DUBLIN, October 21, 2021--(BUSINESS WIRE)--The "Global 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) - Forecasts to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
The increasing need for laboratory automation; development of integrated lab informatics solutions; need to comply with regulatory requirements; and the growing demand in biobanks/biorepositories, academic research institutes, and CROs are the major factors driving the growth of the laboratory informatics market. On the other hand, lack of integration standards and high maintenance and service costs are expected to restrain the growth of this market in the coming years.
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.
Increasing Need for Laboratory Automation
Development of Integrated Lab Informatics Solutions
Stringent Regulatory Requirements
Growing Demand for Lab Informatics in Biobanks/Biorepositories, Academic Research Institutes, and Cros
Growing R&D Expenditure in Pharmaceutical and Biotechnology Industries
High Maintenance and Service Costs
Lack of Integration Standards for Lims
Growing Popularity of Cloud-Based Laboratory Informatics
Significant Growth Potential in Emerging Countries
Use of Lab Informatics Solutions in the Cannabis Industry
Dearth of Trained Professionals
Interfacing with Diverse Laboratory Instruments
Thermo Fisher Scientific, Inc.
Labvantage Solutions, Inc.
Abbott Informatics (A Subsidiary of Abbott Laboratories)
Agilent Technologies, Inc.
Accelerated Technology Laboratories
Computing Solutions, Inc.
Horizon Lims (A Part of Redarrow Labs)
Anju Software (A Portfolio Company of Abry Partners)
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211021005452/en/
Laura Wood, Senior Press Manager
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