Growing inclination toward automation of laboratories and rising need for laboratory information management systems is leading to a rise in the demand for Laboratory Informatics in the market since recent years. With the increasing demand for biobanks/biorepositories coupled with surging need to comply with regulatory standards is leading to a growth in the demand for laboratory informatics.
According to the MarkNtel Advisors’ research report titled “Global Laboratory Informatics Market Analysis, 2020”, the CAGR of the market is expected to be around 8.5% during 2020-25. Asia-Pacific is a lucrative market for the healthcare sector due to rapid modernization and escalating government spending which is expected to boost the Laboratory Informatics market growth.
Laboratory Information Management Systems Segment Held the Largest Share
LIMS is gaining traction in biobanks, academic research institutes, and contract research organizations (CROs). LIMS has certain specific advantages such as process optimization, improved regulatory compliance, reduced throughput, and reduction in errors. Moreover, the other factors responsible for the growth of the Laboratory Informatics market are the active usage of paperless technology, reduction in labor cost, and effective data analytics. The demand for LIMS is anticipated to grow during 2020-25. However, the demand for electronic lab notebooks (ELN) and enterprise content management (ECM) is escalating over the past couple of years and outpacing the LIMS market, driving the overall Laboratory Informatics market growth.
With the introduction of the advanced software solutions and their widespread adoption in healthcare, IT providers are expected to grow the on-premise software solutions. The on-premise solutions offer reduced operational cost, is cost-effective, and helps in the real-time data tracking and transferring.
North America is due to its high adoption of the new technology, high disposable income of individuals, advanced healthcare infrastructure, and the presence of some leading manufacturing companies is soaring the demand for the laboratory informatics in the market. However, Asia-Pacific is witnessing sturdy growth in recent years due to the availability of the medical opportunities and less treatment costs in countries such as India and China. Malaysia, and Singapore markets are currently at a nascent stage, but have great potential of growth.
According to the MarkNtel Advisors, the leading players are Lab Vantage Solutions, Inc., Agilent Technologies, Lablynx, Inc., Abbott Laboratories, Cerner Corporation, Thermofisher Scientific, Inc., Core Informatics, Waters, LabWare, Autoscribe Informatics and others.
Companies are forming alliances are merging to remain competitive such as the acquisition of Core Informatics by ThermoFisher Scientific to enhance the existing informatics solutions and cloud platforms. It includes electronic laboratory notebook technologies, scientific management solutions (SDMS) and laboratory information management solutions (LIMS) in 2017.
Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Revenue, Forecast Numbers, Market Segmentation, Market Shares) of Global Laboratory Informatics Market?
2. What are the region-wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Global Laboratory Informatics Market?
4. Who are the key competitors or market players and how they perform in Global Laboratory Informatics Market, competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of the Global Laboratory Informatics Market study?