The global laboratory informatics market size was estimated at USD 2.4 billion in 2022 and is expected to reach over USD 3.43 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 4.6% from 2022 to 2030.
Laboratory informatics is determinate as a specialized use of information technology that uses a platform of instruments, data management tools, and software to optimize and extend laboratory operations. This enables scientific data to be gathered, processed, analyzed, and transferred for immediate usage and which can be managed, saved, and shared to assist future research, lab testing efforts, and development, all while improving laboratory efficiency. One of the fastest expanding areas of laboratory technology is informatics. Laboratory informatics focuses on the technologies connected with the information management procedures.
The increased need for laboratory automation, surge in demand in biobanks and academic research institutes, rising rapid technological developments in molecular genomics, and shifting customer tendency towards cancer genomics are all driving the growth of the laboratory informatics market. Furthermore, during the forecast period, the growing popularity of cloud-based laboratory informatics, rising usage of laboratory informatics solutions, and developing considerable growth prospects in developing nations would provide lucrative opportunities for the expansion of the global laboratory informatics market.
Scope of the Laboratory Informatics Market
|Market Size||US$ 3.43 Billion by 2030|
|Growth Rate||CAGR of 4.6% from 2022 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2030|
|Segments Covered||Product, Delivery Mode, Component, End Use, Region|
|Companies Mentioned||Thermo Fisher Scientific Inc., LabVantage Solutions Inc., Core Informatics, ID Business Solutions Ltd., McKesson Corporation, Abbott Informatics, PerkinElmer Inc., Agilent Technologies, Waters Corporation, LabLynx Inc.|
Patients might spend less time recovering due to medical innovations including more comfortable scanning equipment and better monitoring systems. Automation in surgeries has resulted from the acceptance of technology in medical equipment and telemedicine since, in some situations, clinicians do not even need to be present in the operating room with the patient when the procedure is performed. The constant advancement of technology used in health care has resulted in the adoption of laws and regulations governing its application. As a result, new techniques of providing care can be used.
The growth of the laboratory informatics market could also be fueled by a few factors. An increase in the number of diagnoses and high precision and effectiveness of discoveries are only a few of them. The laboratory informatics solutions are used to handle laboratory information and data and follow progress throughout the laboratory procedure with high precision. As a result, laboratory informatics improves the overall effectiveness of laboratories.
In 2022, the laboratory information management systems (LIMS) segment dominated the laboratory informatics market. In the upcoming years, the demand for completely integrated services in the life sciences and research industries to reduce data management errors and increase qualitative analysis of research data is likely to drive the segment’s growth.
The enterprise content management (ECM) segment, on the other hand, is predicted to develop at the quickest rate in the future years. Enterprise content management is being widely used as it provides integrated and complete solutions to address the healthcare industry’s expanding issues.
Delivery Mode Insights
In 2022, the cloud-based segment dominated the laboratory informatics market. Cloud-based technology allows for the remote storage of massive volumes of data, saving space on devices and facilitating data retrieval according to customer requirements.
The on-premise segment, on the other hand, is predicted to develop at the quickest rate in the future years. The installation of services and solutions on computers within the organization is known as on-premise delivery.
In 2022, the services segment dominated the laboratory informatics market. The expansion of the segment is being added by an increase in the outsourcing of LIMS solutions. Large pharmaceutical research labs outsource these services because they lack the resources and aptitude required for analytics adoption.
The software segment, on the other hand, is predicted to develop at the quickest rate in the future years. This is due to the availability of technologically advanced software such as SaaS, which provides excellent information management solutions for laboratories.
End Use Insights
In 2022, the life science companies segment dominated the laboratory informatics market. In order to produce innovative products and increase product quality and operational efficiency, the life sciences sector is growing its demand for laboratory informatics.
The CROs segment, on the other hand, is predicted to develop at the quickest rate in the future years. The lucrative expansion of the CROs segment is being aided by increasing usage by outsourcing organizations to reduce healthcare expenses.
North America dominated the laboratory informatics market in 2022. This is attributed to the availability of infrastructure with high digital literacy as well as legislation promoting the adoption of laboratory information systems.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. This is due to the growing number of CROs offering LIMS solutions in the region. To minimize the cost of LIMS support systems and increase operational efficiency, major players outsource LIMS to enterprises in this region.
The laboratory informatics market is highly fragmented, with a huge number of small and large businesses competing. As a result, smaller businesses are forced to compete fiercely to maintain their market position. Furthermore, the businesses offer customized LIMS solutions. As a result, industry competition is expected to be fierce during the projection period. In addition, important companies are helping to build the market by forming alliances and launching new products.
Some of the prominent players in the global laboratory informatics market include:
Segments Covered in the Report
By Delivery Mode
By End Use
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