Laboratory Informatics Market to Witness Growth by a CAGR of ~10.8% | Thermo Fisher Scientific Inc., LabVantage Solutions, Inc., LabWare, Abbott Informatics, LabLynx, Inc., Waters

Laboratory Informatics Market report performs a study of the Healthcare industry precisely which explains what the market definition, classifications, applications, engagements, and global industry trends are. This market research report is a great option to make better decisions, generate maximum revenue, and enhance business profit. In this competitive age, comprehensive knowledge about the competitive landscape, the product range of the competitors, strategies, and future prospects are very important. Additionally, this Laboratory Informatics Market research report combines historic data, current market trends, market environment, technological innovation, upcoming technologies, and the technical progress in the related industry.

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The global laboratory informatics market is estimated to reach USD 5.6 billion by 2026 from USD 3.4 billion in 2021, at a CAGR of 10.8% during the forecast period. Laboratory Informatics Market by Type of Solutions (LIMS, ELN, CDS, EDC, CDMS, LES, ECM, SDMS), Component (Software, Service), Delivery (On-premise, Cloud), Industry (CRO, CMO, Pharma, Biotech, Chemical, Agriculture, Oil, Gas) - Global Forecasts to 2026

For drafting sustainable and profitable business strategies, the Laboratory Informatics Market report acts as a valuable and actionable resource of market insights that are always significant. For better decision making, sustainable growth, and maximum revenue generation today’s businesses call for a comprehensive market research report. The market study of the Laboratory Informatics Market report helps businesses to define their own strategies about the development in the existing product, modifications to consider for the future product, sales, marketing, promotion, and distribution of the product in the existing and the new market. Laboratory Informatics Market research analysis report serves a lot for the business and gives solution for the toughest business questions.

Some of the prominent players operating in the market are

Thermo Fisher Scientific Inc. (US),
LabVantage Solutions, Inc. (US),
LabWare (US),
Abbott Informatics (US),
LabLynx, Inc. (US),
Waters (US),
Agilent Technologies, Inc. (US),
Dassault Systèmes (Paris, France),
PerkinElmer Inc. (US),
and LABWORKS LLC (US)

The primary interviews conducted for this report can be categorized as follows:

By Company Type- Tier 1 – 38%, Tier 2 – 45%, Tier 3 – 17%
By Designation- Managers – 29%, CXOs – 44%, Executives – 27%
By Region- North America- 42%, Europe- 28%, Asia Pacific- 21%, and RoW – 9%

LIMS segment is projected to record the highest CAGR

Based on type of solution, the laboratory informatics market is segmented into laboratory information management systems (LIMS), electronic lab notebooks (ELN), chromatography data systems (CDS), electronic data capture (EDC) & clinical data management systems (CDMS), laboratory execution systems (LES), enterprise content management (ECM), and scientific data management systems (SDMS). The LIMS segment is projected to record the highest CAGR owing to the wide range of benefits associated with the use of these systems, including increased workflow efficiencies, reduced transcription errors, easy integration with other lab systems, and better regulatory compliance. Additionally, growing adoption of LIMS in biobanks and biorepositories as well as academic research organizations and CROs and CMOs create a positive impact on the growth of this market.

Services segment is expected to register the highest growth during the forecast period

Based on the component, the laboratory informatics market is segmented into services and software. The services segment dominated this market in 2020. The large share of the services segment can be attributed to the growing technological advancements in solution offerings by various vendors, increasing adoption of cloud-based solutions, growing need for consulting services, and the recurring nature of services. Furthermore, in terms of IT usage and skill, the life science industry relies heavily on service providers.

“Asia to witness high growth during the forecast period.”

By region, the global laboratory informatics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America dominated the market in 2020. The large share of this market can primarily be attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region. However, Asia is expected to register the highest CAGR during the forecast period. Factors such as growing R&D investments, growing awareness of lab informatics solutions, increase in drug development-based research, and rising pressure to comply with regulatory requirements are driving the growth of the laboratory informatics market in Asia.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall laboratory informatics market and its sub segments. This report will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. It will also enable stakeholders to understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.

The Laboratory Informatics Market report highlights the change in the market which is taking place due to the moves of key players and brands such as product launches, joint ventures, mergers, and acquisitions that in turn changes the view of the global face of the Healthcare industry. This global market research report analyses key factors of the market that gives precise and accurate data and information about the Healthcare industry which is useful for the business. To organize such an excellent Laboratory Informatics Market report, the blend of best industry insight, practical solutions, talent solutions, and the latest technology have been used.

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This release was published on openPR.