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 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.
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The laboratory informatics market has been segmented on the basis of type of solution, component, deployment model, industry, and region. Based on type of solution, the laboratory informatics market is segmented into laboratory information management systems (LIMS), electronic lab notebooks (ELN), chromatography data systems (CDS), electronic data capture (EDC) & clinical data management systems (CDMS), laboratory execution systems (LES), enterprise content management (ECM), and scientific data management systems (SDMS). The LIMS segment accounted for the largest share of the laboratory informatics market in 2018. The large share of this segment can be attributed to the wide range of benefits associated with the use of these systems, including increased workflow efficiencies, reduced transcription errors, easy integration with other lab systems, and better regulatory compliance.
On the basis of component, the laboratory informatics market is segmented into software and services. The services segment dominated this market in 2018. Services make up a larger component of the laboratory informatics market due to their indispensable nature. 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.
On the basis of deployment model, the laboratory informatics market is segmented into on-premise, cloud-based, and remotely hosted models. The cloud-based deployment models segment is expected to grow at the highest CAGR during the forecast period. Cloud-based laboratory informatics solutions are sold on the basis of subscription ranging from one month to multiple years and do not require any significant setup charges. No upfront capital investments for hardware, along with extreme capacity flexibility and a pay-as-you-go pricing model, are expected to fuel market growth.
Based on industry, the laboratory informatics market is segmented into life sciences, chemicals, food & beverage and agriculture, petrochemical refineries and oil & gas, environmental testing laboratories, and other industries (forensic laboratories, metal & mining industries, and biofuel industries). The life sciences industry segment accounted for the largest share of the laboratory informatics market in 2018. It is also projected to register the highest CAGR during the forecast period. Federal agency regulations to maintain data integrity, security, and validity are driving life sciences laboratories to adopt laboratory informatics solutions.
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Geographically, the laboratory informatics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2018, North America accounted for the largest market share, followed by Europe. This can be attributed to factors such as growing R&D investments, growing awareness of lab informatics solutions, increase in drug development-based research, and rising pressure to comply with regulatory requirements. In addition to this, the strategic expansion of key players to gain a competitive edge in developing Asian economies further supports the growth of the Asian market.
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