Laboratory Informatics Market to Reach USD 5.6 Bn by 2028 – Revenue Forecast, Competitive Landscape, Growth And Trends
Absolute Market Insights recent analysis of the Laboratory Informatics Market finds that the increasing demand from the Growth in this market is mainly driven by the increasing need for laboratory automation, the growing demand in biobanks/biorepositories and growing R&D expenditure in pharmaceutical and biotechnology industries. is expected to witness maximum growth in the Laboratory Informatics Market during the forecast period. The global Market revenue stood at a value USD 3.4 Bn in the year 2021.
Market Synopsis
Laboratory informatics is the specialized application of information technology aimed at optimizing and extending laboratory operations. It encompasses data acquisition (e.g. through sensors and hardware, or voice), instrument interfacing, laboratory networking, data processing, specialized data management systems (such as a chromatography data system), a laboratory information management system, scientific data management (including data mining and data warehousing), and knowledge management (including the use of an electronic lab notebook). It has become more prevalent with the rise of other “informatics” disciplines such as bioinformatics, cheminformatics and health informatics. Several graduate programs are focused on some form of laboratory informatics, often with a clinical emphasis. A closely related – some consider subsuming – field is laboratory automation.
Laboratory Informatics Market on the basis of different parameters, such as forward/backward integration, economies of scale, the share of various distribution channels, various factors affecting consumer behaviour such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences. This data is likely to help the industry stakeholders and stimulate the decision-making process.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Laboratory Informatics Market is predicted to grow at a CAGR of roughly 10.80% during the forecast period.
- The Laboratory Informatics Market was estimated to be worth roughly 3.4 Bn in 2021 and is expected to reach USD 5.6 Bn by 2028; based on primary research.
- On the basis of region, is projected to dominate the worldwide Laboratory Informatics Market.
Market Dynamics:
Industry Analysis:
The report covers exhaustive analysis on the global Laboratory Informatics Market. Industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. It includes an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies. Moreover, the report covers a thorough analysis drivers, restraints, and opportunities considering regional growth factors, technological advancements, and availability of substitute, regulatory norms, and such other growth impacting factors.
Drivers:
Laboratory automation is emerging as an effective solution for tackling the challenges of shortage of laboratory professionals and methods to reduce manual intervention in lab processes. Automation of routine lab procedures, with the help of devoted workstations and software to program instruments, improves lab productivity and enables individual researchers to focus on important tasks. Automation provides high-quality data and facilitates better documentation. The presence of supervisory standards, coupled with stringent regulatory requirements for error-free results, helps in the development of standardized systems with reproducible results.The exponential rise in the data being produced by lab systems has created the need for efficient data storage, analysis, and sharing methods. Laboratory informatics solutions offer an effective solution to this demand as these solutions significantly facilitate, advance, and improve the productivity and efficiency of laboratory processes.
Restraint:
The high maintenance and service costs associated with laboratory informatics solutions are one of the major factors restraining the growth of this market. According to industry experts, the maintenance cost of IT solutions is more than the actual price of the software. Service and maintenance (which includes modification of the software as per changing user requirements) represent a recurring expenditure, amounting to almost 20–30% of the total cost of ownership. Moreover, training and implementation costs together represent around 15% of the actual price. Owing to these factors, many small and medium-sized laboratories find it difficult to invest in these systems, thereby limiting their adoption. However, with the emergence of cloud-based offerings, the effect of this restraint is expected to decrease in the coming years.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pervasive might lead to a significant delay in the commercial roll-out of the packaging industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Quarterly Market Revenue Forecast 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The Report on Laboratory Informatics Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America accounted for the largest share in the global laboratory informatics market in 2020 owing to the presence of major players along with the established technology infrastructure in this region. Furthermore, the widespread use of technologically advanced informatics solution by pharmaceutical and manufacturing companies for drug development and clinical testing processes is supporting the overall regional market’s expansion to a great extent. The rising cost of healthcare, combined with the increasing pressure to bend the cost curve, has resulted in an increase in LIMS adoption in this region.
List of Prominent Players in Laboratory Informatics Market:
- Abbott Informatics Corporation
- Agaram Technologies Pvt Ltd
- Agilent Technologies
- Autoscribe Informatics
- BioData Inc.
- Dassault Systèmes
- Infosys Limited
- Lab Informatics
- LabLynx, Inc.
- LabVantage Solutions Inc.
- LabWare
- Labworks
- Perkin Elmer
- Thermo Fisher Scientific
- WATERS
- Other Market Participants
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Laboratory Informatics Market?
- How will the Laboratory Informatics Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Laboratory Informatics Market?
- What is the Laboratory Informatics Market drivers and restrictions?
- What will be the CAGR and size of the Laboratory Informatics Market throughout the forecast period?
This market titled Laboratory Informatics Market will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years: 2016-2028
Base Year: 2021
Historic Years: 2016-2020
Forecast Years: 2022-2028
Segmentation Covered:
- By Offering
- Solutions
- Standalone
- Integrated and Customized
- Services
- Support Services
- Consulting Services
- Implementation Services
- Others
- Solutions
- By Deployment
- Cloud
- On-Premise
- By Application
- Electronic Lab Notebooks (ELN)
- Laboratory Information Management Systems (LIMS)
- Scientific Data Management Systems (SDMS)
- Chromatography Data Systems (CDS)
- Laboratory Execution Systems (LES)
- Others
- By Organization Size
- Small and Medium Organizations
- Large Organizations
- By Industry
- Healthcare and Life Sciences
- Academic & Research Institutions
- Chemical and Petrochemicals
- Food & Beverages
- Manufacturing
- Forensics
- Metals and Mining
- Oil and Gas
- Others
Region & Counties Covered
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Report Coverage
- Market growth drivers
- restraints, opportunities
- Porter’s five forces analysis
- PEST analysis
- Value chain analysis
- Regulatory landscape
- Technology landscape
- Patent analysis
- Market attractiveness analysis by segments and Regional
- Company market share analysis
- COVID-19 impact analysis
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