Laboratory Informatics Market Size is Poised to Exceed $5.44 Billion by 2032, Witness 4.91% CAGR

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According to The Brainy Insights, the global in-app advertising market size is projected to reach USD 5.44 billion by 2032 from its value of USD 3.37 billion in 2022, at a CAGR of 4.91% during the forecast period. North America region emerged as the largest market for the global laboratory informatics market, with a 42.43% share of the market revenue in 2022.

New York, Sept. 12, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global laboratory informatics market is expected to grow from USD 3.37 Billion in 2022 to USD 5.44 Billion by 2032, at a CAGR of 4.91% during the forecast period 2023-2032.

There is a surge in the number of organizations in the laboratory informatics sector, which has increased the competition and propelled innovation. Cloud-based solutions are becoming common for laboratory informatics software as they offer scalability, accessibility and enhanced flexibility for users.

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Report Scope

Report Attribute Details
Market Size in 2022 USD 3.37 Billion
Projected Market Size in 2032 USD 5.44 Billion
CAGR Growth Rate 4.91%
Base Year 2022
Forecast Years 2023-2032
Key Market Players Agilent Technologies, Abbott Informatics, McKesson Corporation, PerkinElmer, Inc., Thermo Fisher Scientific, Inc., LabVantage Solutions, Inc., ID Business Solutions Ltd., LabLynx, Inc., Waters Corporation, LabWare, Core Informatics
Key Segment Product, Delivery, Component and End User
Major Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Competitive Strategy

To enhance their market position in the global laboratory informatics market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• In February 2022: Agilent Technologies acquired the AI technology developed by Virtual Control, an organization that develops AI and machine learning software that offers innovative analysis for lab testing. Integrating ACIES software developed by Virtual Control in Agilent’s leading gas chromatography and mass spectrometry platform helped improve the efficiency, productivity and accuracy of high-throughput labs that the organization served worldwide.

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Market Growth & Trends

The growing demand for laboratory automation is fueling the demand for laboratory informatics. In recent years, laboratory data has increased, leading to technological advancements in genetic testing practices and molecular genomics. There is a growing need for life science organizations to meet regulatory requirements, driving the need for laboratory information management systems (LIMS) as they help understand and fulfil regulatory obligations. There is a paradigm shift in the healthcare sector from volume to value-based model, which has changed the market dynamics. The increased volume and complexity of the clinical data fuel the need for advanced high throughput screening (HTS) and ultra-high throughput screening (UHTS) solutions that provide meaningful insights. Moreover, there is a growing adoption of lab automation in contract manufacturing and research organizations, propelling the commercialization of the laboratory informatics market. The cloud-based solutions improve the configurable abilities for particular lab requirements. It helps in the reduction of costs, which is propelling the growth of the market. The surge in the volume of data and the real-time integration and collection are boosting laboratory informatics solutions in the healthcare sector.

Key Findings

• In 2022, the laboratory information management systems (LIMS) segment dominated the market with the largest market share of 48.45% and market revenue of USD 1.63 Billion.

The product segment is divided into 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). In 2022, the laboratory information management systems (LIMS) segment dominated the market with the largest market share of 48.45% and market revenue of USD 1.63 Billion. Hospitals are focusing on their facilities for providing real-time information by integrating advanced technology systems. LIMS helps in streamlining the laboratory operations

• In 2022, the cloud-based segment dominated the market with the largest market share of 42.17% and market revenue of USD 1.42 Billion.

The delivery segment is divided into on-premises, web-hosted and cloud-based. In 2022, the cloud-based segment dominated the market with the largest market share of 42.17% and market revenue of USD 1.42 Billion. Cloud-based technology helps the laboratories streamline their operations and save resources, which leads to maximum user satisfaction.

• In 2022, the services segment dominated the market with the largest market share of 57.35% and market revenue of USD 1.93 Billion.

The component segment is divided into software and services. In 2022, the services segment dominated the market with the largest market share of 57.35% and market revenue of USD 1.93 Billion. This market share is attributed to the surge in the outsourcing of LIMS solutions.

• In 2022, the life sciences segment dominated the market with the largest market share of 27.89% and market revenue of USD .94 Billion.

The end user segment is divided into life sciences, chemical sector, CROs, environmental testing labs, f&b and agriculture and others. In 2022, the life sciences segment dominated the market with the largest market share of 27.89% and market revenue of USD .94 Billion. The demand for laboratory informatics is growing in the life sciences sector to develop innovative products.

Regional Segment Analysis of the Laboratory Informatics Market:

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

The North America region occurred as the largest market for the global Laboratory Informatics industry, with a market share of 42.43% and a market value of around USD 1.43 Billion in 2022. The US holds a significant share of the North American region market because of the growing adoption and investment in digital healthcare. Also, in the US, the senior population is growing quickly, and are prone to several diseases. There is also a surge in lifestyle disorders, propelling the need for laboratory tests.

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Key players operating in the global Laboratory Informatics market are:

• Agilent Technologies
• Abbott Informatics
• McKesson Corporation
• PerkinElmer, Inc.
• Thermo Fisher Scientific, Inc.
• LabVantage Solutions, Inc.
• ID Business Solutions Ltd.
• LabLynx, Inc.
• Waters Corporation
• LabWare
• Core Informatics

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Laboratory Informatics market based on below mentioned segments:

Global Laboratory Informatics Market by Product:

• 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)

Global Laboratory Informatics Market by Delivery:

• On-premise
• Web-hosted
• Cloud-based

Global Laboratory Informatics Market by Component:

• Software
• Services

Global Laboratory Informatics Market by End User:

• Life sciences
• Chemical Sector
• CROs
• Environmental Testing Labs
• F&B and Agriculture
• Others

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About the report:

The global laboratory informatics market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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