The global Laboratory Informatics market is projected to reach USD 8.7 billion by 2029 from USD 5.3 billion in 2024, at a CAGR of 10.4% during the forecast period. The market is expected to grow as a result of the increased support from government and funding agencies for research and development of informatics solutions, especially in the fields of biomedical and public health; growing adoption of sustainable practices in laboratory informatics to reduce energy consumption and environmental impact; and need for switching from paper-based to electronic tools for better data capture and accessibility. Moreover, the market has experienced growth due to its high return on investment, and substantial long-term benefits due to reduction of labor costs and improvement in scalability. However, insufficient IT infrastructure and connectivity in some laboratories are expected to pose a challenge to the market growth.
Scope of the Report
Years Considered for the Study
2022-2029
Base Year
2023
Forecast Period
2024-2029
Units Considered
Value (USD Billion)
Segments
Solution Type, Component, Deployment Model, and Industry
Regions covered
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
"Laboratory Information Management Systems (LIMS) solution accounted for a substantial share of the Laboratory Informatics market, by solution type in 2023."
Based on solution type, Laboratory Information management systems (LIMS) hold the largest share in the laboratory informatics market. The large share of this segment can be attributed to the rising need of centralized solutions for laboratories which can be integrated well with other laboratory solutions, surging demand for high operational efficiency, workflow automation, scalability, and enhanced collaboration & communication. Additionally, the growing requirement of maintaining Good Laboratory Practices (GLP), upholding high-quality data standards, enhancing credibility and efficiency in research operations also plays an important role in the heightening adoption of LIMS across various industrial sectors.
"Life science industry is projected to dominate the market in the laboratory informatics market, by industry during the forecast period."
The life sciences, food & beverage and agricultural, petrochemical & oil and gas, chemicals, environmental testing, forensics, and other industries make up the industry-based segments of the laboratory informatics market. In 2023, the life sciences segment accounted for a significant share of the Laboratory Informatics market. The prominent position of this segment is due to the growing applications of molecular diagnostics, rising outsourcing by pharmaceutical industries, growing need for integrated systems, stringent regulatory guidelines to be followed by pharmaceutical laboratories, increasing number of biobanks/biorepositories, rising need to integrate laboratory systems, and growing awareness and availability of technologically advanced laboratory informatics solutions.
"Asia Pacific is expected to register highest market growth during the forecast period."
The laboratory informatics market is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to register highest growth during the forecast period. The high growth of this region is attributed to the development of research laboratory infrastructure across various regions in Asia Pacific, government initiatives to promote the adoption of digital & technologically enabled solutions across various industries, and significant focus on integrating sophisticated technologies with labs to improve efficiency & workflows.
The break-down of primary participants is as mentioned below:
By Company Type - Tier 1: 38%, Tier 2: 45%, and Tier 3: 17%
By Designation - C-level: 29%, Director-level: 44%, and Others: 27%
By Region - North America: 42%, Europe: 28%, Asia Pacific: 21%, Latin America: 5% and Middle East & Africa: 4%
List of Companies Profiled in the Report
Thermo Fisher Scientific Inc. (US)
LabVantage Solutions Inc. (US)
LabWare (US)
STARLIMS Corporation (US)
Agilent Technologies (US)
Waters Corporation (US)
LabLynx LIMS (US)
Dassault Systemes (France)
Revvity (Perkinelmer) (US)
Accelerated Technology Laboratories, Inc. (US)
Labworks (US)
IDBS (UK)
Xybion Digital Inc. (US)
Novatek International (Canada)
Agaram Technologies Pvt Ltd (India)
Siemens (Germany)
Caliber Technologies (US)
Clinsys (US)
Labtrack (US)
Labkey (US)
Benchling (US)
CloudLIMS (US)
SciNote LLC (US)
L7 Informatics, Inc. (US)
QBench (US)
Research Coverage:
The report analyzes the Laboratory Informatics market and aims to estimate the market size and future growth potential of various market segments, based on solution type, component, deployment model, and industry, and region. The report also analyses factors (such as drivers, opportunities and challenges) affecting market growth. It evaluates the opportunities and challenges in the market for stakeholders. The report also studies micro markets with respect to their growth trends, prospects, and contributions to the total laboratory informatics market. The report forecasts the revenue of the market segments with respect to five major regions. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
Analysis of key drivers (growing need for laboratory automation, increasing focus on multiple enterprise and integrated lab informatics solutions, rising R&D expenditure in pharmaceutical and biotechnology companies, stringent regulatory requirements for preclinical and clinical testing, high demand for highly configurable solutions and out-of-the-box functionalities), restraints (high implementation, maintenance, and service costs, lack of integration standards for lab informatics solutions, interoperability challenges), opportunities (high demand for real-time data and analytics, increasing use of lab informatics in cannabis industry, growth potential in emerging economies), challenges (dearth of skilled medical laboratory technologists and technicians, limited adoption of lab informatics solutions in SMEs, interfacing challenges with informatics software) are factors contributing the growth of the lab informatics market.
Product Development/Innovation: Detailed insights on upcoming trends, research & development activities, and new software launches in the laboratory informatics market.
Market Development: Comprehensive information on the lucrative emerging markets, type of solution, component, deployment model, industry, and region.
Market Diversification: Exhaustive information about the software portfolios, growing geographies, recent developments, investments in the laboratory informatics market.
Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, company evaluation quadrant, and capabilities of leading players in the global laboratory informatics Market.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 INCLUSIONS AND EXCLUSIONS
1.4 STUDY SCOPE
1.4.1 SEGMENTS CONSIDERED
1.4.2 YEARS CONSIDERED
1.4.3 CURRENCY CONSIDERED
1.5 STAKEHOLDERS
1.6 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Key sources for secondary data
2.1.1.2 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 List of key primary sources (demand and supply sides)