Laboratory Informatics Market Revenue, Regional & Country Share, Key Factors, Trends & Analysis, To 2028
According to the most recent report by Emergen Research, the size of the global laboratory informatics market is anticipated to reach USD 4.21 billion in 2028, growing at a consistent revenue CAGR of 6.5%. It is anticipated that factors such as the growing need for more affordable laboratory automation solutions and the increased adoption of laboratory information management systems in biobanks or biorepositories will continue to propel the growth of the laboratory informatics market. Additional significant drivers of revenue growth for the worldwide laboratory informatics market during the forecast period include the increased need to comply with regulatory standards and the continuously evolving technological breakthroughs in software solutions for laboratories.
Driver: Growing demand for lab automation
The issues of a lack of laboratory specialists and strategies to eliminate manual intervention in lab processes are being effectively addressed through laboratory automation. By automating ordinary lab processes with the use of dedicated workstations and instrument-programming software, lab efficiency is increased and individual researchers are free to concentrate on crucial tasks. High-quality data are produced by automation, which also makes for better documentation. The creation of standardised systems with reproducible outcomes is aided by the availability of supervisory standards and strict regulatory requirements for error-free results.
High maintenance and service costs are a restraint.
One of the biggest challenges impeding the growth of this market is the high maintenance and service expenses related to laboratory informatics solutions. Industry analysts claim that the maintenance costs associated with IT solutions are more than the actual cost of the product. The cost of service and maintenance, which includes adapting the software to changing user needs, is ongoing and accounts for roughly 20–30% of the overall cost of ownership. Additionally, training and implementation expenses sum up to about 15% of the final cost. These factors make it challenging for many small and medium-sized laboratories to invest in these systems, which restricts their adoption.
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Possibility of substantial growth in emerging nations
Major emerging markets for LIMS include Brazil, China, Japan, India, Singapore, and the Middle East. The great potential for suppliers unable to fulfil the standards imposed in developed markets like the US exists in these countries because they lack appropriate standards and governmental controls. For low-cost production, several biopharma players are also moving their manufacturing facilities to Asia.
Several Important Report Highlights
In January 2020, Waters Corporation purchased Andrew Alliance SA, expanding its technology portfolio to include cutting-edge robots and apps that would improve customer workflow in the healthcare, biotechnology, and molecular biology sectors.
Due to the growing demand for affordable, secure, and dependable implementations, the services category accounted for a notably high revenue share among the component divisions in 2020. Additionally, the growing trend of outsourcing laboratory information management systems is anticipated to assist the segment’s revenue growth. The need for outsourcing services by large pharmaceutical companies is anticipated to rise as contract research organisations (CRO) with cutting-edge resources and qualified personnel carry out services.
The cloud-based deployment segment is anticipated to experience the highest revenue growth rate among the deployment segments over the projected period. The advent of cloud-based technology in the healthcare industry enables businesses to respond more quickly to customer needs, which is anticipated to accelerate the segment’s revenue growth in the years to come. To free up space on devices and make data recovery easier based on client demands, cloud technology helps store big volumes of data offsite.
Due to growing awareness of the many benefits connected with using laboratory informatics management systems, the Laboratory Information Management Systems (LIMS) segment is predicted to experience the fastest revenue growth rate among the solution categories throughout the projection period.
Companies profiled in the global market report include Agilent Technologies, Inc., Dassault Systèmes SE, LabLynx, Inc., Thermo Fisher Scientific, Inc., LabVantage Solutions, Inc., Cerner Corporation, McKesson Corporation, PerkinElmer, Inc., Accelerated Technology Laboratories Inc., and Waters Corporation.
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Emergen Research has segmented the global laboratory informatics market on the basis of component, deployment, solution, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
Deployment Outlook (Revenue, USD Billion; 2018-2028)
Solution Outlook (Revenue, USD Billion; 2018-2028)
- Electronic Lab Notebooks
- Laboratory Information Management Systems
- Scientific Data Management Systems
- Electronic Data Capture
- Laboratory Execution Systems
- Clinical Data Management Systems
- Enterprise Content Management
- Chromatography Data Systems
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Contract Research Organizations
- Environmental Testing Laboratories
- Food & Beverage
- Oil & Gas
- Pharmaceutical & Biotechnology
- Petrochemical Refineries
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
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