Laboratory Informatics Market Status Highlighted During Forecast Period 2020-2024 | Impact of COVID-19 Pandemic

Global Laboratory Informatics Market Research Report: Information by Product (Laboratory Information Management Systems (Broad-Based LIMS, Industry-Specific LIMS), Chromatography Data Systems (CDS), Electronic Lab Notebooks (ELN), Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS), Laboratory Execution Systems (LES), Enterprise Content Management (ECM) and Scientific Data Management Systems (SDMS)), Component (Software and Services), Deployment Model (On-Premise Models, Cloud-Based Models, Remotely Hosted Models), End User (Life Sciences Companies, CROs, Environmental Testing Laboratories and others) and Region – Global Forecast till 2024

Market Scenario

The global laboratory informatics market is expected to grow significantly over the forecast period. It is anticipated that the market held a valuation of USD 2422 million in 2018 and is projected to register a CAGR of 7.2% over the forecast period.The increasing participation of key players is one of the key factors driving the Laboratory Informatics market. In 2018, Abbott Laboratories announced the launch of the STARLIMS Quality Manufacturing Solution QM 11.1 to support laboratory productivity and efficiency across diverse sectors of the global manufacturing industry.

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Various other factors such as the increase in adoption of cloud-based platforms by CROs, increasing preference towards personalized medicine, untapped emerging markets, rise in regulatory approvals, and rising R&D in the field of medicine are also expected to propel the growth of the market.However, high maintenance and service costs can hamper market growth over the forecast period.

Segmentation

The global laboratory informatics market is segmented based on product, component, deployment model, end user, and region.The global market for laboratory informatics, by product, is segmented into Laboratory Information Management Systems (LIMS), Chromatography Data Systems (CDS), Electronic Lab Notebooks (ELN), Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS), Laboratory Execution Systems (LES), Enterprise Content Management (ECM), and Scientific Data Management Systems (SDMS). The Laboratory Information Management Systems (LIMS) segment is further classified as broad-based LIMS and industry-specific LIMS.

Based on component, the market is segmented into software and services.Based on the deployment model, the market is segmented into on-premise models, cloud-based models, and remotely hosted models.Based on end user, the market is segmented into life sciences companies, CROs, environmental testing laboratories, and others.In the current scope of the study, the segments mentioned above are covered into the four global regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East and African region.The laboratory informatics market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.

The European laboratory informatics market has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.  The laboratory informatics market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The laboratory informatics market in the Middle East & Africa has been segmented into the Middle East and Africa.

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Key Players

Abbott Laboratories

Accelerated Technology Laboratories

Agilent Technologies, Inc.

Autoscribe Limited

Cerner Corporation

Dassault Systèmes

IDBS

Kinematik

Lablynx, Inc.

Labvantage Solutions, Inc.

Labware

Labworks LLC

McKesson Corporation

Perkinelmer Inc.

Thermo Fisher Scientific Inc.

Waters

Regional Market Summary

The Americas dominated the global market for laboratory clinical informatics owing to the escalating healthcare cost coupled with the rising pressure to bend the cost curve resulted in increased regional adoption of laboratory information management systems. According to the Organization for Economic Co-Operation and Development, in 2018, Americans spent USD 3.65 trillion on healthcare. It is also stated that the level of spending is by far the highest in the developed world.

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In 2018, it was estimated that Europe stood second in the global laboratory informatics market. Technological advancements, along with the availability of funding opportunities in research and innovation, will support the growth of healthcare laboratory informatics. Germany commanded the largest share in the European market for medical laboratory informatics due to growing automation of laboratory systems.

Asia-Pacific (APAC) is expected to represent the phenomenal growth in medical informatics throughout the forecast period due to rising participation of market players and increasing healthcare funding. In 2018, Sysmex Corporation, Japan-based company, launched a new network solution Caresphere. The solution is designed to provide new value through the intelligent use of information by people involved in testing and healthcare.On the other hand, the Middle East and Africa held the least share in the global Laboratory Informatics market due to the low economic development, especially within the African region.

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Market Segmentation

Global Laboratory Informatics Market, by Product

Laboratory Information Management Systems (LIMS)

Broad-Based LIMS

Industry-Specific LIMS

Chromatography Data Systems (CDS)

Electronic Lab Notebooks (ELN)

Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)

Laboratory Execution Systems (LES)

Enterprise Content Management (ECM)

Scientific Data Management Systems (SDMS)

Global Laboratory Informatics Market, by Component

Software

Services

Global Laboratory Informatics Market, by Deployment Model

On-Premise Models

Cloud-Based Models

Remotely Hosted Models

Global Laboratory Informatics Market, by End User

Life Sciences Companies

CROs

Environmental Testing Laboratories

Others

Intended Audience

Medical devices companies

Government and private laboratories

Research and development (R&D) companies

Research laboratories

Market research and consulting service providers

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