Laboratory Informatics Market Size is Estimated to Grow at a CAGR of 7.4% by 2026 | Valuates Reports

The Global Laboratory informatics market is segmented by Product (Laboratory Information Management Systems, Electronic Lab Notebooks, Scientific Data Management Systems, Laboratory Execution Systems, Electronic Data Capture & Clinical Data Management Systems, Chromatography Data Systems, and Enterprise Content Management), Delivery Mode (On-premise, Web-hosted and Cloud-based), Component (Software and Services), End-Use (Life Sciences, Chemical Industry, CROs, Food and Beverage and Agriculture Industries, Environmental Testing Laboratories, Petrochemical Refineries & Oil and Gas Industry and Other Industries). . The report covers global opportunity analysis and industry forecasts from 2021 to 2027. This report is published in Valuates Reports under Health Foundations & Medical Research Category.

The Laboratory Informatics Market is estimated to grow at the rate of 7.4% CAGR by 2026.

Major factors driving the growth of the laboratory informatics market are:
● The market is expected to increase due to the increasing use of laboratory information management systems to assist hospital-based laboratories in reducing diagnostic errors and handling large amounts of data.
● Furthermore,there is an increasing need for laboratory automation and the need to comply with regulatory standards.

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LAB INFORMATICS MARKET SHARE

Based on product, LIMS accounts for a considerable portion of the market's growth.

The LIMS solution is mostly used in the life sciences and research business to eliminate data management errors and improve the quality of research information analysis. These elements are projected to boost the segment's growth.

Based on delivery mode, the cloud-based distribution option helps to store a large amount of data offsite, freeing up space on devices and allowing data retrieval according to the customer's needs. As a result, the cloud-based delivery option has a substantial market share in laboratory informatics.

Based on service, the service segment accounted for the highest share in the market growth.

This is owing to a rise in the outsourcing of LIMS solutions and an increase in the demand for outsourced services by major pharmaceutical research labs, which lack the resources and skill set needed for analytics deployment.

Because of variables such as strategies that facilitate the use of laboratory informatics and infrastructure with high digital literacy, North America has a significant market share. Furthermore, rising healthcare expenditures and the growing burden of cost containment are adding to market growth in this region.

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