(PharmaNewsWire.Com, October 10, 2017 ) The report "Laboratory Informatics Market by Solution (CDS, ELN, EDC, LES, ECM, LIMS, SDMS), Component (Software, Services), Delivery (On-Premise, Cloud, Hosted), Industry (CRO, CMO, Pharmaceutical, Biotechnology, Chemical, Agriculture, Oil) - Global Forecast to 2022", The laboratory informatics market is expected to reach USD 3.16 Billion by 2022 from USD 2.32 Billion in 2017, at a CAGR of 6.4% during the forecast period. The need for lab automation, technological advancements, rising pressure to comply with regulatory standards, and growing demand in biobanks/biorepositories, academic research institutes, and CROs are the major factors driving the growth of the laboratory informatics market.
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Laboratory information management systems (LIMS) to dominate the market in 2017
Based on the type of solution, the laboratory informatics market is segmented into laboratory information management systems (LIMS), electronic lab notebooks (ELN), chromatography data systems (CDS), electronic data capture (EDC) & clinical data management systems (CDMS), laboratory execution systems (LES), enterprise content management (ECM), and scientific data management systems (SDMS). The global lab informatics market is currently dominated by LIMS segment. The large share of this segment can be attributed to the wide range of benefits associated with the use of these systems, including increased workflow efficiencies, reduced transcription errors, easy integration with other lab systems, and better regulatory compliance.
On the basis of deployment model, cloud-based deployment model to grow at the highest CAGR within the forecast period.
By deployment model, the global laboratory informatics market is segmented into on-premise, cloud-based, and remotely hosted. In 2017, the cloud-based segment is estimated to register the highest CAGR, a trend that is expected to continue during the forecast period. Advantages of the cloud-based model such as on-demand self-serving analytics, no upfront capital investment for hardware, extreme capacity flexibility, and a pay-as-you-go pricing model are driving the growth of this market segment.
North America to hold the largest share of the market
By region, the global laboratory informatics market is segmented into North America, Europe, Asia and Rest of the World (RoW). North America is expected to account for the largest market share during the forecast period. The large share of this regional segment can primarily be attributed to the strong economies in the US and Canada, which allow for significant investments in new technologies. Growth in the North American market is also supported by the growing demand for the integration of laboratory systems, growth in biobanks, need for early drug discovery, easy availability of laboratory informatics products and services, and stringent regulatory requirements across industries.
The laboratory informatics market is diversified and highly competitive, with a large number of players competing for market space, including mid-tier companies and start-up firms. Thermo Fisher Scientific, Inc. (US), LabWare (US), LabVantage Solutions, Inc. (US), Abbott Informatics (US), Waters (US), Agilent Technologies (US), IDBS (UK), PerkinElmer Inc. (US), Autoscribe Informatics (UK), Arxspan LLC (US), Dassault Systèmes (France), RURO Inc. (US), Kinematik (Ireland), LabLynx, Inc. (US), and LABWORKS (US) are prominent players in the global laboratory informatics market.
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