(PharmaNewsWire.Com, April 06, 2021 ) Meticulous Research®, leading global market research company published a research report titled “Laboratory Informatics Market by Product (LIMS, ELN, LES, EDC, ECM, CDMS, SDMS), Component (Services, Software), Delivery (On-Premise, Web, Cloud), End User (Pharma, Biotech, MDx, Biobank, CRO, F&B, Oil, Gas, Petroleum, Chemical) – Global Forecast to 2023“.
According to this latest publication from Meticulous Research®, the laboratory informatics market will grow at a CAGR of 6.5% from 2018 to 2023 to reach USD 3,531.2 million by 2023, driven by various factors such as growing automation in laboratories; technological advancements in laboratory informatics systems; growing need for regulatory compliance; and increasing demand in biobanks/biorepositories, academic research institutes, and contract research organizations (CROs).
Emerging economies such as Latin America, Asia-Pacific, Middle East & Africa provides significant potential for growth. Moreover, rapid adoption of cloud-based informatics provides immense growth opportunities for various stakeholders in the laboratory informatics market.
The laboratory informatics market is mainly categorized by product (laboratory information management systems (LIMS), electronic laboratory notebook (ELN), chromatography data systems (CDS), electronic data capture (EDC) & clinical data management systems (CDMS), laboratory execution system (LES), enterprise content management (ECM), and scientific data management systems (SDMS), mode of delivery (on-premise solutions,cloud-based solutions, and web-based solutions), component (services and software), end user (life sciences industry, chemical testing laboratories, food & beverage and agriculture industries, petrochemical and oil & gas industries, and others), and by geography.
On the basis of product, laboratory information management systems (LIMS) segment is expected to continue to dominate the global laboratory informatics market during the forecast period, mainly due to technological advancements in LIMS, growing replacement of old legacy LIMS with COTS LIMS, and growing application of LIMS in biobanking, academic research institutes, and CROs.
On the basis of mode of delivery, on-premise solutions held the largest share in the laboratory informatics market in 2017. This is mainly because on-premise solutions are more customizable than other two deployment models, laboratories have total ownership and authority, and this model is perceived to be more secure.
On the basis of component, services segment is expected to dominate the laboratory informatics market in 2017. The large share of this market is mainly attributed to the growing demand for cloud services and increasing lab automation subsequently driving the demand for laboratory informatics services such as implementation, validation, integration, maintenance, and training and support.
Based on end user, life sciences industry commanded the largest share in the global laboratory informatics market in 2017, mainly due to growing regulatory pressures to maintain data integrity, validity, and security. Moreover, increasing need to improve lab productivity and cost efficiency and trend towards automation is driving life sciences industries to invest in lab informatics.
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