January 12, 2021
According to the research report titled ‘Global Laboratory Informatics Market Analysis, 2020‘, available with Market Study Report LLC, global laboratory informatics market is projected to register 8.5% CAGR during 2020-2025.
Rising interest towards laboratory automation and surging requirement for laboratory information management systems are fueling the growth of global laboratory Informatics market. Further, rising demand for biobanks/biorepositories and growing requirement to comply with regulatory standards are boosting the market growth.
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In terms of product, global laboratory informatics market is segmented into enterprise content management systems (ECM), electronic data capture (EDC) & clinical data management systems (CDMS), laboratory information management systems (LIMS), scientific data management systems, electronic lab notebooks (ELN), laboratory execution systems (LES), and chromatography data systems (CDS).
Industry experts cite that laboratory information management systems segment captured highest industry share in recent past and is expected to witness significant gains during 2020-2025, owing to its advantages such as improved regulatory compliance, process optimization, reduced throughput, and decrease in errors. Further, other factors such as active usage of paperless technology, reduction in labor cost, and effective data analytics are enhancing the product demand. However, enterprise content management (ECM), and electronic lab notebooks (ELN) segments are outpacing the LIMS market in recent times.
Based on deployment mode, global laboratory informatics market is segmented into cloud-based models, on-premise models, and remotely hosted models. The emergence of advanced software solutions and their rapid adoption in healthcare and IT providers are anticipated to fuel the growth of on-premise software solutions segment in coming years. Further, other advantages such as low operational cost, cost-effective, and real-time data tracking and transferring are encouraging the use of on-premise model.
From a regional frame of reference, North America laboratory informatics market remuneration is experiencing a notable hike, attributable to rapid adoption of new technology, high disposable income of individuals, presence of an advanced healthcare infrastructure, and strong concentration of leading manufacturers in the region. Whereas, Asia-Pacific region is witnessing rapid growth in recent years, largely due to rising government spending in healthcare coupled with increasing medical opportunities and low treatment costs in countries such as India and China.
Major players influencing global laboratory informatics market trends are LabVantage Solutions, Inc., Abbott Laboratories, Core Informatics, LLC, LabWare, Lablynx, Inc., Agilent Technologies, Inc., Autoscribe Informatics, Thermo Fisher Scientific, Inc., Cerner Corporation, and Waters Corporation.