Lab Informatics Industry Insights on Scope and Growing Demands 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.
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.
The services segment dominated this market in 2018. Based on components, the Lab Informatics Market is segmented into services and software. 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 cloud-based models segment is expected to grow at the highest CAGR during the forecast period. On the basis of deployment model, the laboratory informatics market is segmented into on-premise, cloud-based, and remotely hosted models. Factors such as on-demand self-serving analytics, extreme capacity flexibility, no upfront capital investment for hardware and a pay-as-you-go pricing model will boost the demand for cloud-based laboratory informatics solutions in the coming years.
The laboratory informatics market is diversified and highly competitive, with a large number of players competing for market space. The prominent players in the market are Thermo Fisher Scientific Inc. (US), LabVantage Solutions, Inc. (US), LabWare (US), Abbott Informatics (US), Autoscribe Informatics (US), Dassault Systèmes (Paris, France), LabLynx, Inc. (US), Waters (US), Agilent Technologies, Inc. (US), LABWORKS LLC (US), KineMatik (Ireland), Accelerated Technology Laboratories (ATL) (US), and PerkinElmer Inc. (US).
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