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Laboratory Informatics - Global Market Trajectory & Analytics

  • ID: 4805645
  • Report
  • February 2022
  • Region: Global
  • 415 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Abbott Informatics
  • Bio-ITech BV
  • Dassault Systemes
  • KineMatik Ltd.
  • LabWare, Inc.
  • PerkinElmer, Inc.

Global Laboratory Informatics Market to Reach US$4.5 Billion by the Year 2026


The term `laboratory informatics` refers to the application of information technology in a specialized manner with the aim of optimizing laboratory operations for extended use. Growth in the global market is set to be driven by advancements in integrated laboratory informatics solutions, growing need for laboratory automation, increasing demand for biorepositories and biobanks, growing demand from academic research institutes and contract research organizations (CROs) and increasing need to adhere to regulatory standards Advent of big data analytics and digital systems is fueling growth for laboratory informatics. Driven by their ability to generate reliable information, several healthcare service providers are now integrating laboratory informatics systems. This is assisting them in significantly reducing diagnostic errors while also improving patient outcomes. The ongoing technological advancements are assisting companies in offering interactive and faster laboratory informatics solutions to end users. The introduction of digital platforms, automated workstations, and system instruments software is enabling end users to improve operational efficiency as well as minimize manual errors.

Amid the COVID-19 crisis, the global market for Laboratory Informatics estimated at US$2.9 Billion in the year 2020, is projected to reach a revised size of US$4.5 Billion by 2026, growing at a CAGR of 7.8% over the analysis period. Laboratory Information Management Systems (LIMS), one of the segments analyzed in the report, is projected to grow at a 8.9% CAGR to reach US$2.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electronic Lab Notebooks (ELN) segment is readjusted to a revised 7.3% CAGR for the next 7-year period. This segment currently accounts for a 21.3% share of the global Laboratory Informatics market. Growing impetus on minimizing data processing errors, along with rising popularity of integrated services is fueling demand for Laboratory Information Management Systems (LIMS). The advanced electronic lab notebooks (ELN) system market is expected to experience strong growth on account of higher implementations in analytical chemistry labs.



The U.S. Market is Estimated at $1.3 Billion in 2021, While China is Forecast to Reach $454.8 Million by 2026


The Laboratory Informatics market in the U.S. is estimated at US$1.3 Billion in the year 2021. The country currently accounts for a 42.8% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$454.8 Million in the year 2026 trailing a CAGR of 10.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 7.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.7% CAGR while Rest of European market (as defined in the study) will reach US$495.9 Million by the end of the analysis period. North America leads the global market for laboratory informatics systems, on account of favorable policies to promote laboratory informatics solutions deployment, availability of superior infrastructure along with digital literacy and the presence of large pharmaceutical companies. In addition, factors such as increasing adoption of integrated laboratory systems, growing need for early drug discovery, increase in biobanks, growing government funding for research activities, strict regulatory requirements and expanding range of lab informatics products and services are factors stimulating growth in the market. Asia-Pacific is expected to witness robust growth, supported by rising R&D spending by both private and public sectors, increase in the number of CROs delivering LIMS solutions and growing awareness on LIMS.

Scientific Data Management Systems (SDMS) Segment to Reach $405.8 Million by 2026


A scientific data management system (SDMS) refers to a software tool that acts as a document management system (DMS) to capture, catalog, and archive data generated by various lab instruments such as mass spectrometry and HPLC, and applications like LIMS, ELNs and analytical applications. In the global Scientific Data Management Systems (SDMS) segment, USA, Canada, Japan, China and Europe will drive the 6.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$243 Million in the year 2020 will reach a projected size of US$369.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$33.9 Million by the year 2026.

Select Competitors (Total 86 Featured) -

  • Abbott Informatics
  • Agilent Technologies, Inc.
  • Arxspan, LLC
  • Autoscribe Informatics, Inc.
  • Bio-ITech BV
  • Bytewize AB
  • Dassault Systemes
  • ID Business Solutions Ltd. (IDBS)
  • iVention B.V.
  • KineMatik Ltd.
  • Lablynx, Inc.
  • Labvantage Solutions, Inc.
  • LabWare, Inc.
  • Labworks LLC.
  • PerkinElmer, Inc.
  • RURO, Inc.
  • Thermo Fisher Scientific, Inc.
  • Waters Corporation
Frequently Asked Questions about the Global Market for Laboratory Informatics

What is the estimated value of the Global Market for Laboratory Informatics?

The Global Market for Laboratory Informatics was estimated to be valued at $2.9 Billion in 2020.

What is the growth rate of the Global Market for Laboratory Informatics?

The growth rate of the Global Market for Laboratory Informatics is 7.6%, with an estimated value of $4.5 Billion by 2026.

What is the forecasted size of the Global Market for Laboratory Informatics?

The Global Market for Laboratory Informatics is estimated to be worth $4.5 Billion by 2026.

Who are the key companies in the Global Market for Laboratory Informatics?

Key companies in the Global Market for Laboratory Informatics include Abbott Informatics, Agilent Technologies, Inc., Arxspan, LLC, Autoscribe Informatics, Inc., Bio, ITech BV, Bytewize AB, Dassault Systemes and iVention B.V..
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Abbott Informatics
  • Bio-ITech BV
  • Dassault Systemes
  • KineMatik Ltd.
  • LabWare, Inc.
  • PerkinElmer, Inc.

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of COVID-19 Pandemic and Looming Global Recession
  • 2020: A Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Pandemic Impact on Laboratory Informatics Market
  • Overwhelming COVID-19 Testing Volumes Elevate Demand for Laboratory Information Systems
  • Total Number of COVID-19 Tests Conducted in Select Countries: As of October 17th, 2021
  • Laboratory Informatics - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • An Introduction to Laboratory Informatics
  • Types of Lab Informatics Solutions
  • Global Market Prospects & Outlook
  • LIMS: A Major Category in the Laboratory Informatics Market
  • Service Segment Leads Lab Informatics Market
  • Cloud-based Laboratory Informatics Poised for High Growth
  • Competition
  • Competition

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Growing Trend towards Laboratory Automation Spurs Demand for Laboratory Informatics
  • Global Lab Automation Market in US$ Billion for the Years 2020, 2022, 2024 and 2026
  • Laboratory Informatics Market Gains Traction amidst Growing Need to Enhance Workflow Efficiencies and Reduce Costs
  • Digital Transformation and Connected Laboratories to Benefit Informatics Market
  • Cloud: A Key Aspect of Connected Labs
  • Overcoming Challenges to a Fully Connected Laboratory
  • Noteworthy Trends in Laboratory Informatics Marketplace
  • User-Centered Designs
  • Connectivity & Interoperability
  • Cost of Automation
  • Lab of the Future
  • Healthcare Laboratory Informatics: Favorable Growth Outlook
  • Advanced Informatics Become Vital for Health Labs
  • Burgeoning Population and Rising Incidence of Chronic Diseases: A Key Market Driver for Lab Informatics Market
  • Fatalities by Heart Conditions - Estimated Percentage Breakdown for Cardiovascular Disease, Ischemic Heart Disease, Stroke, and Others
  • Global Cancer Incidence: Number of New Cancer Cases in Million for the Years 2018, 2020, 2025, 2030, 2035 and 2040
  • Number of New Cancer Cases and Deaths (in Million) by Region for 2020
  • World Diabetes and Population Statistics (2019, 2030 & 2045)
  • World Diabetes Prevalence (2000-2019)
  • Global HIV Prevalence: Number of People Living with AIDs (in Thousands) by Region for 2020
  • Aging Global Population Presents Opportunities for Laboratory Informatics Market
  • Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
  • Elderly Population (65+ Years) as a % of Total Population by Developed, Less Developed and Least Developed Regions: 2019 & 2030
  • Rise in Healthcare Expenditure to Drive Growth
  • World Healthcare Expenditure (In US$ Trillion) for the Years for 2017, 2019, 2021 & 2023
  • Elderly Healthcare Expenditure as a % of GDP in the US, Europe and Japan for 1970, 2010 and 2050
  • Lab Informatics Market to Benefit from the Increasing R&D Spending in Biotechnology and Pharmaceutical Sectors
  • Pharmaceutical R&D Spending Worldwide (USD Billion) for 2015-2025
  • Increasing Popularity of Cloud-based Lab Informatics: A Market Opportunity
  • Cloud-based ELNs Address Challenges Facing Labs
  • Application of Augmented Reality (AR) to Support Evolution of Lab Informatics
  • AI and ML to Shape the Future Trends in Laboratory Informatics
  • AI Spending in Healthcare & Lifesciences in US$ Million for Years 2020 & 2025
  • Technology Advancements in LIMS and ELN
  • Lab Informatics and Analytics Emerge as Key Tools in Modern-Day Labs
  • LIMS Market Poised to Benefit from Digitization of Laboratories
  • Significant Advantages of LIMS for Laboratories Drive Adoption
  • Digitization of Healthcare Drives Integration of LIS
  • Accelerating Pace of Digital Pathology Increases LIMS Adoption
  • LIMS to Resolve Challenges Facing Biobanking Research
  • Notable LIMS Trends Fuel Radical Changes in Most Laboratories
  • Rise in Consolidation of Healthcare Providers Creates Need for Robust and Comprehensive LIS
  • Increasing Integration of Informatics Solutions in Life Science Laboratories
  • Informatics Approaches to In Silico Drug Discovery
  • Building Laboratory Informatics Capacity: Essential for Effective AMR Surveillance
  • Lab Informatics Tool Helps Improve Food and Beverage Testing Lab Capabilities
  • Rising Prominence of Lab Informatics Tools for Environmental Monitoring
  • Global Environmental Testing Market: Annual Sales in US$ Million by Geographic Region for the Years 2020 and 2027
  • Challenges Facing Laboratory Informatics Market

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Laboratory Informatics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Market Overview

CANADA

JAPAN

  • Laboratory Informatics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)

CHINA

  • Laboratory Informatics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)

EUROPE

  • Laboratory Informatics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Market Overview

FRANCE

  • Laboratory Informatics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Laboratory Informatics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Laboratory Informatics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

REST OF EUROPE

ASIA-PACIFIC

  • Laboratory Informatics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

REST OF WORLD

IV. COMPETITION

  • Total Companies Profiled: 86
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Abbott Informatics
  • Agilent Technologies, Inc.
  • Arxspan, LLC
  • Autoscribe Informatics, Inc.
  • Bio-ITech BV
  • Bytewize AB
  • Dassault Systemes
  • ID Business Solutions Ltd. (IDBS)
  • iVention B.V.
  • KineMatik Ltd.
  • Lablynx, Inc.
  • Labvantage Solutions, Inc.
  • LabWare, Inc.
  • Labworks LLC.
  • PerkinElmer, Inc.
  • RURO, Inc.
  • Thermo Fisher Scientific, Inc.
  • Waters Corporation
Note: Product cover images may vary from those shown