Laboratory Informatics Market to Grow Considerably at 7.2% CAGR by 2025 - Report by Market Research Future (MRFR)

Laboratory Informatics Market Insights and Industry Analysis by Product (Laboratory Information Management Systems (Broad-Based LIMS, Industry-Specific LIMS), Chromatography Data Systems (CDS), Electronic Lab Notebooks (ELN), Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS), Laboratory Execution Systems (LES), Enterprise Content Management (ECM) and Scientific Data Management Systems (SDMS)), Component ( Software AG and Services), Deployment Model (On-Premise Models, Cloud-Based Models, Remotely Hosted Models), End User (Life Sciences Companies, CROs, Environmental Testing Laboratories and others) and Region, Competitive Market Size, Share, Trends, and Forecast

New York, US, June 30, 2021 (GLOBE NEWSWIRE) --

Laboratory Informatics Market Overview

According to a comprehensive research report by Market Research Future (MRFR), “Laboratory Informatics Market Information by Product, Type, Component, Deployment Model, End User and Region - Forecast till 2027”, the market was valued USD 2422 million in 2018 and is estimated to register a CAGR of 7.2% by 2025.

Market Scope:

The growing participation of several companies in the development and innovation of laboratory information systems can support the expansion of the market. For example, Sysmex Corporation, a healthcare solution provider company in Japan, launched a new network solution, Caresphere designed to provide new value through the practical utility of information offered by people involved in healthcare and testing. Various other causes, such as, increase in the rate of adoption of cloud-based platforms by contract research organizations (CROs), growing preference towards personalized medicine, rise in regulatory approvals, untapped emerging markets, and increase in R&D in the medical arena, are expected to support the rise of the laboratory market in the near future. On the contrary, high service and maintenance costs can hinder the market rise during the forecast period. Furthermore, the high expense associated with animal health, low awareness about animal health, and unaffordability of different veterinary services in both developing and underdeveloped regions can also hamper the rise of the laboratory informatics market over the analysis term.

Market Drives

The rise in awareness about laboratory informatics for specialized application of IT and the increasing need to optimize and extend laboratory operations can prompt the upsurge of the laboratory informatics market in the years to come.

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Laboratory Informatics Market Competitive Landscape

Some of the reputed players that are operating in the global laboratory informatics market are:

Market Restraints

High infrastructure costs and lack of effective expertise are some major threats to the laboratory informatics market.

COVID 19 Analysis

With the assistance of laboratory informatics, laboratory staff can easily manage patient results. Advanced laboratory informatics solutions provide patient results from both serology and diagnostic tests on one screen for enhanced laboratory efficiency. Laboratories informatics is gaining traction as the need and urgency to get accurate lab reports on any positive SARS-CoV-2-related test by public health authorities is observed to increase. Several diagnostic centers are observed to earn decent revenue through the utilization of robust reporting capabilities of laboratory information systems. Thus, the COVID 19 pandemic was observed to impact the laboratory informatics market on a global scale positively.

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Segment Assessment of Laboratory Informatics Market:

The global laboratory informatics market’s segment assessment is based on component, product, end user, and deployment model.

The product-based segments of the laboratory informatics market are Chromatography Data Systems (CDS), Laboratory Information Management Systems (LIMS), Electronic Data Capture (EDC), Electronic Lab Notebooks (ELN), Laboratory Execution Systems (LES), Clinical Data Management Systems (CDMS), Scientific Data Management Systems (SDMS), Enterprise Content Management (ECM). The Laboratory Information Management Systems (LIMS) segment is further classified as industry-specific LIMS and broad-based LIMS.

The component-based segments of the laboratory informatics market are services and software.

The deployment model-based segments of the laboratory informatics market are on-premise models, remotely hosted models, and cloud-based models.

The end user-based segments of the laboratory informatics market are sciences companies, environmental testing laboratories, and CROs, among others. The segment of CROs is expected to thrive in the forecast period owing to the surge in adoption by outsourcing companies to curb healthcare costs.

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Regional Analysis

In the current scope of the market study, the global laboratory informatics market is studied into four global regions; Europe, the Americas, the Middle East, and African region, and Asia-Pacific. In the Americas, the laboratory informatics market is studied for North America and South America. The US and Canada are assessed under the North American region. Europe laboratory informatics market study is segmented into Eastern Europe and Western Europe. The market in Western Europe is evaluated for Germany, France, Italy, the UK, Spain, and the remaining Western Europe. Finally, the Asia-Pacific laboratory informatics market is analyzed for Japan, South Korea, China, India, Australia, and the rest of Asia-Pacific.

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