Laboratory Informatics Market Size Driven by Recent Developments, Marketing Approaches, and Innovation

The Global Laboratory Informatics Market Size accounted for USD 3,248 Million in 2021 and is estimated to achieve a market size of USD 4,646 Million by 2030 growing at a CAGR of 4.2% from 2022 to 2030.

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Laboratory Informatics Market Dynamics

In recent years, development in laboratory automation trends is expected to boost acceptance and acceptance of the digital system in pharmaceutical and healthcare globally. The amount of information generated by laboratories has grown significantly in recent years as a result of technological advances in molecular genomics with genetic testing techniques. Moreover, the shift in inclination toward tumor genomics research, tailored therapy, and enhanced patient involvement requirements is expected to promote growing demand for the laboratory informatics market.
Laboratory informatics is an information technology application that aims to improve and expand laboratory operations. It includes, among other things, data gathering via a sensor, instrument interfacing, data processing, specialized data management systems, scientific data management, laboratory information management system (LIMS), laboratory networking, and knowledge management.

Laboratory Informatics Market Growth Factors

• Growing demand for laboratory automation

• Integration of laboratory informatics systems in emerging regions

• Rising demand in university research facilities, and biotechnological companies

• Increasing R&D expenditure in the biotechnology and pharmaceutical industries

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Laboratory Informatics Market Segmentation

The global laboratory informatics market has been segmented by Acumen Research and Consulting based on product, deployment, component, and end-use. By product, the market is separated into laboratory information management systems (LIMS), scientific data management systems (SDMS), electronic lab notebooks (ELN), enterprise content management (ECM), laboratory execution systems (LES), electronic data capture (EDC) & clinical data management systems (CDMS), and chromatography data systems (CDS). In terms of the product, the laboratory information management systems (LIMS) segment dominates the market, and the segment is expected to maintain its dominance during the projected timeline. LIMS, often known as a laboratory management system, is a software-based system that assists the functioning of a modern laboratory.

By deployment, the market is divided into Web-hosted, on-premise, and cloud-based. Based on deployment, the on-premise segment is expected to account for the greatest revenue share and is expected to grow steadily in the near future. Furthermore, cloud-based deployment is expected to increase the fastest during the forecasted period of 2022 to 2030. Moreover, the market is further divide into the software, and service, based on the component. In terms of end-use, the market is further categorized into life science companies, petrochemical refineries and oil & gas industry, CROs, chemical industry, environmental testing laboratories, food & beverage and agriculture industries, and other industries. According to the laboratory informatics market forecast, the CROs segment is expected to hold significant market shares in the coming years.

Laboratory Informatics Market Regional Overview

The global laboratory informatics market is divided into five geographic regions: North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa. According to the laboratory informatics industry analysis, North America accounted for the greatest revenue share in the global market, and the region is expected to continue to dominate over the forecasting years. The region's main economies, particularly the United States and Canada, contribute the most revenue. The regional market value is being supported by the continuously rising medical infrastructure as a result of the growing need for effective treatments for ongoing diseases. The growing awareness of hygiene, as well as quality assurance and standards in the chemical, healthcare, food, and beverage, as well as other related industries, is adding to the region's dominance.

Besides that, the Asia-Pacific region is expected to expand at the fastest rate between 2022 and 2030. The region's developing economies are assisting in the expansion of the region's laboratory informatics sector. The rising investment by major companies as well as the government in research facilities for new advancements as well as obeying the standards of the specific region is driving regional market expansion.

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Laboratory Informatics Market Players

Some of the prominent laboratory informatics market companies are Abbott Laboratories, Agilent Technologies, Thermo Fisher Scientific, Inc., McKesson Corporation, Cerner Corporation, IDBS, LabLynx, Inc., LabWare, PerkinElmer Inc., LabVantage Component, Inc., Core Informatics, and Waters Corporation.

Laboratory Informatics Market Strategies

• LOOP Zurich, a modern treatment research facility in Zurich, emphasizes patient-centered therapy. The center's purpose is to bring together expert expertise in biology, bioinformatics, or clinical research from the University of Zurich, ETH Zurich, and Zurich's four university hospitals.

• Citrine Informatics has worked with numerous go-to-market, innovation, & implementation partners on innovative Q1 deals in 2021. It has also revealed a strategic relationship with Siemens to combine the Citrine Platform with Siemens' Opcenter Research Development & Laboratory management system and Simcenter product simulation tools.

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