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(Health-NewsWire.Net, May 18, 2021 ) According to research report the Lab Informatics Market is estimated to reach USD 3.8 billion by 2024 from USD 2.6 billion in 2019, at a CAGR of 7.5% during the forecast period.
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Growth in this market is mainly driven by the increasing need for laboratory automation, increasing need to comply with regulatory standards, development of integrated lab informatics solutions and the growing demand in biobanks/biorepositories.
The pharmaceutical & biotechnology companies segment accounted for the largest share of the life sciences industry market in 2018. The life sciences industry is further segmented into pharmaceutical & biotechnology companies, biobanks & biorepositories, contract service organizations (CROs & CMOs), molecular diagnostics & clinical research laboratories, and academic research institutes.
Based on components, the laboratory informatics market is segmented into services and software. The services segment dominated the Lab Informatics Market in 2018. 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.
Opportunity: Growing popularity of cloud-based laboratory informatics
The emergence of cloud-based services via the Internet has led to significant advances in the laboratory informatics market. Advances in virtualization and improved access to high-speed internet offer faster innovation, often at lower costs. With cloud-based solutions, companies are only required to pay for the software subscription instead of purchasing full licenses, which reduces the maintenance costs related to in-house deployment. Moreover, cloud-based laboratory informatics solutions do not require any upfront capital investments for hardware, reduce the burden on healthcare systems with a minimum requirement of IT staff, and provide rapid and secure data transfer within the organizations.
Geographically, the laboratory informatics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). 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, growth in biobanks, rising government funding for research, 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 Lab Informatics Market are Thermo Fisher Scientific Inc. (US), LabVantage Solutions, Inc. (US), Autoscribe Informatics (US), Dassault Systèmes (Paris, France), LabWare (US), Abbott Informatics (US), LabLynx, Inc. (US), Waters (US), Agilent Technologies, Inc. (US), LABWORKS LLC (US), KineMatik (Ireland), Accelerated Technology Laboratories (ATL) (US), and PerkinElmer Inc. (US).
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