The Laboratory Informatics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Laboratory Informatics, The laboratory informatics market size has grown strongly in recent years. It will grow from $3.63 billion in 2023 to $3.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rise of electronic lab notebooks, laboratory automation, growing pharmaceutical r&d activities, integration of laboratory systems, increasing complexity of research.
The laboratory informatics market size is expected to see strong growth in the next few years. It will grow to $5.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to increased adoption of cloud-based solutions, mobile informatics solutions, globalization of research collaborations, data standardization initiatives, emphasis on environmental monitoring, remote access and virtualization.. Major trends in the forecast period include advancements in data visualization tools, cross-platform integration, enhanced user experience, exploration of blockchain technology.
The increasing need for laboratory automation is expected to propel the growth of the laboratory informatics market during the forecast period. The frequent occurrence of human errors in laboratory operations led laboratory organisations to shift towards automated solutions. For instance, according to a study published by AZoLifeSciences, 30-86% of pre-analytical in laboratories are associated with human error. Laboratory automation is a process which utilises automated laboratory instruments and advanced analytical software to deliver precise, accurate results at a large scale. It provides improved accuracy and reliability of the data by lowering overall costs associated with manual operations. Therefore, the rising demand for laboratory automation is expected to drive the laboratory informatics market during the forecast period.
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The laboratory informatics market covered in this report is segmented –
1) By Type: 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), Scientific Data Management Systems (SDMS)
2) By Component: Services, Software
3) By Deployment Model: On-premise, Cloud-based, Remotely Hosted
4) By Industry: Life Sciences Industry, Chemicals Industry, Food & Beverage and Agriculture Industry, Petrochemical Refineries and Oil & Gas Industry, Environmental Testing Laboratories, Other Industries
Technological advancements are key trends gaining popularity in the laboratory informatics market. The companies operating in the laboratory informatics market are increasingly investing in the development of new technologically advanced software suites to meet the specific operational demands from laboratory customers across the globe. For instance, in February 2022, Biosero, Inc., a US-based laboratory automation company, launched the Green Button Go software suite, which includes automated workflows ranging from a single workstation to operations that span multiple labs. This infusion has a variety of applications, such as controlling and scheduling multiple instruments and devices in the lab from a single interface. The technology uses automation by running various algorithms and codes to store and give the results.
The laboratory informatics market report table of contents includes:
1. Executive Summary
2. Laboratory Informatics Market Characteristics
3. Laboratory Informatics Market Trends And Strategies
4. Laboratory Informatics Market – Macro Economic Scenario
5. Global Laboratory Informatics Market Size and Growth
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26. South America Laboratory Informatics Market
27. Brazil Laboratory Informatics Market
28. Middle East Laboratory Informatics Market
29. Africa Laboratory Informatics Market
30. Laboratory Informatics Market Competitive Landscape And Company Profiles
Top Major Players:
- Thermo Fisher Scientific Inc
- LabVantage Solutions Inc
- LabWare Inc
- STARLIMS Corporation
- LabLynx Inc
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