A new market study by Absolute Markets Insights on the Laboratory Informatics Market offers an in-house analysis of global economic conditions and related economic factors and indicators to evaluate their impact on the Laboratory Informatics Market historically to propose a tentative future scenario and current growth traits. The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the market. Besides this, the report offers a detailed analysis of geographical areas and describes the competitive scenario to assist investors, prominent players, and new entrants to obtain a major share of the global Laboratory Informatics Market.
The global Laboratory Informatics Market was valued at US$ 3.4 Bn in 2021 and is projected to reach US$ 5.6 Bn by 2029 growing at a CAGR of 10.80% over the forecast period (2022 – 2029).
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Laboratory informatics is the specialized application of information technology aimed at optimizing and extending laboratory operations. It encompasses data acquisition (e.g. through sensors and hardware, or voice), instrument interfacing, laboratory networking, data processing, specialized data management systems (such as a chromatography data system), a laboratory information management system, scientific data management (including data mining and data warehousing), and knowledge management (including the use of an electronic lab notebook). It has become more prevalent with the rise of other “informatics” disciplines such as bioinformatics, cheminformatics and health informatics. Several graduate programs are focused on some form of laboratory informatics, often with a clinical emphasis. A closely related – some consider subsuming – field is laboratory automation.
The Laboratory Informatics Market report has classified the market into segments including product type, application & more. Every segment is evaluated based on share and growth rate. Besides, the analysts have studied the potential regions that may prove rewarding for the manufacturers in the coming years. The regional analysis includes reliable predictions on value and volume, thereby helping market players to gain deep insights into the overall industry. Besides segmental breakdown, the report is highly structured into a region-wise study. The researchers’ regional analysis highlights key regions and their dominating countries accounting for substantial revenue share in the Laboratory Informatics Market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR.
In addition, the report also contains major collaborations, mergers and acquisitions, leading market trends, and business policies are evaluated. The study contains primary and secondary information that pertains to the Laboratory Informatics Market in terms of global status, market size, growth forecasts, trends, segments and a detailed forecast.
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Impact of COVID-19:
This study presents insights on COVID-19 in consumer behavior and shifts in demand, purchasing patterns, supply chain reorganization, market forces dynamics and substantial government involvement. The new research provides insights, analyses, estimates and forecasts in view of COVID-19’s effect on the markets. The Laboratory Informatics Market report delivers a solid watch on the prominent players in terms of strategic analysis, micro and macro market trends and opportunities, pricing trends and a generalized overview of the market. The Laboratory Informatics Market is a detailed study packed with primary and secondary market drivers, market share, leading segments, and an apt geographical analysis.
Laboratory Informatics Market – Drivers
Laboratory automation is emerging as an effective solution for tackling the challenges of shortage of laboratory professionals and methods to reduce manual intervention in lab processes. Automation of routine lab procedures, with the help of devoted works
The exponential rise in the data being produced by lab systems has created the need for efficient data storage, analysis, and sharing methods. Laboratory informatics solutions offer an effective solution to this demand as these solutions significantly facilitate, advance, and improve the productivity and efficiency of laboratory processes.
Laboratory Informatics Market – Restraints
The high maintenance and service costs associated with laboratory informatics solutions are one of the major factors restraining the growth of this market. According to industry experts, the maintenance cost of IT solutions is more than the actual price of the software. Service and maintenance (which includes modification of the software as per changing user requirements) represent a recurring expenditure, amounting to almost 20–30% of the total cost of ownership. Moreover, training and implementation costs together represent around 15% of the actual price. Owing to these factors, many small and medium-sized laboratories find it difficult to invest in these systems, thereby limiting their adoption. However, with the emergence of cloud-based offerings, the effect of this restraint is expected to decrease in the coming years.
Some of the major players operating in the Laboratory Informatics Market are listed below:
- Abbott Informatics Corporation
- Agaram Technologies Pvt Ltd
- Agilent Technologies
- Autoscribe Informatics
- BioData Inc.
- Dassault Systèmes
- Infosys Limited
- Lab Informatics
- LabLynx, Inc.
- LabVantage Solutions Inc.
- LabWare
- Labworks
- Perkin Elmer
- Thermo Fisher Scientific
- WATERS
- Other Market Participants
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Key Questions Answered in this Report:
- Which regions will continue to remain the most profitable regional markets for Laboratory Informatics Market players?
- Which factors will induce a change in the demand for Laboratory Informatics Market during the assessment period?
- How will changing trends impact the market?
- How can market players capture the low-hanging opportunities in the Laboratory Informatics market in developed regions?
- Which companies are leading the market?
- What are the winning strategies of stakeholders in the market to upscale their position in this landscape?
Global Laboratory Informatics Market Segmentation:
- By Offering
- Solutions
- (Standalone
- Integrated and Customized)
- Services
- (Support Services
- Consulting Services
- Implementation Services
- Others)
- By Deployment
- Cloud
- On-Premise
- By Application
- Electronic Lab Notebooks (ELN)
- Laboratory Information Management Systems (LIMS)
- Scientific Data Management Systems (SDMS)
- Chromatography Data Systems (CDS)
- Laboratory Execution Systems (LES)
- Others
- By Organization Size
- Small and Medium Organizations
- Large Organizations
- By Industry
- Healthcare and Life Sciences
- Academic & Research Institutions
- Chemical and Petrochemicals
- Food & Beverages
- Manufacturing
- Forensics
- Metals and Mining
- Oil and Gas
- Others
- By Region
- North America
- United States
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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