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(Health-NewsWire.Net, November 04, 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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The increasing need for laboratory automation; development of integrated lab informatics solutions; 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 service costs are expected to restrain the growth of this market in the coming years.
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.
Based on components, the Laboratory Informatics Market is segmented into services and software. The services segment dominated this 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.
The laboratory informatics market is diversified and highly competitive, with a large number of players competing for market space. 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), KineMatik (Ireland), Accelerated Technology Laboratories (ATL) (US), and PerkinElmer Inc. (US) are some of the key players in the market. These players have adopted various growth strategies, such as partnerships, acquisitions, agreements, and expansions as well as new product launches/upgrades, to further expand their presence in the global market.
Product launches and upgrades have been the key growth strategies adopted by players from 2016 to 2018. Some of the leading players who adopted these strategies include LabVantage Solutions, Inc. (US), Abbott Informatics (US), and Thermo Fisher Scientific Inc. (US).
Thermo Fisher Scientific, Inc. (US)
Thermo Fisher Scientific, Inc. is one of the leading players in the lab informatics market. In order to maintain its leading position in this market, the company focuses on research and development activities. The company invested USD 0.89 billion, USD 0.76 billion, and USD 0.69 billion in R&D activities in 2017, 2016, and 2015, respectively. With its focus on R&D, Thermo Fisher Scientific added features to its Sample Manager LIMS software in May 2016. In order to maintain its leading position in the lab informatics market, the company adopts organic and inorganic growth strategies such as product launches, expansions, and acquisitions.
LabVantage Solutions, Inc. (US)
LabVantage is one of the leading suppliers of lab informatics solutions. The company constantly invests in developing and enhancing its products to understand and serve its customers better. LabVantage focuses on organic growth strategies such as product launches and upgrades to develop its product portfolio and strengthen its position in the market. LabVantage also strives to strengthen its market position by adopting inorganic growth strategies such as partnerships. In line with this, in August 2016, the company partnered with Lonza (Switzerland).
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Geographically, the Lab Informatics Market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2018, North America dominated the market, followed by Europe. 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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