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Report Overview: Laboratory Informatics MarketThe global laboratory informatics market size was valued at USD 1.74 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 5.5% from 2021 to 2027. An increase in demand for laboratory automation is expected to fuel the adoption of laboratory informatics in the coming years. Data generated by laboratories has dramatically risen in the past few decades owing to rising technological advancements in molecular genomics and genetic testing practices. In addition, a shift in preference toward personalized medicine, cancer genomics studies, and increasing patient engagement requirements is expected to upsurge the demand for lab automation systems. Laboratories are critical to both manufacturing and research organizations across the life sciences and medical research industries. The primary objective of a laboratory is to ensure the generation of high quality and reliable experiment data that conforms to the regulatory guidelines of the industry. Advances in technology combined with stringent regulatory needs and increasing commercial pressures have led to the rapid generation of vast amounts of data from various aspects comprising research and development, quality assurance, and manufacturing. Moreover, laboratory information systems are gaining popularity in biobanks, academic research institutes, and contract research organizations (CROs) owing to the associated benefits. The benefits of using these systems process optimization, improved regulatory compliance and intellectual property rights protection, reduced throughput time and paperless information management, reduces labor cost, offer improved data quality through the elimination of errors and faster and effective data analytics. Furthermore, the increasing burden from regulatory authorities for the implementation of lab automation systems is expected to serve this market with lucrative growth opportunities. Increasing the adoption of robotics and process automation in healthcare has improved the reproducibility and repeatability of the operations. It is now possible to set up, run, and analyze the experimental results in a shorter time. Rising penetration of high throughput systems has enabled efficient evaluation of experimental results, which increases the overall efficiency of laboratory operations.
Product Insights: Laboratory Informatics MarketLaboratory information management systems (LIMS) held the dominant share of 45.6% as of 2019. These systems include master data management, reporting of sample lifecycle, stability study, system and security administration, schedules, inventory, instruments, storage capacity and logistics, and analytical workflow. Demand for fully integrated services in life sciences and research industries to minimize data management errors and improve qualitative analysis of research information is expected to fuel the segment growth in the coming years. Owing to these factors, the LIMS segment is expected to maintain its position throughout the forecast period. In addition, the superior electronic lab notebooks (ELN) system segment is anticipated to witness significant growth in the future due to its increased adoption by researchers in analytical chemistry labs. Enterprise content management (ECM) services are anticipated to expand at the second fastest CAGR over the forecast period 2021-2027. The adoption of ECM is increasing over time as it offers integrated and comprehensive solutions to meet the growing challenges in the healthcare industry. ECM offers a centralized approach to capture, create, organize, access, and analyze the organization’s entire ecosystem of media, knowledge assets, and electronic documents. The services offered by companies for ECM are consultation, design, implementation, and maintenance of these software solutions.
Delivery Mode Insights: Laboratory Informatics MarketCloud-based lab informatics solutions accounted for the largest revenue share of 42.3% in 2019 and are expected to maintain their lead throughout the forecast period. Cloud-based technology helps in storing a large amounts of data remotely to allow free space on devices and facilitate data retrieval according to client needs. The technology comprises three services including Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS). The cloud-based analytics software is available as SaaS-based services. IBM offers its Watson Analytic services on the SaaS platform. Companies such as Core Informatics and LabVantage Solutions, Inc. are offering cloud-based services for LIMS. Increase in the adoption of cloud-based platforms by CROs due to associated benefits such as reduction in labor cost, less time and space consumption for system implementation, and secured access to clinical information. Real-time data tracking, remote access to data, and easy ecosystem are some other benefits of cloud-based systems. These aforementioned factors are expected to offer lucrative opportunities to this segment. On-premise delivery mode involves the installation of services and solutions on computers present within the organization. Web-based LIMS solutions are delivered to users through web servers using the internet protocol. Web-based solutions comprise four elements including internet connection, web server, data administrator, and the software coding system. Utilizing the internet and web-based services provides the advantage of accessing the remotest areas using only one computer or monitoring device in labs. Increased adoption of cloud computing solutions is expected to slow down the growth of the web-based and on-premise segments over the forecast period.
Component Insights: Laboratory Informatics MarketThe services segment accounted for the largest revenue share of 57.8% in 2019 and is anticipated to maintain its lead over the forecast period. An increase in the outsourcing of LIMS solutions is contributing toward its growth. As large pharmaceutical research labs lack resources and skill set required for deployment of analytics, these services are outsourced by them. The CROs offer these laboratory informatics services in packages that include compliance with the promotional spend, social media analytics, manufacturing process, preventive maintenance, predictive analytics for medical devices failure, and benchmarking solutions. Growing awareness pertaining to the associated benefits of these solutions amongst users is expected to fuel its demand in the coming years. The software segment is expected to witness lucrative growth over the forecast period due to the availability of technologically advanced software, such as SaaS, which offers effective information management solutions for laboratories. The software offered for laboratory informatics can perform critical functions, such as data capture, storage, interpretation, and analysis. Periodic upgradation of this software is necessary to be coordinated with the latest analytics methods.
End-Use Insights: Laboratory Informatics MarketThe life sciences industry emerged as the largest end-use segment with a share of 28.5% in 2019. This segment encompasses biobanks, molecular diagnostic and clinical research laboratories, and contract service organizations working for pharmaceutical and biotechnology companies. Demand for laboratory informatics is increasing in the life sciences industry to develop innovative products and improve product quality and operational efficiency. The need for more virtual and electronic laboratories is increasing in order to fulfill these requirements. Laboratory informatics systems allow effective management of a large amounts of data and break down research and discovery silos. Increasing technological advances in the healthcare sector owing to rising R&D in the field of medicine is anticipated to fuel the demand for LIMS. Increasing adoption of LIMS in hospital and research labs due to its growing application for patient engagement, workflow management, billing, and patient health information tracking and quality assurance is expected to augment the growth. The CROs segment is expected to exhibit the fastest growth during the forecast period due to the growing trend of outsourcing. Increasing adoption by outsourcing companies to curb healthcare costs is contributing toward the lucrative growth of the CROs and BPO segments. LIMS also finds applications in forensic science, metal and mining industry, and other pharma laboratories. Rising need to curb operational costs, coupled with the benefits associated with LIMS usage, is expected to contribute to the growth of this segment.
Regional Insights: Laboratory Informatics MarketNorth America accounted for the largest revenue share of 45.7% in 2019. This can be attributed to policies supporting the deployment of laboratory information systems and the availability of infrastructure with high digital literacy. In addition, burgeoning healthcare costs, coupled with the escalating pressure to bend the cost curve, is resulting in increased adoption of LIMS in this region. In addition, the presence of well-established pharma companies, combined with growing requirement to contain operational costs incurred in information management and analysis, is contributing to the regional market growth. Asia Pacific is expected to witness the fastest CAGR over the forecast period owing to the increasing number of CROs offering LIMS solutions in this region. Major players outsource LIMS from the companies in this region to reduce the cost of LIMS support systems and improve operational efficiency. Developing economies such as India and China have emerged as outsourcing hubs. The Ministry of Health in China has defined an action plan for the deployment of e-health-related solutions to geographically dispersed sections of the country encompassing broad areas of medical services and insurance plans, with a large focus on the adoption of electronic record systems to allow data sharing across the national healthcare system. Such initiatives are expected to help penetrate the lab informatics in China, thus boosting the regional market growth.
Key Companies & Market Share Insights: Laboratory Informatics MarketThe market is highly fragmented with many small and large market players. This leads to high competition among smaller market players to sustain their position. Companies are developing technologically advanced platforms, such as Software as a Service (SaaS), and advanced products with greater utility to gain an edge over competitors. Moreover, companies are providing customized LIMS solutions. Hence, rivalry within the industry is anticipated to be high during the forecast period. Some of the prominent players in the laboratory informatics market include:
Key companies Profiled: Laboratory Informatics Market Report
This report forecasts revenue growth at the global, regional, and country levels, and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global laboratory informatics market report on the basis of product, delivery mode, component, end use, and region:
- Core Informatics
- Thermo Fisher Scientific, Inc.
- PerkinElmer Inc.
- LabVantage Solutions, Inc.
- Abbott Laboratories
- LabLynx, Inc.
- Agilent Technologies
- Cerner Corporation
- McKesson Corporation
Product Outlook (Revenue, USD Million, 2016 - 2027)
- Laboratory Information Management Systems (LIMS)
- Electronic Lab Notebooks (ELN)
- Scientific Data Management Systems (SDMS)
- Laboratory Execution Systems (LES)
- Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
- Chromatography Data Systems (CDS)
- Enterprise Content Management (ECM)
Delivery Mode Outlook (Revenue, USD Million, 2016 - 2027)
Component Outlook (Revenue, USD Million, 2016 - 2027)
End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Life Sciences
- Pharmaceutical and Biotechnology Companies
- Contract Services Organizations
- Molecular Diagnostics & Clinical Research Laboratories
- Academic Research Institutes
- Chemical Industry
- Food and Beverage and Agriculture Industries
- Environmental Testing Laboratories
- Petrochemical Refineries & Oil and Gas Industry
- Other Industries (Forensics and Metal & Mining Laboratories)
Table of Contents Chapter 1 Research Methodology & Scope 1.1 Market Segmentation & Scope 1.1.1 Estimates and Forecast Timeline 1.2 Research Methodology 1.3 Information Procurement 1.3.1 Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum): 1.3.2 IFF Internal Database 1.3.3 Secondary sources 1.3.4 Primary Research: 1.3.5 Details of Primary Research 18.104.22.168 Data for primary intervie | read more...