Laboratory Informatics Market Is Projected to Expand At A CAGR Of 10.2% Between 2023 And 2031. Laboratory informatics is accounted 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 repository, stay in compliance with regulatory demand, and manage audit trails. These systems are integrated with laboratory technologies thus easing out the data compilation process. With the current development in personalized medicines, and cellular & gene therapy, research targeting orphan diseases has led to the rising demand for lab automation systems. Additionally, with rising competition, 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.

The rising adoption of robotics and process automation has rendered industries to provide reproducible results thus contributing to the rising demand for laboratory informatics. Additionally, enforcement of laboratory informatics by regulatory organizations backs the overall market growth. However, major laboratory functions are carried out by scientists and other laboratory professionals, and the dearth of informatics knowledge among them could thus have a negative impact on the overall market growth.

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 owing to growing healthcare infrastructure, rising research activities, increased awareness related to available latest technologies, and increasing foreign investments by international players in this region.

The Global Laboratory Informatics Market is segmented as follows:

• By Solution
  • Laboratory Information Management Systems (LIMS)
  • Electronic Lab Notebooks (ELN)
  • Scientific Data Management Systems (SDMS)
  • Laboratory Execution Systems (LES)
  • Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
  • Chromatography Data Systems (CDS)
  • Enterprise Content Management  (ECM)
• By Industry
  • Pharmaceutical & Biotechnological Companies
  • Biobanks
  • Molecular and clinical diagnostics
  • Research Institutes
  • Chemical Industry
  • Food beverage & agricultural industries
  • Other Industries (environmental testing laboratories, petrochemical refineries, etc.)
• By Geography
  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Rest of the Middle East & Africa

The laboratory informatics market provides enormous opportunities for emerging players. With continuous partnerships and acquisitions, this market is projected to exhibit lucrative growth during the forecast period. On 20th July 2017, Accenture, Inc. acquired LabAnswer a laboratory informatics-consulting firm. Accenture would apply its digital technology expertise to revolutionize laboratory processes across vivid 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., Waters Corporation. and Other notable players.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Laboratory Informatics market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Laboratory Informatics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Laboratory Informatics market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Laboratory Informatics market?
• Which is the largest regional market for Laboratory Informatics market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Laboratory Informatics market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Laboratory Informatics market worldwide?