(PharmaNewsWire.Com, June 12, 2021 ) 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.
Growth in the Lab Informatics Market is mainly driven by the increasing need for laboratory automation, increasing need to comply with regulatory standards development of integrated lab informatics solutions and the growing demand in biobanks/biorepositories.
Opportunity: Growing popularity of cloud-based laboratory informatics
The emergence of cloud-based services via the Internet has led to significant advances in the laboratory informatics market. Advances in virtualization and improved access to high-speed internet offer faster innovation, 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. Moreover, cloud-based laboratory informatics solutions do not require any upfront capital investments for hardware, reduce the burden on healthcare systems with a minimum requirement of IT staff, and provide rapid and secure data transfer within the organizations.
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.
Based on components, the laboratory informatics market is segmented into services and software. The services segment dominated the Lab Informatics 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.
Geographically, the lab informatics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). 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. Growth in the North American market is supported by the growing demand for the integration of laboratory systems, growth in biobanks, rising government funding for research, need for early drug discovery, easy availability of laboratory informatics products and services, and stringent regulatory requirements across industries.
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