NEW YORK, Aug. 15, 2016 /PRNewswire/ -- The global laboratory informatics market is expected to reach USD 2.97 billion by 2021 from an estimated value of USD 2.20 billion in 2016, growing at a CAGR of 6.2% during the forecast period. This market is categorized on the basis of product type, deployment model, component, industry, and region.
Major factors contributing to the growth of the global laboratory informatics market include increasing need for laboratory automation, technological advancements, increasing availability of cost-effective informatics solutions, rising pressure to comply with regulatory requirements, and increasing adoption of laboratory informatics in biobanks/biorepositories, academic research institutes, and contract service organizations. Cloud-based laboratory informatics solutions and emerging countries offer huge growth potential for the laboratory informatics market.
Lack of integration standards for laboratory informatics and lack of trained professionals are the major factors that may limit the growth of the market to a certain extent.
In North America, the U.S. is one of the most dominant markets for laboratory informatics due to its well-established economy and financial ability to deploy such technologies. Increasing R&D expenditure for the efficient management of data generated from increased R&D activities is another key factor driving the adoption of laboratory informatics solutions in this country. According to the Industrial Research Institute, in 2016, the total U.S. R&D spending is expected to reach USD 514 billion from USD 453 billion in 2012. In the life sciences industry, improving FDA approval levels and a positive sales outlook are allowing pharmaceutical companies to allocate more capital to R&D spending.
Asia is projected to be the fastest-growing region during the forecast period. Factors such as increasing R&D activities and the development of supporting infrastructure in research laboratories have generated a demand for laboratory informatics solutions in Asia.
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The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of top players in the laboratory informatics market. The report analyzes this market by product type, component, deployment model, industry, and region
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the laboratory informatics market
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- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for laboratory informatics across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the laboratory informatics market
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