Laboratory Informatics Market : Emerging Market Trends, Top Growing Segments and Future Developments
2022-04-06 09:07:32 UTC | Information & Communication Technology
According to the new market research report
Laboratory Informatics Market
by Type of Solutions (LIMS, ELN, CDS, EDC, CDMS, LES, ECM, SDMS),
Component (Software, Service), Delivery (On premise, Cloud), Industry
(CRO, CMO, Pharma, Biotech, Chemical, Agriculture, Oil, Gas) - Global
Forecasts to 2026, published by MarketsandMarkets™, the market is
projected to reach USD 5.6 billion by 2026 from USD 3.4 billion in 2021,
at a CAGR of 10.8% from 2021 to 2026.
Browse in-depth TOC on "Laboratory Informatics Market"247 – Tables
60 – Figures
257 – Pages
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The
increasing need for laboratory automation; the development of
integrated lab informatics solutions; the need to comply with regulatory
requirements; and the growing demand in biobanks/biorepositories,
academic research institutes, and CROs are the major factors driving the
growth of the laboratory informatics market. On the other hand, lack of
integration standards and high maintenance and services cost are
expected to restrain the growth of this market in the coming years. The
companies have a large market spread across various countries in North
America, Europe, Asia Pacific, and the Rest of the World.
Coronavirus
disease 2019 (COVID–19) is an acute respiratory infectious disease
caused by severe acute respiratory syndrome coronavirus 2 (SARS–CoV–2).
Largely unknown before the outbreak began in Wuhan, China, in December
2019, COVID-19 has moved from a regional crisis to a global pandemic in
just a few weeks. The World Health Organization (WHO) declared COVID-19
as a pandemic on March 11, 2020. The state of urgency to combat the
outbreak led pharma & biotech companies, researchers, various
diagnostic labs, and testing facilities conducting COVID-19 research to
adopt advanced technologies and solutions exceeding traditional avenues
to improve workflows. Research laboratories or diagnostic labs focusing
on COVID-19 research need to handle multiple steps (such as test
management, sample handling, inventory control, packaging, and
shipment). Also, research laboratories focused on developing treatments
or vaccines for COVID-19 need an effective end-to-end solution to
improve the quality, productivity, and rapidity of the vaccine
manufacturing process. This is likely to increase the uptake of
laboratory informatics solutions, which enhance research and testing
activities, along with efficient data management.
The cloud-based models segment is expected to grow at the highest CAGR during the forecast period.On
the basis of deployment model, the laboratory informatics market is
segmented into on-premise, cloud-based, and remotely hosted models. The
cloud-based models segment is expected to grow at the highest CAGR
during the forecast period. Factors such as on-demand self-serving
analytics, no upfront capital investment for hardware, extreme capacity
flexibility, and a pay-as-you-go pricing model will boost the demand for
cloud-based laboratory informatics solutions in the coming years.
However, data transfer complexities and data security concerns may
hinder the growth of this market segment.
The services segment accounted for the largest share of the market in 2020.Based
on components, the laboratory informatics market is segmented into
services and software. The services segment dominated this market in
2020. The large share of the services segment can be attributed to the
growing technological advancements in solution offerings by various
vendors, increasing adoption of cloud-based solutions, growing need for
consulting services, and the recurring nature of services. Furthermore,
in terms of IT usage and skill, the life science industry relies heavily
on service providers.
North America dominated the laboratory informatics solutions market in 2020.In
2020, North America dominated the market, followed by Europe. The large
share of this market can primarily be attributed to the strong
economies in the US and Canada, which have allowed for significant
investments in technology in this region. Growth in the North American
market is supported by the growing demand for the integration of
laboratory systems, rising government funding for research, growth in
biobanks, need for early drug discovery, easy availability of laboratory
informatics products and services, and stringent regulatory
requirements across industries.
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The prominent players in the
Laboratory Informatics Market
are Thermo Fisher Scientific Inc. (US), LabVantage Solutions, Inc.
(US), LabWare (US), Abbott Informatics (US), LabLynx, Inc. (US), Waters
(US), Agilent Technologies, Inc. (US), Autoscribe Informatics (US),
Dassault Systèmes (Paris, France), LABWORKS LLC (US), and PerkinElmer
Inc. (US).
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