Laboratory Informatics Market Size Is Expanding To Around USD 3.43 Bn By 2030

---

10 Sep 2024

Table of Content

The global laboratory informatics market size surpassed USD 2.4 billion in 2022 and it is expanding to around USD 3.43 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.6% between 2022 and 2030.

Laboratory informatics is a specialized use of information technology that uses a platform of devices, programs, and data management tools to enhance and expand laboratory operations. This increases the effectiveness of laboratory operations while enabling the capture, migration, processing, and interpretation of scientific data for immediate use, as well as storage, management, and sharing to assist future research, development, and lab testing initiatives. 

Laboratory informatics is one of the laboratory-related technological fields with the most significant growth. Information management is still crucial, and laboratory informatics is concerned with the tech behind information management processes.

Scientific data management, including data mining and warehousing, knowledge management, specific data management systems (such as a chromatography data system), laboratory information management systems, and instrument interface, are all encompassed (including the use of an electronic lab notebook).

It has spread more widely as other "informatics" subjects like cheminformatics, bioinformatics, and health informatics have gained popularity. Aspects of laboratory informatics are common in graduate programs, occasionally with a clinical emphasis. A topic closely related to and, to a few, even incorporates it is laboratory automation.

A surge in demand for laboratory automation will likely stimulate adoption in the following years. The volume of laboratory data generated has significantly expanded due to recent technological advancements in genetic testing techniques and molecular genomics.

2022 is the base year to forecast the market from 2022 to 2030. The market size for 2021 is projected based on actual data and outputs from major global players and key players. When predicting the market through 2030, the last five years' tendencies are considered. 2021 will be a year of analysis and exceptions, particularly in light of the effects of the regional lockdown.

Laboratory Informatics Market Report Scope

Report Highlights

• By product, the market for laboratory informatics was led by the laboratory information management systems (LIMS) category in 2020. On the other hand, the enterprise content management (ECM) market will likely grow at the fastest rate in the following years because it offers integrated and comprehensive solutions to the rising difficulties facing the healthcare industry.
• By Delivery mode, the laboratory informatics market was led by cloud-based solutions in 2020. Cloud-based technology makes it possible to store enormous amounts of data remotely. It is anticipated that the on-premise segment will grow at the fastest rate in the next years, says Forrester.
• By component, the market for laboratory informatics was dominated by the services segment in 2020. Large pharmaceutical research labs contract out these services since they lack the skills and resources necessary to apply analytics. The software sector will likely grow the fastest in the next years. This is because cutting-edge software, like SaaS, is readily available.
• By end-user, the market for laboratory informatics was controlled by life science enterprises in 2020. The CRO market will likely grow the fastest during the next years. The lucrative growth of the CROs market is being aided by the rising use of outsourcing companies to cut healthcare costs.

Market Dynamics

Market Drivers

Rising demand for laboratory automation

Laboratory automation effectively addresses the need for more laboratory professionals and methods to reduce manual labor participation. Using specialized instrument-programming software and workstations to automate routine lab procedures improves lab efficiency, and investigators are free to focus on essential tasks. 

Automation produces high-quality data, which also results in enhanced documentation. The availability of stringent regulatory criteria and supervisory standards for error-free findings facilitates the development of standardized systems with reproducible results. The exponential expansion in the volume of data produced by lab equipment has created a requirement for efficient data processing, storage, and dissemination methods.

New technology adaptations

Medical advancements, including comfortable scanning equipment and more effective monitoring systems, help patients heal more quickly. The use of technology in telemedicine and medical devices has led to the automation of procedures because, in some instances, doctors don't even require to be physically present in the operating room with patients while the procedure is being performed. 

Regulations and laws have been set up to regulate healthcare technology because it has been developing steadily. As a result, innovative caregiving methods are now possible.

High costs for services and maintenance

The high costs associated with laboratory informatics systems' maintenance and service are one of the main factors preventing this market from expanding. Industry analysts assert that IT system maintenance expenses are more than the price of the actual product. Around 20 to 30% of the total cost of ownership is made up of recurring maintenance and servicing costs, including adjusting the software to evolving user needs. 

Additionally, the costs related to implementation and training account for 15% of the total cost. These factors make it difficult for many medium and small-sized laboratories to invest in such systems, which limits their acceptance.

Recent Developments

• In February 2022, advanced AI technology created by Virtual Control was purchased by Agilent Technologies, Inc. With this purchase, the business added ACIES software to the leading gas chromatography and mass spectrometry (GC/MS) platform in the industry, increasing efficiency, productivity, and output in labs worldwide.
• In October 2021, Signals Research Suite, a comprehensive cloud-based solution hosted on Amazon Web Services, was introduced by PerkinElmer, Inc. The suite is a safe informatics platform that offers industrial and pharmaceutical firms whole, end-to-end scientific data management and workflow.
• In July 2021, STARLIMS Corporation, an Abbott company, switched to Technology Platform v12.2. All capabilities from earlier ELN versions are now accessible in document viewer HTML5: Standard Operating Procedures (SOP), with increased functionality and improvements. The new design of HTML5 improved usability, integration, and startup speed.
• In August 2020, Thermo Fisher Scientific increased the options for SampleManager LIMS software deployment models, enabling labs to deploy software end-to-end in the Amazon Web Services (AWS) cloud. Customers of LIMS software can use the system's improved functionality and integration abilities without spending a lot of effort on setting up and maintaining a cloud environment.

Major Key Players:

• 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.

Market Segmentation

By Product

• LIMS
• ELN
• SDMS
• LES
• EDC & CDMS
• CDS
• ECM

By Delivery Mode

• On-premise
• Web-hosted
• Cloud-based

By Component

• Software
• Services

By End Use

• Life Sciences Companies
• CROs
• Chemical Industry
• F&B and Agriculture
• Environmental Testing Labs
• Petrochemical Refineries & Oil and Gas Industry
• Other Industries

Buy this Research Report@ https://www.precedenceresearch.com/checkout/1536

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com| +1 9197 992 333