According to the new market research report Laboratory Informatics Market
by Type of Solutions (LIMS, ELN, CDS, EDC, CDMS, LES, ECM, SDMS),
Component (Software, Service), Delivery (On premise, Cloud), Industry
(CRO, CMO, Pharma, Biotech, Chemical, Agriculture, Oil, Gas) – Global
Forecasts to 2026, published by MarketsandMarkets™, the market is
projected to reach USD 5.6 billion by 2026 from USD 3.4 billion in 2021,
at a CAGR of 10.8% from 2021 to 2026.
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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
companies have a large market spread across various countries in North
America, Europe, Asia Pacific, and the Rest of the World.
Restraint: High maintenance and service cost
The
high maintenance and service costs associated with laboratory
informatics solutions are one of the major factors restraining the
growth of this market. According to industry experts, the maintenance
cost of IT solutions is more than the actual price of the software.
Service and maintenance (which includes modification of the software as
per changing user requirements) represent a recurring expenditure,
amounting to almost 20–30% of the total cost of ownership. Moreover,
training and implementation costs together represent around 15% of the
actual price. Owing to these factors, many small and medium-sized
laboratories find it difficult to invest in these systems, thereby
limiting their adoption. However, with the emergence of cloud-based
offerings, the effect of this restraint is expected to decrease in the
coming years.
Opportunity: Significant growth potential in emerging countries
China,
Japan, India, Singapore, Brazil, and Middle Eastern countries are major
upcoming markets for LIMS. These markets lack proper standards and
government regulations, thus offering huge potential for vendors unable
to meet the standards implemented in developed markets such as the US.
Several biopharma players are also shifting their manufacturing plants
in Asia for low-cost production. This is creating significant demand for
informatics solutions in Asian countries. However, the COVID-19
pandemic has compelled stakeholders from developed markets such as the
US and Europe to reduce their heavy dependence on Asian countries and
shift back to in-house operations.
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 services segment accounted for the largest share of the market in 2020.
Based
on components, the laboratory informatics market is segmented into
services and software. The services segment dominated this market in
2020. 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.
In 2020, North America dominated the
market, followed by Europe. The large share of this market can primarily
be attributed to the strong economies in the US and Canada, which have
allowed for significant investments in technology in this region. 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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The prominent players in the Laboratory 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), and PerkinElmer
Inc. (US).
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