Laboratory informatics is accounted for as the fastest-growing segment in laboratory-related technologies. Paperless practices in laboratory setups are being adopted across the globe to avoid manual errors and maintain a complete repository of clinical data. Continuous development in information technology contributes to the overall growth of laboratory informatics. Laboratory informatics offers solutions to maintain laboratory documents and clinical data repositories, stay in compliance with regulatory demands, and manage audit trails. These systems are integrated with laboratory technologies, thus easing out the data compilation process. With recent advancements in personalized medicine, cellular and gene therapy, and research focusing on orphan diseases, there is a growing demand for lab automation systems. Additionally, with rising competition, the market entry of innovative market players in the pharmaceutical sector has led to the need for expedited drug approval and early market penetration. Laboratory informatics ensures accurate results, makes the navigation of data easier, and helps compare and analyze study results. Laboratory informatics solutions can be integrated with smartphones and tablets, rendering remote monitoring of ongoing studies possible.
The rising adoption of robotics and process automation has rendered industries unable to provide reproducible results, thus contributing to the rising demand for laboratory informatics. Additionally, enforcement of laboratory informatics by regulatory organizations impedes overall market growth. However, because major laboratory functions are performed by scientists and other laboratory professionals, a lack of informatics knowledge among them may have a negative impact on market growth overall.
North America grabs major market share owing to rising research activities, the presence of key market leaders, and high disposable income. Asia Pacific is expected to show steady growth during the forecast period from 2018 to 2026, owing to its growing healthcare infrastructure, rising research activities, increased awareness related to the latest technologies, and increasing foreign investments by international players in this region.
The global laboratory informatics market is segmented as follows:
- Laboratory Information Management Systems (LIMS)
- Electronic Lab Notebooks (ELN)
- Scientific Data Management Systems (SDMS)
- Laboratory Execution Systems (LES)
- Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS)
- Chromatography Data Systems (CDS)
- Enterprise Content Management (ECM)
- Pharmaceutical and Biotechnological Companies
- Molecular and clinical diagnostics
- Research Institutes
- Chemical Industry
- Food, beverage, and agricultural industries
- Other industries (environmental testing laboratories, petrochemical refineries, etc.)
- North America
- Rest of Europe
- Rest of Asia Pacific
- rest of Latin America
Middle East and Africa
- Rest of the Middle East and Africa
Laboratory informatics markets provide enormous opportunities for emerging players. With continuous partnerships and acquisitions, this market is projected to exhibit lucrative growth during the forecast period from 2018 to 2026. On July 20, 2017, Accenture, Inc. acquired LabAnswer, a laboratory informatics consulting firm. Accenture would apply its digital technology expertise to revolutionize laboratory processes across diverse industries. Key market players with innovative products enjoying dominancy are Abbott Informatics, Accenture Plc., Agilent Technologies, Inc., Arxspan LLC, Autoscribe Informatics, Inc., Infosys, Ltd., LabLynx, Inc., LabVantage Solutions, Inc., LabWare, Inc., PerkinElmer, Inc., Thermo Fisher Scientific, Inc., and Waters Corporation.
This report offers the following:
- complete understanding of the global laboratory informatics market
- Market outlook and extensive analysis for the duration from 2016 to 2026, with an annual growth rate during the forecast period from 2018 to 2026, considering 2017 to be the base year.
- Market estimations for each segment have been analyzed.
- A competitive landscape comparing leading market players in terms of product portfolio and business strength is incorporated.
- Qualitative factors pertaining to market drivers, restraints, and opportunities have been included in this study report.
- Market players with extensive market outreach have been profiled with information related to financial analysis, product portfolios, and recent developments.