According to Emergen Research, the global laboratory informatics market size was USD 2.54 billion in 2020 and is expected to reach USD 4.21 billion in 2028 and register a revenue CAGR of 6.5% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Laboratory Informatics Market, By Component (Software, Services), By Deployment (Cloud-based, On-premise, Web-hosted), By Solution (Electronic Data Capture, Electronic Lab Notebooks, Laboratory Information Management Systems, Scientific Data Management Systems, Laboratory Execution Systems, Clinical Data Management Systems, Enterprise Content Management, Chromatography Data Systems), By End-use (Pharmaceutical & Biotechnology Industries, Food & Beverage Industry, Oil & Gas Industry, Contract Research Organizations, Environmental Testing Laboratories, Petrochemical Refineries, Others), and By Region, Forecast to 2028”
According to Emergen Research, the global laboratory informatics market size was USD 2.54 billion in 2020 and is expected to reach USD 4.21 billion in 2028 and register a revenue CAGR of 6.5% during the forecast period, 2021-2028.
Market Dynamics:
Key factors providing impetus to the global laboratory informatics market revenue growth are technological advances in genomics and genetic testing, growing use of laboratory automation systems for reduced human errors and higher accuracy in results, rapid adoption of laboratory information management systems (LIMS) in laboratories, and rapid adoption of laboratory informatics software in bio-banks and bio-repositories. Laboratory informatics refers to the specialized application of information via platforms including software, instruments, and data management tools. It is designed to augment the efficiency of laboratory operations and allows the capture, migration, processing, and interpretation of scientific data for lab testing procedures and scientific research & development projects. Moreover, laboratory informatics maximizes laboratory workflow and aids in laboratory data analysis and management. Other major factors boosting the global market revenue growth are increasing volumes of diagnostic laboratory tests and rising need for scientific data management and integration solutions. However, market revenue growth is restrained by factors such as high maintenance and service costs of laboratory informatics solutions and lack of skilled laboratory personnel.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Cloud-based Segment Accounted for Largest Revenue Share in 2020:
Based on deployment, the global laboratory informatics market is segmented into cloud-based, on-premise, and web-hosted. The cloud-based segment held the largest revenue share in the global market in 2020 due to certain favorable factors. Cloud-based laboratory informatics solutions aid in storage of large volumes of data and data recovery based on various client requirements. Rapid adoption of cloud-based laboratory informatics solutions is one of the key factors driving this segment’s revenue growth.
Laboratory Information Management Systems (LIMS) Segment to Register Fastest Revenue CAGR:
The laboratory information management systems segment is expected to register the fastest revenue CAGR in the global market over the forecast period. Increasing use of laboratory informatics management systems due to advantages such as centralized and streamlined laboratory workflows, standardized lab tests and procedures, and automation of a wide range of laboratory processes is a key driver for this segment’s revenue growth.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America laboratory informatics market dominated other regions in terms of revenue share in the global market in 2020. Major factors driving the regional market revenue growth are growing emphasis on laboratory automation, growing need for reducing lab operational costs, rising adoption of laboratory information management systems, and increasing demand for outsourced laboratory testing services. Another key factor boosting the North America market revenue growth is the presence of some of the leading market players in the region, including Cerner Corporation, Waters Corporation, Agilent Technologies, and PerkinElmer.
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Major Companies in the Market Include:
- Agilent Technologies, Inc.
- Dassault Systèmes SE
- LabLynx, Inc.
- Thermo Fisher Scientific, Inc.
- LabVantage Solutions, Inc.
- Cerner Corporation
- McKesson Corporation,
- PerkinElmer, Inc.
- Accelerated Technology Laboratories Inc.
- Waters Corporation
For the purpose of this report, Emergen Research has segmented the global laboratory informatics market based on component, deployment, solution, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
- Software
- Services
Deployment Outlook (Revenue, USD Billion; 2018-2028)
- Cloud-based
- On-premise
- Web-hosted
Solution Outlook (Revenue, USD Billion; 2018-2028)
- Electronic Data Capture
- Electronic Lab Notebooks
- Laboratory Information Management Systems
- Scientific Data Management Systems
- Laboratory Execution Systems
- Clinical Data Management Systems
- Enterprise Content Management
- Chromatography Data Systems
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Pharmaceutical & Biotechnology Industries
- Food & Beverage Industry
- Oil & Gas Industry
- Contract Research Organizations
- Environmental Testing Laboratories
- Petrochemical Refineries
- Others
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Region Outlook (Revenue: USD Million; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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