbott, Waters Corporation, Agilent Technologies, Inc., PerkinElmer, Inc., Autoscribe Informatics, Arxspan, Kinematik, LabLynx LIMS, Labworks, McKesson Corporation, Scientific Equipment Repair and Other Prominent Players
Laboratory Informatics market size was estimated at USD 3.26 billion in 2021 and is expected to reach USD 6.82 billion in 2031.
Laboratory Informatics refers to the specialization of information technology in laboratories to optimize operations and improve efficiency. It uses software tools for scientific data management, network integration, scientific research, instrument control, and compliance management to enhance laboratory operations.
LIMS, Software, and Cloud segment accounted for the largest Laboratory Informatics market share.
Key players: Thermo Fisher Scientific, Inc., LabWare, Core Informatics, LabVantage Solutions Inc., Abbott, Waters Corporation, Agilent Technologies, Inc., PerkinElmer, Inc., Autoscribe Informatics, Arxspan, Kinematik, LabLynx LIMS, Labworks, McKesson Corporation, Scientific Equipment Repair and Other Prominent Players are the key players in the Laboratory Informatics market.
Rising Need for Automation of Laboratories and Advancement in Technology and Rising Investments are the factors driving the Laboratory Informatics market.
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