Global Laboratory Informatics Market Report 2022: Market to Reach $4.5 Billion by 2026 - Market Gains Traction Amidst Growing Need to Enhance Workflow Efficiencies and Reduce Costs

DUBLIN, Aug. 25, 2022 /PRNewswire/ -- The "Laboratory Informatics - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Laboratory Informatics Market to Reach US$4.5 Billion by the Year 2026

The global market for Laboratory Informatics estimated at US$3.3 Billion in the year 2022, is projected to reach a revised size of US$4.5 Billion by 2026, growing at a CAGR of 7.8% over the analysis period. 

Growth in the global market is set to be driven by advancements in integrated laboratory informatics solutions, growing need for laboratory automation, increasing demand for biorepositories and biobanks, growing demand from academic research institutes and contract research organizations (CROs) and increasing need to adhere to regulatory standards Advent of big data analytics and digital systems is fueling growth for laboratory informatics.

Driven by their ability to generate reliable information, several healthcare service providers are now integrating laboratory informatics systems. This is assisting them in significantly reducing diagnostic errors while also improving patient outcomes. The ongoing technological advancements are assisting companies in offering interactive and faster laboratory informatics solutions to end users. The introduction of digital platforms, automated workstations, and system instruments software is enabling end users to improve operational efficiency as well as minimize manual errors.

Associations such as the International Consortium for Innovation and Quality in Pharmaceutical Development and Standardization in Lab Automation (SiLA) are endeavoring to launch new data management standards and interfaces to enable integration of laboratory informatics solutions.

Laboratory Information Management Systems (LIMS), one of the segments analyzed in the report, is projected to grow at a 8.9% CAGR to reach US$2.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electronic Lab Notebooks (ELN) segment is readjusted to a revised 7.3% CAGR for the next 7-year period.

This segment currently accounts for a 21.3% share of the global Laboratory Informatics market. Growing impetus on minimizing data processing errors, along with rising popularity of integrated services is fueling demand for Laboratory Information Management Systems (LIMS). The advanced electronic lab notebooks (ELN) system market is expected to experience strong growth on account of higher implementations in analytical chemistry labs.

The U.S. Market is Estimated at $1.4 Billion in 2022, While China is Forecast to Reach $454.8 Million by 2026

The Laboratory Informatics market in the U.S. is estimated at US$1.4 Billion in the year 2022. The country currently accounts for a 42.8% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$454.8 Million in the year 2026 trailing a CAGR of 10.5% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 7.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.7% CAGR while Rest of European market (as defined in the study) will reach US$495.9 Million by the end of the analysis period.

North America leads the global market for laboratory informatics systems, on account of favorable policies to promote laboratory informatics solutions deployment, availability of superior infrastructure along with digital literacy and the presence of large pharmaceutical companies.

In addition, factors such as increasing adoption of integrated laboratory systems, growing need for early drug discovery, increase in biobanks, growing government funding for research activities, strict regulatory requirements and expanding range of lab informatics products and services are factors stimulating growth in the market.

Asia-Pacific is expected to witness robust growth, supported by rising R&D spending by both private and public sectors, increase in the number of CROs delivering LIMS solutions and growing awareness on LIMS.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Impact of COVID-19 Pandemic and Looming Global Recession
• 2020: A Year of Disruption & Transformation
• Pandemic Impact on Laboratory Informatics Market
• Overwhelming COVID-19 Testing Volumes Elevate Demand for Laboratory Information Systems
• Laboratory Informatics - Global Key Competitors Percentage Market Share in 2022 (E)
• Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
• An Introduction to Laboratory Informatics
• Types of Lab Informatics Solutions
• Global Market Prospects & Outlook
• LIMS: A Major Category in the Laboratory Informatics Market
• Service Segment Leads Lab Informatics Market
• Cloud-based Laboratory Informatics Poised for High Growth
• Competition

2. FOCUS ON SELECT PLAYERS (Total 86 Featured):

• Abbott Informatics
• Agilent Technologies, Inc.
• Arxspan, LLC
• Autoscribe Informatics, Inc.
• Bio-ITech BV
• Bytewize AB
• Dassault Systemes
• ID Business Solutions Ltd. (IDBS)
• iVention B.V.
• KineMatik Ltd.
• Lablynx, Inc.
• Labvantage Solutions, Inc.
• LabWare, Inc.
• Labworks LLC.
• PerkinElmer, Inc.
• RURO, Inc.
• Thermo Fisher Scientific, Inc.
• Waters Corporation

3. MARKET TRENDS & DRIVERS

• Growing Trend towards Laboratory Automation Spurs Demand for Laboratory Informatics
• Laboratory Informatics Market Gains Traction amidst Growing Need to Enhance Workflow Efficiencies and Reduce Costs
• Digital Transformation and Connected Laboratories to Benefit Informatics Market
• Cloud: A Key Aspect of Connected Labs
• Overcoming Challenges to a Fully Connected Laboratory
• Noteworthy Trends in Laboratory Informatics Marketplace
• User-Centered Designs
• Connectivity & Interoperability
• Cost of Automation
• Lab of the Future
• Healthcare Laboratory Informatics: Favorable Growth Outlook
• Advanced Informatics Become Vital for Health Labs
• Burgeoning Population and Rising Incidence of Chronic Diseases: A Key Market Driver for Lab Informatics Market
• Fatalities by Heart Conditions - Estimated Percentage Breakdown for Cardiovascular Disease, Ischemic Heart Disease, Stroke, and Others
• Aging Global Population Presents Opportunities for Laboratory Informatics Market
• Rise in Healthcare Expenditure to Drive Growth
• Lab Informatics Market to Benefit from the Increasing R&D Spending in Biotechnology and Pharmaceutical Sectors
• Increasing Popularity of Cloud-based Lab Informatics: A Market Opportunity
• Cloud-based ELNs Address Challenges Facing Labs
• Application of Augmented Reality (AR) to Support Evolution of Lab Informatics
• AI and ML to Shape the Future Trends in Laboratory Informatics
• Technology Advancements in LIMS and ELN
• Lab Informatics and Analytics Emerge as Key Tools in Modern-Day Labs
• LIMS Market Poised to Benefit from Digitization of Laboratories
• Significant Advantages of LIMS for Laboratories Drive Adoption
• Digitization of Healthcare Drives Integration of LIS
• Accelerating Pace of Digital Pathology Increases LIMS Adoption
• LIMS to Resolve Challenges Facing Biobanking Research
• Notable LIMS Trends Fuel Radical Changes in Most Laboratories
• Rise in Consolidation of Healthcare Providers Creates Need for Robust and Comprehensive LIS
• Increasing Integration of Informatics Solutions in Life Science Laboratories
• Informatics Approaches to In Silico Drug Discovery
• Building Laboratory Informatics Capacity: Essential for Effective AMR Surveillance
• Lab Informatics Tool Helps Improve Food and Beverage Testing Lab Capabilities
• Rising Prominence of Lab Informatics Tools for Environmental Monitoring
• Challenges Facing Laboratory Informatics Market

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/huejgg

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