Market Analysis and Insights: Global Laboratory Informatics Market
Laboratory Informatics Market is expected to rise from its initial estimated value of USD 3.26 billion to an estimated value of USD 5.52 billion by 2026, registering a CAGR of 6.8% in the forecast period of 2019-2026. This rise in market value can be attributed to the development of integrated lab informatics.
Market Definition: Global Laboratory Informatics Market
Laboratory informatics is application of information which are related to platform of instruments, software, and data management tools that allow scientific data to be captured, processed, and interpreted for immediate use, as well as stored, managed, and shared to support for future research and development.
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Increasing in adoption of laboratory information management systems (LIMS) this helps hospital-based labs to reduce incidence of diagnostic errors and manage high data volumes the adoption of laboratory informatics in the U.S. This significant change expected act as a driver to the market growth.
Competitive Analysis:
Global laboratory informatics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of laboratory informatics market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Market Drivers
• There is rise in need for laboratory automation this is working as market driver.
• There is an increase in demand of biobanks/biorepositories and academic research institutes this is working as market driver.
Market Restraints
• Lack of integration standards is expected to act as a restraint to the market growth.
• There is lack of trained professionals in laboratory information which is expected to act as a restraint to the market growth.
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Segmentation: Global Laboratory Informatics Market
• By Product Type
o Laboratory Information Management Systems (LIMS)
o Electronic Lab Notebooks (ELN)
o Scientific Data Management Systems (SDMS)
o Laboratory Execution Systems (LES)
o Clinical Data Management Systems (CDMS)
o Chromatography Data Systems (CDS)
• By Deployment
o On-Premise
o Cloud-Based
o Remotely Hosted
• By Component
o Software
o Services
• By Industry
o Life Science
o Pharmaceutical
o Biotechnology
o Bio Banking
o Contract Service Organizations (CRO)
o Petrochemical
o Chemicals
o Food & Beverages
o Environmental Testing
o Forensics
o Others
• By Geography
o North America
o US
o Canada
o Mexico
o South America
o Brazil
o Argentina
o Rest of South America
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Key Developments in the Market:
• In December 2018, Thermo Fisher Scientific Inc. announced that Thermo Fisher's acquired Gatan, Inc. as a wholly owned subsidiary of Roper. Both parties continue to work cooperatively with the CMA through the review process
• In October 2018 Abbott Informatics announced that launched of STARLIMS Solution which serves the life sciences industry. Abbott Informatics (AI) provides leading Laboratory Information Management Systems (LIMS) solutions that have served customers around the world for more than 30 years. This will expand Abbott Portfolio.
Key Market Competitors:
Few of the major competitors currently working in the f laboratory informatics market are Thermo Fisher Scientific, Inc. (US), LabWare (US), LabVantage Solutions, Inc. (US), Abbott Laboratories. (US), Waters (US), Agilent Technologies, Inc. (US), IDBS (UK), PerkinElmer Inc. (US), Autoscribe Informatics (UK), Arxspan LLC (US), Dassault Systèmes (France), RURO Inc. (US), Kinematik (Ireland), LabLynx, Inc. (US), and LABWORKS (US) Cerner Corporation (US), McKesson Corporation (US), Thermo Fisher Scientific Inc.(US), Scientific Repair (US) and Bargal Analytical Instruments( Israel).
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