Lab Informatics Industry Growth By Component, Solution - Forecast 2024

The increasing need for laboratory automation; the need to comply with regulatory requirements; the development of integrated lab informatics solutions; and the growing demand in biobanks/biorepositories, academic research institutes, and CROs are the major factors driving the growth of the laboratory informatics market. On the other hand, lack of integration standards and high maintenance and services cost are expected to restrain the growth of this market in the coming years.

According to research report the Lab Informatics Market is estimated to reach $3.8 billion by 2024, at a CAGR of 7.5% during the forecast period.

Based on components, the Lab Informatics Market is segmented into services and software. The services segment dominated this market in 2018. The large share of the services segment can be attributed to the growing technological advancements in solution offerings by various vendors, growing need for consulting services, increasing adoption of cloud-based solutions and the recurring nature of services. Furthermore, in terms of IT usage and skill, the life science industry relies heavily on service providers.

The prominent players in the Lab Informatics Market are Thermo Fisher Scientific Inc. (US), LabLynx, Inc. (US), Waters (US), LabVantage Solutions, Inc. (US), LabWare (US), Abbott Informatics (US), Agilent Technologies, Inc. (US), Autoscribe Informatics (US), Dassault Systèmes (Paris, France), LABWORKS LLC (US), KineMatik (Ireland), Accelerated Technology Laboratories (ATL) (US), and PerkinElmer Inc. (US).

Geographically, the Lab Informatics Market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2018, North America dominated the market, followed by Europe. Growth in the North American market is supported by rising government funding for research, growth in biobanks, need for early drug discovery, the growing demand for the integration of laboratory systems, easy availability of laboratory informatics products and services, and stringent regulatory requirements across industries.

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