The Global Laboratory Informatics Market Size accounted for USD 3,248 Million in 2021 and is estimated to achieve a market size of USD 4,646 Million by 2030 growing at a CAGR of 4.2% from 2022 to 2030. The growing need for laboratory digitization, the expanding demand for biobanks/biorepositories, and rising R&D investment in the biotechnology and pharmaceutical industries are driving the laboratory informatics market growth. Furthermore, the growing usage of cloud-based informatics technologies opens up enormous potential opportunities for participants in the laboratory informatics market trend.
Laboratory Informatics Market Report Key Highlights
Laboratory informatics is defined as the specialized application of information technology to optimize and extend laboratory operations. These are basically the set of instruments, software, data management tools, and associated Product that allow scientific data to be captured, migrated, processed, and interpreted for immediate use, as well as stored, managed, and shared to support future research, development, and lab testing efforts while maximizing the efficiency of laboratory operations.
Global Laboratory Informatics Market Dynamics
Laboratory Informatics Market Report Coverage
|Market||Laboratory Informatics Market|
|Laboratory Informatics Market Size 2021||USD 3,248 Million|
|Laboratory Informatics Market Forecast 2030||USD 4,646 Million|
|Laboratory Informatics Market CAGR During 2022 - 2030||4.2%|
|Laboratory Informatics Market Analysis Period||2018 - 2030|
|Laboratory Informatics Market Base Year||2021|
|Laboratory Informatics Market Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Deployment, By Component, By End-Use, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Abbott Laboratories, Core Informatics, Agilent Technologies, Cerner Corporation, LabVantage Component, Inc., IDBS, LabLynx, Inc., McKesson Corporation, LabWare, Thermo Fisher Scientific, Inc., PerkinElmer Inc., and Waters Corporation.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
The increasing demand for laboratory automation due to the increasing amount of data generated by laboratories is driving the laboratory informatics market growth. The rising technological advancements in molecular genomics and genetic testing practices are additionally bolstering the laboratory informatics market shares. The shifting preference toward personalized medicine, cancer genomics studies, and increasing patient engagement requirements is further bolstering the market value. The critical operations of laboratories of both manufacturing and research organizations across the life sciences and medical research industries are additionally propelling the market value. The primary objective of a laboratory is to ensure the generation of high-quality and reliable experiment data that conforms to the regulatory guidelines of the industry is another factor increasing demand for laboratory informatics across the globe.
On the other hand, the high cost associated with the procurement of advanced laboratory informatics is likely to hinder growth over the forecast period.
Laboratory Informatics Market Segmentation
The worldwide laboratory informatics market is split based on product, deployment, component, end-use, and geography.
Laboratory Informatics Market By Product
Based on the product, the laboratory information management systems (LIMS) segment is having a potential share in the global laboratory informatics market and the segment is also projected to maintain its dominance throughout the forecast period from 2022 to 2030. The Laboratory Information Management System or LIMS is software that allows the management of samples, test results, and associated data to improve lab productivity.
Laboratory Informatics Market By Deployment
According to laboratory informatics industry analysis, the cloud-based segment will lead the market in 2021. Cloud-based technology allows for the offsite backup of vast volumes of data, thereby freeing up space on equipment and facilitating data retrieval based on client requirements. Infrastructure as a Service (IaaS), Platform as a Service (PaaS), as well as Software as a Service (SaaS) is the three services provided by the technology.
Laboratory Informatics Market By Component
In terms of components, the service segment held the largest market share in 2021. The outsourcing of LIMS services is increasing, which is helping to segment growth. Large biopharmaceutical research facilities subcontract these services because they lack the resources and expertise set required for analytics adoption.
Laboratory Informatics Market By End-Use
According to the laboratory informatics market forecast, the CROs segment is predicted to grow profitably during the projected timeframe. The expanding trend of outsourcing laboratory research and development in drug discovery is responsible for this increase. The growing adoption of CROs by outsourcing firms to reduce healthcare expenses is leading to the lucrative expansion of the CROs industry.
Laboratory Informatics Market Regional Outlook
The Middle East & Africa (MEA)
North America Accounted For The Maximum Revenue Share In 2021
In 2021, North America led the global laboratory informatics market and the region is also projected to maintain its dominance throughout the forecast period from 2022 to 2030. The presence of major players in the region along with their advanced laboratory infrastructures is supporting the regional market value. The well-established healthcare infrastructure along with the strong footprint of medical tourism in the US is additionally boosting the regional market value.
The Asia-Pacific Is Leading The Market With Maximum Revenue Share
The continuously developing healthcare infrastructure of the region especially across the developing economies is boosting the regional market value. The increasing investments in the research and development activities in terms of both in-house and outsourcing for the new findings as well as for digging out the Component of the existing limitation of certain treatments and procedures are the factors driving the market growth.
Laboratory Informatics Market Players
Some of the top Laboratory Informatics companies offered in the professional report include Abbott Laboratories, Core Informatics, Agilent Technologies, Cerner Corporation, LabVantage Component, Inc., IDBS, LabLynx, Inc., McKesson Corporation, LabWare, Thermo Fisher Scientific, Inc., PerkinElmer Inc., and Waters Corporation.
The estimated value of global laboratory informatics market in 2021 was accounted to be USD 3,248 Million.
The projected CAGR laboratory informatics market during the analysis period of 2022 to 2030 is 4.2%.
The prominent players of the global laboratory informatics market are Abbott Laboratories, Core Informatics, Agilent Technologies, Cerner Corporation, LabVantage Component, Inc., IDBS, LabLynx, Inc., McKesson Corporation, LabWare, Thermo Fisher Scientific, Inc., PerkinElmer Inc., and Waters Corporation.
North America held the dominating laboratory Informatics during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for laboratory informatics during the analysis period of 2022 to 2030.
Increasing demand for laboratory digitalization, and development of integrated lab informatics systems, drives the growth of global laboratory informatics market.
Based on deployment, cloud-based segment is expected to hold the maximum share of the laboratory informatics market.