Laboratory Informatics Market : Challenges, Opportunities and Trends Fueling the Growth
Growth in the laboratory informatics market is mainly driven by the increasing need for laboratory automation, development of integrated lab informatics solutions, increasing need to comply with regulatory standards, and growing demand in biobanks/biorepositories. On the other hand, the lack of integration standards and high maintenance and service costs are expected to restrain the growth of this market to a certain extent.
The global laboratory informatics market size is estimated to reach USD 5.6 billion by 2026 from USD 3.4 billion in 2021, at a CAGR of 10.8% during the forecast period.
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The laboratory informatics market has been segmented on the basis of type of solution, component, deployment model, industry, and region.
Based on type of solution, the laboratory informatics market is segmented into laboratory information management systems (LIMS), electronic lab notebooks (ELN), chromatography data systems (CDS), electronic data capture (EDC) clinical data management systems (CDMS), laboratory execution systems (LES), enterprise content management (ECM), and scientific data management systems (SDMS). The LIMS segment accounted for the largest share of the laboratory informatics market in 2018. The large share of this segment can be attributed to the wide range of benefits associated with the use of these systems, including increased workflow efficiencies, reduced transcription errors, easy integration with other lab systems, and better regulatory compliance.
On the basis of component, the laboratory informatics market is segmented into software and services. The services segment dominated this market in 2020. Services make up a larger component of the laboratory informatics market due to their indispensable nature. 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.
The lab informatics market is diversified and highly competitive, with a large number of players competing for market space. Thermo Fisher Scientific Inc. (US), LabWare (US), Abbott Informatics (US), LabLynx, Inc. (US), LabVantage Solutions, Inc. (US), Waters (US), Agilent Technologies, Inc. (US), Autoscribe Informatics (US), Dassault Systèmes (Paris, France), LABWORKS LLC (US), and PerkinElmer Inc. (US) are some of the prominent players in the market.
REPORT HIGHLIGHTS
1. Major development which can change the business landscape as well as market forecasts
2. Addition/Refinement in segmentation - Increase in depth or width of segmentation
3. Coverage of new market players, change in market share of existing players
4. Updated financial information of the players
5. Updated market developments of profiled players
This study involved four major activities in estimating the size of laboratory informatics solutions market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
Browse 247 market data Tables and 60 Figures spread through 257 Pages and in-depth TOC on "Lab Informatics Market"
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