The laboratory 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.
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 cost are expected to restrain the growth of this market in the coming years.
The LIMS segment is expected to grow at the highest CAGR during the forecast period
Based on type of solution, the laboratory informatics market is segmented into 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), and scientific data management systems (SDMS).
The LIMS segment is expected to grow at the highest CAGR owing to the wide range of benefits associated with the use of these systems, including increased workflow efficiencies, reduced transcription errors, easy integration with other lab systems, and better regulatory compliance. Additionally, growing adoption of LIMS in biobanks and biorepositories as well as academic research organizations and CROs and CMOs create a positive impact on the growth of this market.
The services segment accounted for the largest share of the laboratory informatics market in 2018
Based on the component, 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.
Asia to witness high growth during the forecast period
By region, the global laboratory informatics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America dominated the market in 2018. 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.
However, Asia is expected to register the highest CAGR during the forecast period. Factors such as growing R&D investments, growing awareness of lab informatics solutions, increase in drug development-based research, and rising pressure to comply with regulatory requirements are driving the growth of the laboratory informatics market in Asia.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Laboratory Informatics Market Overview 4.2 Laboratory Informatics Market, By Type of Solutions, 2019 vs 2024 (USD Million) 4.3 Laboratory Informatics Market, By Deployment Model, 2019-2024 (USD Million) 4.4 Laboratory Informatics Market Share, By Industry and Region, 2019 4.5 Laboratory Informatics Market: Geographic Growth Opportunities
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Market Drivers 22.214.171.124 Increasing Need for Laboratory Automation 126.96.36.199 Development of Integrated Lab Informatics Solutions 188.8.131.52 Need to Comply With Regulatory Requirements 184.108.40.206 Growing Demand in Biobanks/Biorepositories, Academic Research Institutes, and Cros 5.2.2 Market Restraints 220.127.116.11 Lack of Integration Standards 18.104.22.168 High Maintenance and Service Costs 5.2.3 Market Opportunities 22.214.171.124 Growing Popularity of Cloud-Based Laboratory Informatics 126.96.36.199 Significant Growth Potential in Emerging Countries 188.8.131.52 Use of Lab Informatics Solutions in the Cannabis Industry 5.2.4 Market Challenges 184.108.40.206 Interfacing With Diverse Laboratory Instruments 220.127.116.11 Dearth of Trained Professionals
6 Laboratory Informatics Market, By Type of Solution 6.1 Introduction 6.2 Laboratory Information Management Systems (LIMS) 6.2.1 Broad-Based LIMS 18.104.22.168 Broad-Based LIMS are User-Friendly, Reduce the Total Cost of Ownership, and Enable Faster ROI 6.2.2 Industry-Specific LIMS 22.214.171.124 Lack of Sufficient Documentation and A High Total Cost of Ownership and Maintenance are Restraining Market Growth 6.3 Electronic Lab Notebooks (ELN) 6.3.1 Increasing Need for Compliance With Regulations, IP Protection, and Instrument Management to Support Market Growth 6.4 Chromatography Data Systems (CDS) 6.4.1 Chromatography Data Systems are Used to Interpret Data From Chromatography Instruments and Convert It Into A Human-Readable Format 6.5 Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS) 6.5.1 Increasing R&D Expenditure of Pharmaceutical Companies to Drive the Adoption of EDC & CDMS 6.6 Laboratory Execution Systems (LES) 6.6.1 Laboratory Execution Systems Provides an Electronic Environment That Removes Paper Processes and Automates the Interaction With Methods, Instruments, and Supplies That are Used in Day-To-Day Activities 6.7 Enterprise Content Management (ECM) 6.7.1 Enterprise Content Management Systems Increase Productivity for Organizations By Saving Time Spent on Manual Tasks, Reducing Paper Consumption, and Maximizing Office Storage Space 6.8 Scientific Data Management Systems (SDMS)
7 Laboratory Informatics Market, By Component 7.1 Introduction 7.2 Services 7.2.1 Technological Advancements in Solution Offerings & Increasing Adoption of Cloud-Based Solutions to Drive the Adoption of Laboratory Informatics Services 7.3 Software 7.3.1 Growing Need to Integrate Existing Laboratory Systems & Shifting Trend Towards Laboratory Automation are the Key Factors Supporting the Growth of the Software Market
8 Laboratory Informatics Market, By Deployment Model 8.1 Introduction 8.2 On-Premise Models 8.2.1 Growth of This Segment is Declining as On-Premise Models Have A High Cost of Ownership 8.3 Cloud-Based Models 8.3.1 This Segment is Expected to Grow at the Highest Rate During the Forecast Period 8.4 Remotely Hosted Models 8.4.1 Factors Such as the Low Total Cost of Ownership (TCO) and A Good Return on Investment are Expected to Drive the Growth of This Segment
9 Laboratory Informatics Market, By Industry 9.1 Introduction 9.2 Life Sciences Industry 9.2.1 Pharmaceutical and Biotechnology Companies 126.96.36.199 Companies are Increasingly Adopting Informatics Solutions to Improve Their Efficiency 9.2.2 Biobanks & Biorepositories 188.8.131.52 Demand for High-Quality Specimens has Boosted the Use of Automated Systems 9.2.3 Molecular Diagnostics & Clinical Research Laboratories 184.108.40.206 Clinical Labs Offer Significant Opportunities for the Growth of the Lab Informatics Solutions Segment 9.2.4 Contract Service Organizations 220.127.116.11 Increasing Number of Clinical Trials Will Support Market Growth in This Segment 9.2.5 Academic Research Institutes 18.104.22.168 Low Throughput Needs Account for the Small Share of This Segment 9.3 Chemicals Industry 9.3.1 Need to Integrate Systems and Centralize Databases has Driven Use of Informatics 9.4 Food & Beverage and Agriculture Industry 9.4.1 Lab Informatics Solutions Can Provide Data Traceability and Accessibility in the Food & Beverage Industry 9.5 Petrochemical Refineries and Oil & Gas Industry 9.5.1 Integration of Operations is A Key Function of Lab Informatics Solutions in This Segment 9.6 Environmental Testing Laboratories 9.6.1 Need to Comply With Regulations is Driving the Demand for LIMS 9.7 Other Industries
10 Laboratory Informatics Market, By Region 10.1 Introduction 10.2 North America 10.2.1 US 10.2.1.1 Strong Economy and Increasing R&D Expenditure are Expected to Drive Laboratory Informatics Market in the US 10.2.2 Canada 10.2.2.1 Rising Demand for Lab Automation is Driving the Growth in Canada 10.3 Europe 10.3.1 Germany 10.3.1.1 Germany to Dominate the Market in Europe 10.3.2 UK 10.3.2.1 Increasing Expenditure on Pharmaceuticals is Expected to Drive the Laboratory Informatics Market in the UK 10.3.3 France 10.3.3.1 Growing R&D Investment on Biotechnology Companies is Expected to Drive the French Market 10.3.4 Rest of Europe (RoE) 10.4 Asia 10.4.1 Japan 10.4.1.1 Growing Government Support for Clinical R&D Activities is Propelling the Demand for Laboratory Informatics Solutions in the Country 10.4.2 China 10.4.2.1 in China, Any Software Interface Needs to Be Translated in the Regional Language, Which Makes It Challenging for International Players to Compete in This Market 10.4.3 India 10.4.3.1 Growth in Drug Development-Based Research is One of the Major Factors Boosting the Demand for Laboratory Informatics Solutions in the Country 10.4.4 Rest of Asia 10.5 Rest of the World