(PharmaNewsWire.Com, October 08, 2019 ) The market is witnessing growth due to factors such as increasing need for laboratory automation, development for integrated lab informatics solutions, growing demand in biobanks/biorepositories, academic research institutes, and CROs, and need to comply with regulatory standards.
Market Share - According to research report the Lab Informatics Market is expected to reach USD 3.16 billion by 2022 from USD 2.32 billion in 2017, at a CAGR of 6.4% during the forecast period.
The emergence of cloud-based services via the internet has led to significant advances in the Lab Informatics Market. Advances in virtualization and improved access to high-speed internet offers innovative solutions often at lower costs. With cloud-based solutions, companies are only required to pay for the software subscription instead of purchasing full licenses, which reduces the maintenance costs related to in-house deployment. Due to benefits such as enhanced data accessibility, cost-effectiveness, and real-time analysis, cloud-based models have emerged as effective solutions for delivering laboratory informatics, thereby offering significant growth opportunities to laboratory informatics vendors
• Based on the type of solution offered, the market is segmented into Based on type of solution, the global Lab Informatics Market is segmented into LIMS, In 2017, The LIMS segment is expected to grow at the highest CAGR 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. • By deployment model, the market is segmented into on-premise, cloud-based, and remotely-hosted models. Cloud-based deployment model is expected to grow at the highest CAGR during the forecast period. No upfront capital investment for hardware, extreme capacity flexibility and a pay-as-you-go pricing model are expected to fuel the market growth in this segment. • Based on industry, the Lab Informatics Market is segmented into pharmaceutical and biotechnology companies, biobanks and biorepositories, contract service organizations, molecular diagnostics & clinical research laboratories, and academic research institutes. Among these biobanks and biorepositories are expected to witness the highest growth during the forecast period. The demand for high-quality specimens has driven the need for automated storage, preparation, and adoption of data management systems to obtain accurate, reliable, and standardized data.
In addition to this, factors such as government funding for scientific research and development, and collaboration among market players to offer lab informatics solutions to bio banking industry will create a positive impact on the lab informatics market growth.
Geographic Overview - Among the four regional segment covered in the Global Lab Informatics Market, namely North America, Europe, Asia, and Rest of the World (RoW)- Asia is expected to register highest CAGR during the forecast period.
Significant growth potential in emerging countries China, Malaysia, Singapore, Brazil, India, and Middle Eastern countries are major upcoming markets for LIMS. In most of these countries, the LIMS market is still in the nascent stage. In addition, these markets lack proper standards and government regulations, thus offering potential growth opportunities for vendors unable to meet the standards set by governments in markets such as the US.
Over the last few years, there has been a significant increase in the number of clinical research activities in Asian countries. According to Clinicaltrials.gov, in June 2017, ~15% of the world’s clinical trials were being carried out in Asian countries. The large volume of data generated during such research activities is expected to necessitate the use of data management systems.
Prominent players operating in the lab informatics market are also focusing on strengthening their presence in these emerging economies. In 2015, LabVantage Solutions, Inc. (US) announced the general availability of LabVantage Pharma in the Indian market. This enabled the company to serve its Asian customer base through local industries that can better understand the needs of customers and provide customized support services. Such launches will help strengthen the distribution networks of market players and lead to an increase in the implementation of lab informatics software in emerging economies. Moreover, with markets in the US and Europe reaching the maturity phase, a majority of market players is expected to shift their focus to emerging markets.
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