(I-BusinessNews.Com, July 02, 2021 ) According to research report the Lab Informatics Market is estimated to reach USD 3.8 billion by 2024 from USD 2.6 billion in 2019, at a CAGR of 7.5% during the forecast period.
The increasing need for laboratory automation; the development of integrated lab informatics solutions; the need to comply with regulatory requirements; 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.
The services segment accounted for the largest share of the market in 2018.
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, increasing adoption of cloud-based solutions, growing need for consulting services, 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. The cloud-based models segment is expected to grow at the highest CAGR during the forecast period. Factors such as on-demand self-serving analytics, no upfront capital investment for hardware, extreme capacity flexibility, and a pay-as-you-go pricing model will boost the demand for cloud-based laboratory informatics solutions in the coming years. However, data transfer complexities and data security concerns may hinder the growth of this market segment.
The prominent players in the Lab Informatics Market are Thermo Fisher Scientific Inc. (US), LabVantage Solutions, Inc. (US), LabWare (US), Abbott Informatics (US), LabLynx, Inc. (US), Waters (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 the growing demand for the integration of laboratory systems, rising government funding for research, growth in biobanks, need for early drug discovery, easy availability of laboratory informatics products and services, and stringent regulatory requirements across industries.
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