Research laboratories and organizations across North America are increasingly modernizing their approach and using laboratory informatics solutions for capturing, tracking, managing, and sharing their research and manufacturing data. Moreover, scientific advances in the fields of genomics, proteomics, and personalized medicine exponentially increase the need for efficient data management. Laboratory informatics solutions are helping researchers and scientists seamlessly gather, store, retrieve, monitor, search, share, report and collaborate their work thereby saving time and simplifying work procedures. The North America laboratory informatics market is expected to reach $1,715.0 million by 2024, growing at a CAGR of 6.2% from 2018 to 2024.

North America Laboratory Informatics Market By Product (LIMS, ELN, LES, EDC, ECM, CDMS, SDMS), Component (Services, Software), Delivery (On Premise, Cloud, Web), End User (Pharma, Biotech, MDx, Biobank, CRO, F&B, Oil, Gas, Chemical) – Forecast To 2024

Increasing R&D activities & growing automation drives the market growth -

Increasing R&D activities help in drug discovery and drug development. This in turn, boosts the demand for efficient lab and data management. This is because laboratory informatics solutions allow researchers to capture the experiment process, relevant data, and conclusions that were drawn, while simultaneously facilitating a searchable repository of experimental data that researchers can access for effective collaboration. North American R&D spending in the life sciences industry increased by 4.5% to reach $177.6 billion in 2017 while, the U.S. R&D spending for the life sciences industry increased by 3.5% to reach $74.6 billion in 2017. Moreover, academic research is a strong and essential component of the total R&D environment in the U.S. performing nearly 60% of all the basic research. Life sciences field has the largest application of academic research, comprising more than 56% of all academic R&D funding.

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Laboratory Information Management System (LIMS) to witness the largest demand during the forecast period
LIMS solutions are widely adopted as they meet broad range of scientific needs with their ability to provide a suitable environment that is easy to use across multiple disciplines. Moreover, LIMS help laboratories to reduce manual efforts, labor cost, cost of error, and throughput time; offer paperless information management and effective data analytics; improve data traceability, accessibility, security and sharing; streamline processes; enhance quality management; and provide better control of all business processes and decision support.
On-premise informatics currently dominates the market but web & cloud-based solutions are rapidly gaining traction.

On-premise informatics dominates the market as it has been traditionally adopted mode of software delivery, and provides better customization options, total ownership and authority, and security. However, cloud-based informatics segment is expected to witness the highest CAGR during the forecast period owing to factors such as no upfront capital investment for hardware, extreme storage flexibility and scalability, real-time accessibility from anywhere, and pay-as-you-go pricing features.

The U.S. comprise significant market share in the North America laboratory informatics market -

The U.S. majorly dominates the North American laboratory informatics market owing to presence of advanced laboratory infrastructure, growing demand for integration of laboratory systems, growing digitalization, rising government funding for research activities, easy availability of laboratory informatics products and services, stringent regulatory requirements across industries, and presence of several key players in this region improving product availability and support services. Improving laboratory infrastructure and automation in the country is changing the workflow of laboratories and is enabling greater penetration of technologies and workflows in research & development labs, food & beverage industries, CROs & CMOs, and various other sectors.

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