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Global Laboratory Informatics Market to Grow at a CAGR of 8.1% During 2021-2026, Aided by the Increasing Research and Development (R&D) Activities

According to a new report by EMR titled, ‘Global Laboratory Informatics Market Report and Forecast 2021-2026’, the global market for laboratory informatics attained a value of about USD 2.8 billion in 2020. The industry is further expected to grow at a CAGR of 8.1% in the forecast period of 2021-2026 to reach a value of approximately USD 4.5 billion by 2026.

North America accounts for a significant share of the laboratory informatics industry due to increasing research and development (R&D) activities in the region. Moreover, the robust healthcare in the United States and Canada is increasing the demand for precision and personalised medicines, hence bolstering the market for laboratory informatics. The rapid digitisation of medical infrastructure in the region is accelerating the adoption of products, such as laboratory information management software (LIMS). In addition, the extensive availability of innovative and cost-effective laboratory informatics is surging their demand, which is expected to drive the market growth. The development of customisable laboratory informatics in the region is also increasing their adoption, which is projected to propel the growth of the industry in the forecast period.

Agilent Technologies, Inc. (NYSE: A), one of the leading companies in the industry, entered into a definitive agreement to acquire Genohm in May 2018. This would enable the company to expand its services in laboratory informatics. The acquisition would enable the consumers to use Genohm’s SLIMS, a laboratory software automation suite, to efficiently track samples, users, tests, and data. As consumers are increasingly demanding integrated informatics solutions to streamline the workflow, the acquisition would expand the company’s software portfolio. This would lead to efficient and rapid generation of results. Moreover, the acquisition was expected to enhance the company’s footprint in the genomics industry while improving the genomic management of its consumers. Such mergers and acquisitions by the leading companies are leading to the development of innovative products for laboratory informatics, which is propelling the growth of the market.

Market Analysis by Product, Component, Delivery Mode, and Region:

  • The market, on the basis of product, can be divided into laboratory information management system (LIMS), electronic lab notebooks (ELN), enterprise content management (ECM), laboratory execution system (LES), chromatography data system (CDS), scientific data management system (SDMS), and electronic data capture (EDC) and clinical data management systems (CDMS).
  • Based on components, the industry can be divided into software and services.
  • The delivery modes of laboratory informatics include on-premises, web-hosted, and cloud-based.
  • The regional markets for laboratory informatics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing adoption of cloud-based laboratory informatics owing to their cost-effectiveness, consistency, high efficiency, and durability is augmenting the market growth.
  • The market is being aided by the penetration of laboratory informatics start-ups offering innovative and user-friendly products.
  • The increasing deployment of laboratory information management software (LIMS) for efficient management and data transfer is propelling the market growth.
  • The integration of artificial intelligence (AI) in laboratory informatics to enhance automation and drug development is bolstering the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for laboratory informatics for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the products, components, delivery modes, and major regions of laboratory informatics.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global laboratory informatics market are STARLIMS Corporation, Agilent Technologies, Inc., Cerner Corporation, McKesson Corporation, Thermo Fisher Scientific company, and LabLynx, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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