(PharmaNewsWire.Com, February 02, 2021 ) Growth in this market is mainly driven by the increasing need for laboratory automation, development of integrated lab informatics solutions, increasing need to comply with regulatory standards, and growing demand in biobanks/biorepositories. On the other hand, the lack of integration standards and high maintenance and service costs are expected to restrain the growth of this market to a certain extent.
According to research report the laboratory informatics market is estimated to reach USD 3.8 billion by 2024 from USD 2.6 billion in 2019, at a CAGR of 7.5% during the forecast period.
The services segment accounted for the largest share of the lab informatics market in 2018.
Based on components, the healthcare laboratory informatics market is segmented into services and software. The services segment dominated this market in 2018. 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.
The cloud-based models segment is expected to grow at the highest CAGR during the forecast period.
On the basis of deployment model, the lab informatics market is segmented into on-premise, cloud-based, and remotely hosted models. The cloud-based models segment is expected to grow at the highest CAGR during the forecast period. Factors such as on-demand self-serving analytics, no upfront capital investment for hardware, extreme capacity flexibility, and a pay-as-you-go pricing model will boost the demand for cloud-based laboratory informatics solutions in the coming years. However, data transfer complexities and data security concerns may hinder the growth of this market segment.
North America dominated the healthcare laboratory informatics solutions market in 2018.
In 2018, North America dominated the healthcare laboratory informatics market, followed by Europe. The large share of the lab informatics 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. Growth in the North American market is supported by the growing demand for the integration of laboratory systems, rising government funding for research, growth in biobanks, need for early drug discovery, easy availability of laboratory informatics products and services, and stringent regulatory requirements across industries.
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