Global Laboratory Informatics Market by Product (CDS, LES, ECM, EDC & CDMS, ELN, LIMS, SDMS), by Delivery Mode (Cloud-based, On-premise) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global laboratory informatics market was valued at USD 3.1 Billion in 2020. It is projected to grow at a compound annual rate (CAGR of 4.7%) between 2021 and 2028. In the next few years, there will be an increase in demand for laboratory automation. The number of data generated in laboratories has risen dramatically over the past decade due to technological advances in molecular genetics and gene testing. The demand for laboratory automation systems is expected to rise due to the increasing preference for personalized medicines and patient engagement.

Both research and manufacturing organizations in the life sciences, and medical research sectors rely on laboratories for their vitality. A laboratory's primary purpose is to produce reliable and high-quality experiment data that conforms with the industry regulations. The rapid growth of technology and stringent regulatory requirements have resulted in the rapid generation large amounts of data from many aspects, including research and development, quality control, manufacturing, and logistics.

Laboratory information systems are also becoming more popular in academic research institutes and contract research organizations (CROs), due to their many benefits. These systems offer many benefits, including process optimization, better regulatory compliance, intellectual property rights protection and reduced throughput times. They also reduce labor costs and paperless information management.

The market for laboratory informatics will benefit from the increased regulatory burden for the implementation lab automation systems. This is expected to create lucrative growth opportunities. Operation have become more repeatable and reproducible thanks to robotics and process automation in healthcare. It's now possible to quickly set up, run and analyze experimental results. High throughput systems have become more popular, which has resulted in a faster evaluation of experimental results. This increases laboratory efficiency.

The spotlight has been turned on the healthcare industry since the Coronavirus outbreak. The market for laboratory informatics has been severely affected by shortages of vital medical supplies. Nearly half of all the world's laboratories were closed down, and only 14% were functional. The government's subsequent measures, including stay-at-home orders and social distancing norms as well as movement restrictions and supply chain disruptions, have caused a logistical problem for companies that has resulted in a shortage of products being delivered to the global marketplace.

Clinical labs, however, have experienced unprecedented demand for COVID-19 tests worldwide and have had to scale up their operations. This has meant that they now face new challenges such as standardization and validation of new methods, administration of large volumes of patient specimens, test data, and rapid reporting of test results. A LIMS is essential to speed up the high demand COVID-19 testing in clinical labs. This led to its adoption.

Product Insights

Laboratory Information Management Systems (LIMS), the dominant segment in the market for laboratory informatics, held the largest revenue share at 47.2% in 2020. These systems include master data management and reporting of sample lifecycles, stability studies, system and security administration, schedules and inventory, as well as instruments, storage capacities and logistics. They also support analytical workflow.

In the coming years, segment growth will be driven by demand for fully integrated services in life sciences as well as research industries. This is to reduce data management errors and qualitatively analyze research information. These factors will ensure that the LIMS segment remains at the top of the market for the entire forecast period. Due to its increasing adoption by researchers in analytical chemistry laboratories, the Electronic Lab Notebooks (ELN system) segment will also see significant growth.

In the next few years, the Enterprise Content Management (ECM), segment will experience the highest CAGR. ECM has been growing in popularity because it provides integrated and comprehensive solutions for the increasing healthcare industry challenges. ECM provides a central approach to capturing, creating, organizing, accessing, and analysing an entire organization's media, knowledge assets and electronic documents. Companies offer ECM services such as consultation, design, implementation and maintenance.

Delivery Mode Insights

Cloud-based informatics dominated the market for laboratory informatics in 2020, accounting for 42.5% of the total revenue. It is expected to continue its dominance during the forecast period. Cloud-based technology allows for remote storage of large amounts of data to free up space on computers and to facilitate client requests for data retrieval.

This technology includes three services: Platform as a Service, Infrastructure as a Service and Software as a Service. SaaS-based services are available for cloud-based analytics software. IBM's Watson Analytic services are available on the SaaS platform. Cloud-based services are offered by Core Informatics, LabVantage Solutions, Inc., and LabVantage Solutions, Inc. for LIMS.

Cloud-based platforms are being adopted more by CROs because of their associated benefits, such as a lower labor cost, reduced time and space needed for system implementation and secure access to clinical information. Cloud-based systems offer many other benefits, including real-time data tracking and remote access to data. These factors will provide this sector with lucrative opportunities.

The installation of services and solutions within an organization is called on-premise delivery. Users receive web-based LIMS solutions via web servers that use the internet protocol. The web-based solution includes four components: internet connection, web server and data administrator. The internet and web-based services offer the advantage of being able to access remote areas with only one computer, or monitoring devices in labs. Over the forecast period, cloud computing solutions will be more popular than web-based segments.

Component Insights

Services dominated the market for laboratory informatics and was responsible for the highest revenue share at 57.9% in 2020. This segment is expected to continue its dominance over the forecast period. It is seeing an increase in the outsourcing of LIMS solutions. These services are outsourced because large pharmaceutical research laboratories lack the skills and resources required to deploy analytics.

CROs provide laboratory informatics services that include compliance with promotional spend, social media analysis, manufacturing process maintenance, preventative maintenance, predictive analytics for medical devices failure, benchmarking solutions, and predictive analytics. In the next few years, there will be a growing awareness among users about the benefits associated with these solutions.

Software will experience a significant growth in the future due to the availability and cost-effectiveness of software such as SaaS. This software offers efficient information management solutions for laboratories. Software for laboratory informatics is capable of performing critical functions like data storage, interpretation, analysis, and data capture. This software must be updated regularly in order to keep up with the most recent analytics methods.

End-use Insights

Life science companies dominated the market in laboratory informatics, accounting for more than 28.6% of the total revenue share. This includes biobanks, clinical and molecular diagnostic laboratories, contract service organisations, pharmaceutical and biotechnology firms, academic research institutes, and contract service organizations. In order to improve product quality and operational efficiency, the life sciences industry is seeing a rise in demand for laboratory informatics. These requirements are increasing, and so is the demand for electronic and virtual laboratories. Laboratory informatics systems can be used to manage large amounts of data, and also break down research silos.

The demand for LIMS is expected to grow due to technological advancements in healthcare and rising R&D in medicine. The growing adoption of LIMS in hospitals and research labs, due to its expanding application scope for patient engagement and workflow management, billing, tracking patient health information, quality assurance, and patient monitoring, is expected to boost the growth.

Due to increasing outsourcing, the CROs sector is expected to experience profitable growth over the forecast period. The lucrative growth of CROs is due to outsourcing companies' increasing adoption to lower healthcare costs. LIMS can also be used in forensic science and the metal and mining industries, as well as other pharma labs. This segment is expected to grow due to rising operational costs and the many benefits of LIMS use.

Regional Insights

North America was the dominant market for laboratory informatics in 2020, accounting for 43.4% of the total revenue. This region's growth is due to policies that support the deployment of laboratory informatics systems and infrastructure with high digital literacy. The region's rising healthcare costs and the increasing pressure to lower the cost curve have led to increased adoption of LIMS. The growth is also due to the existence of established pharma companies and the increasing need to limit operational costs in information management.

The Asia Pacific market for laboratory informatics will experience a lucrative CAGR over the next few years due to an increasing number of LIMS providers in the region. Major players seek out LIMS outsourcing from companies in the region in order to lower the cost of LIMS support systems, and increase operational efficiency.

As outsourcing hubs, emerging economies like India and China are becoming more important. China's Ministry of Health has created an action plan to deploy e-health-related services to dispersed areas of the country. It covers broad areas of healthcare, insurance plans, as well as electronic record systems that allow data sharing within the national healthcare system. These initiatives are expected to increase the penetration of laboratory informatics in China and thus boost the market for lab informatics.

Market Share Insights & Key Companies

There are many market players in the laboratory informatics market. To maintain their market position, smaller market players must compete with the larger players. Companies have developed technologically advanced platforms, such as Software as a Service (SaaS), which allows them to offer more utility and gain an advantage over their competitors. The companies also offer customized LIMS solutions. The industry will see fierce competition over the forecast period. The market for laboratory informatics includes the following players:

• Thermo Fisher Scientific, Inc.

• Core Informatics

• LabWare

• PerkinElmer, Inc.

• LabVantage Solutions, Inc.

• LabLynx, Inc.

• Agilent Technologies

• ID Business Solutions Ltd.

• McKesson Corporation

• Waters Corporation

• Abbott Informatics

Up Market Research published a new report titled “Laboratory Informatics Market research report which is segmented by Product (CDS, LES, ECM, EDC & CDMS, ELN, LIMS, SDMS), by Delivery Mode (Cloud-based, On-premise), By Players/Companies LabWare, LabVantage Solutions Inc, Thermo Fisher Scientific Inc, ID Business Solutions Ltd, Waters Corporation, LabLynx Inc, PerkinElmer Inc, Agilent Technologies, Abbott Informatics, McKesson Corporation, Core Informatics”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Laboratory Informatics Market Report Segments:

The market is segmented by Product (CDS, LES, ECM, EDC & CDMS, ELN, LIMS, SDMS), by Delivery Mode (Cloud-based, On-premise).

Laboratory Informatics Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Laboratory Informatics Market

Overview of the regional outlook of the Laboratory Informatics Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Laboratory Informatics Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Laboratory Informatics Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. CDS

                2. LES

                3. ECM

                4. EDC & CDMS

                5. ELN

                6. LIMS

                7. SDMS

                1. Cloud-based

                2. On-premise

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Laboratory Informatics Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Laboratory Informatics Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.