Laboratory Informatics Market Size, Share, Growth, Trends 2023-2028
The new report by EMR titled, ‘Global Laboratory Informatics Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global laboratory market, assessing the market based on its segments like product, component, delivery mode and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 2.8 billion
- Forecast CAGR (2023-2028): 8.1%
- Forecast Market Size (2026): USD 4.5 billion
Cloud laboratory informatics is appropriate for use in research operations involving large amounts of data because of its great efficiency, consistency, and durability. Because Software as a Service (SaaS) makes cloud laboratory informatics adoption and implementation the most accessible, demand is skyrocketing.
Cloud laboratory informatics are in high demand because to their convenience and ease of use, which is fueling market expansion. During the projection period, the development of cloud laboratory informatics, which can provide increased data security and minimise data loss, is predicted to considerably contribute to market growth.
The industry is being boosted by the entry of several start-ups that offer user-friendly and cost-effective cloud-based laboratory informatics. Moreover, during the COVID-19 crisis, demand for cloud-based laboratory informatics soared as several laboratories implemented laboratory information management systems (LIMS) to increase testing capacity and streamline operations. In May 2020, for instance, Ovation.io, a laboratory informatics start-up, gave its sophisticated infrastructure solution to several laboratories to double the testing capacity of COVID-19 infections.
Laboratory Informatics Industry Definition and Major Segments
The use of information technology (IT) in laboratories to improve data gathering and analysis is referred to as laboratory informatics. It is vital to guarantee that data is reliable and of high quality. Laboratory informatics is frequently utilised in scientific research to improve experiment accuracy and streamline productivity.
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By component, the market is bifurcated into:
- Software
- Services
The major products of laboratory informatics are:
- Chromatography Data System (CDS)
- Enterprise Content Management (ECM)
- Laboratory Information Management System (LIMS)
- Electronic Lab Notebooks (ELN)
- Scientific Data Management System (SDMS)
- Laboratory Execution System (LES)
- Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS)
The market can be broadly categorised based on its delivery modes into:
- On-Premises
- Web-Hosted
- Cloud-Based
The regional markets of laboratory informatics include:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East
Laboratory Informatics Market Trends
The market is growing due to the increasing demand for smooth data transfer in laboratories, which is fueling the deployment of laboratory information management software (LIMS). The increasing adoption of new equipment and testing is driving up demand for software that allows different workflows to run smoothly. Furthermore, as more biobanks collect biological samples, the use of laboratory information management software (LIMS) to handle and track bio-samples is expanding. In the projection term, the industry’s growth will be fueled by the development of revolutionary laboratory information management software (LIMS) with improved compatibility.
The industry’s growth is being fueled by the incorporation of cutting-edge technology, like as artificial intelligence (AI), into laboratory informatics. Intelligent laboratory informatics is being used to provide a highly efficient therapy for patients as research activities in the healthcare sector increase. Furthermore, it speeds up research and development (R&D) by precisely analysing data and removing the need for manual labour. The demand for seamless and flexible laboratory informatics is growing as major pharmaceutical companies begin numerous clinical studies for drug research. As a result, the use of artificial intelligence (AI)-based laboratory informatics to rapidly process, analyse, and manage complicated data is on the rise.
Key Market Players
The major players in the market are STARLIMS Corporation, Agilent Technologies, Inc., Cerner Corporation, McKesson Corporation, Thermo Fisher Scientific company, LabLynx, Inc. and Others.
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