Laboratory Informatics Market To Witness Rapid Growth Due To Rising Requirement For Lab Automation Till 2025: Grand View Research, Inc.
March 13, 2018 --
According to a report published by Grand View Research, Inc.; the global laboratory informatics market is projected to attain a valuation of USD 3.83 billion by 2025. Factors such as rising requirement for lab automation and rapid technological advancements can impel the market growth over the forecast period (2014 to 2025). Rise in adoption of laboratory information management system (LIMS) to meet the regulatory standards can further propel the market. Additionally, high demand from academic research institutes, biobanks/biorepositories, and contract research organizations (CROs) are other major factors driving the market growth.
Laboratories are crucial for life sciences and medical research industries as they produce high-quality and reliable experiment data that is important to comply regulatory policies. The data produced by laboratories has increased in the past few decades due to technological improvements in molecular genomics and genetic testing. The demand for lab automation is constantly on the rise due to inclination towards personalized medication, cancer genomics studies, and growing patient engagement.
Full Research Report On Laboratory Informatics Market Analysis:
Laboratory informatics offer many advantages such as paperless information management and reduced labor cost and throughput time. They better data quality, error removal, quick and effective data analytics, and intellectual property rights protection. Growing penetration of process automation and robotics in healthcare has reduced duplication and increased analysis of experimental results in less time. Growing use of high throughput systems has empowered effective evaluation of experimental outcomes, which improves the total efficacy of laboratory procedures. All these factors are anticipated to play vital role in the overall market growth in near future.
The worldwide laboratory informatics market can be segmented on the basis of product, component, delivery mode, end-use, and regions. Based on product, the market can be segmented into laboratory information management systems (LIMS), laboratory execution systems (LES), scientific data management systems (SDMS), electronic lab notebooks (ELN), electronic data capture (EDC), clinical data management systems (CDMS), enterprise content management (ECM), and chromatography data systems (CDS).
On the basis of component, the market can be classified into software and services. Based on delivery mode, the market for lab informatics can be categorized into on-premise, web-hosted, and cloud-based. As per end-use, the market can be fragmented into chemicals, CROs, life sciences, food and beverage, oil and gas, agriculture, petrochemical refineries, environmental testing, and others. The other industries are further divided into forensics, metal, and mining laboratories.
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Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2016, North America accounted for the largest revenue sharedue to availability of high-tech infrastructure and supportive government policies for the deployment of lab information systems. Growing healthcare cost coupled with the rising burden to bend the cost curve can further boost the adoption of LIMS in this region. Additionally, the existence of reputable pharmaceutical firms and increasing requirement to reduce operational costs are anticipated to drive the regional growth in near future.
Asia Pacific is expected to display lucrative growth in the forthcoming years due to high adoption of LIMS in CROs and growing research and development (R&D) expenditure arranged by the public and private sectors. Rising awareness about LIMS can further impel the regional growth over the forecast period. Major companies outsource LIMS in the region for improving operational efficiency. China and India are developed into outsourcing hubs. These factors can bode well for the market. The health ministry in China has a well-defined action plan in place for e-health solutions, health insurance, medical services, and adoption of electronic record systems. These efforts are likely to help to increase the use of lab informatics in China, thereby driving the laboratory informatics market growth.
Some of the leading players operating in the laboratory informetics market include LabWare Inc.; LabVantage Solutions, Inc.; Agilent Technologies; PerkinElmer, Inc.; and ID Business Solutions Ltd. The market is extremely competitive due to the presence of numerous small and large companies. Most market players are offering customized LIMS solutions to sustain the competition. They are also implementing solutions based on technologically advanced platforms such as Software as a Service (SaaS) to gain advantage over the participants.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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