LOS ANGELES, May 05, 2021 (GLOBE NEWSWIRE) -- The Global Laboratory Informatics Market is expected to grow at a CAGR of around 4.2% from 2020 to 2027 and reach the market value of over US$ 4.0 Bn by 2027.
Laboratory informatics is an IT application aimed to optimize and extent laboratory operations. It encompasses data acquisition through a sensor, instrument interfacing, data processing, specialized data management systems, laboratory networking, laboratory information management system (LIMS), scientific data management, and knowledge management among others.
The global laboratory informatics market is segmented on the basis of product, deployment, component, end-use, and geography. Based on the product, the market is bifurcated across 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), and Enterprise Content Management (ECM).
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On the basis of deployment, the market is studied across on-premise, web-hosted, and cloud-based deployment. By component, laboratory informatics was studied across software and services. Additionally, the end-use of laboratory informatics includes life science companies, CROs, chemical industry, food & beverage and agriculture industries, environmental testing laboratories, petrochemical refineries and oil & gas industry, and other industries including forensics and metal & mining laboratories.
Based on the product, the laboratory information management systems (LIMS) segment is leading the market with a double-digit share of approximately 50% and the segment is also projected to maintain its dominance throughout the forecast period. LIMS is also referred to as a laboratory management system; it’s a software-based solution with features that support a modern laboratory's operations.
On the basis of deployment, the on-premise segment accounted for the maximum revenue share, and the region is expected to experience constant growth in the near future. Moreover, cloud-based deployment is projected to experience the fastest growth during the estimated period from 2020 to 2027.
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North America accounted for the maximum revenue share in the laboratory informatics market and the region is also projected to maintain its dominance throughout the forecast timeframe from 2020 to 2027. The major economies of the region including the US and Canada are the major revenue contributors. The continuously expanding medical infrastructure due to the increasing need for better treatments for chronic diseases is supporting the regional market value. The increasing hygiene awareness, as well as inspection and regulations for the products across healthcare, chemical, food and beverages, and other concerned industries, is contributing to the regional dominance.
Asia Pacific is expected to exhibit the fastest growth over the forecast period from 2020 to 2027. The developing economies of the region are supporting the growth of the laboratory informatics market of the region. The increasing investment by the major players as well as government on the research laboratories for the new developments as well for meeting with the regulations of the respective region is the reason accelerating the regional market growth.
Some of the leading competitors are Abbott Laboratories, Agilent Technologies, Cerner Corporation, Core Informatics, IDBS, LabLynx, Inc., LabVantage Solutions, Inc., LabWare, McKesson Corporation, PerkinElmer Inc., Thermo Fisher Scientific, Inc., and Waters Corporation. The major players are continuously involved in strategic development activities like new product development, regional expansion, and others for a better future.
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Some of the key observations regarding the laboratory informatics industry include:
- CSols, Inc. and Abbott Informatics have together announced a joint webinar in February 2021, with Karla Paulson (Senior Project Manager, Abbott Informatics), and Tuan Nguyen, (Senior LIMS Consultant, CSols, Inc.). The webinar discussed about the project of the STARLIMS Life Sciences solution and also about the STARLIMS SDMS integration with the LIMS and with the lab instruments.
- A new medical research center in Zurich named LOOP Zurich promotes patient-focused therapies. The goal of the center is to bring together specialist knowledge in the fields of biomedicine, bioinformatics, and clinical research from the University of Zurich, ETH Zurich as well as Zurich’s four university hospitals.
- Citrine Informatics, partnered with multiple go-to-market, technology, and implementation partners on new Q1 deals in 2021. It has also announced a strategic partnership with Siemens that integrates Siemens’ Opcenter Research Development & Laboratory management system and Simcenter product simulation software with the Citrine Platform.
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