According to research report 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 market is witnessing growth due to factors such as increasing need for laboratory automation, development for integrated lab informatics solutions, growing demand in biobanks/biorepositories, academic research institutes, and CROs, and need to comply with regulatory standards.
The emergence of cloud-based services via the internet has led to significant advances in the laboratory informatics market. Advances in virtualization and improved access to high-speed internet offers innovative solutions often at lower costs. With cloud-based solutions, companies are only required to pay for the software subscription instead of purchasing full licenses, which reduces the maintenance costs related to in-house deployment.
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Moreover, cloud-based laboratory informatics solutions do not require any upfront capital investments for hardware, it reduces the burden on healthcare organizations with a minimum requirement of IT staff, and provides rapid and secure data transfer within an organization. Due to benefits such as enhanced data accessibility, cost-effectiveness, and real-time analysis, cloud-based models have emerged as effective solutions for delivering laboratory informatics, thereby offering significant growth opportunities to laboratory informatics vendors
Based on the type of solution offered, the market is segmented into Based on type of solution, the global laboratory informatics market is segmented into LIMS, In 2017, The LIMS segment is expected to grow at the highest CAGR 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. Additionally, growing adoption of LIMS in biobanks and biorepositories as well as academic research organizations and CROs and CMOs create a positive impact on the growth of this market.
By deployment model, the market is segmented into on-premise, cloud-based, and remotely-hosted models. Cloud-based deployment model is expected to grow at the highest CAGR during the forecast period. No upfront capital investment for hardware, extreme capacity flexibility and a pay-as-you-go pricing model are expected to fuel the market growth in this segment.
Based on industry, the laboratory informatics market is segmented into pharmaceutical and biotechnology companies, biobanks and biorepositories, contract service organizations, molecular diagnostics & clinical research laboratories, and academic research institutes. Among these biobanks and biorepositories are expected to witness the highest growth during the forecast period. The demand for high-quality specimens has driven the need for automated storage, preparation, and adoption of data management systems to obtain accurate, reliable, and standardized data. In addition to this, factors such as government funding for scientific research and development, and collaboration among market players to offer lab informatics solutions to biobanking industry will create a positive impact on the market growth.
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Among the four regional segment covered in the Global Laboratory informatics market, namely North America, Europe, Asia, and Rest of the World (RoW)- Asia is expected to register highest CAGR during the forecast period. Factors such as growing R&D investments, strategic expansion of market players, developing of supporting infrastructure in research laboratories in countries such as Singapore and India are expected to support the growth of this market during the forecast period.
The Middle East, China, Malaysia, Singapore, Brazil, and India are major markets for laboratory informatics. In most of these regions, the market is still at a nascent stage. These market lack proper standards and government regulations, thus offering huge potential for vendors unable to meet the standards set by the Federal government in the U.S. Prominent players in the laboratory informatics market are focusing on adopting organic and inorganic growth strategies to strengthen their market presence in the emerging economies.
