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 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.

Product Launches was the key growth strategy adopted by the market players to maintain and improve their position in the global laboratory informatics market. Partnerships, collaborations, and agreements accounted for the second largest share of the overall growth strategy mapped from 2014-2017. Some of the leading players who adopted this growth strategy include Thermo Fisher Scientific, Inc. (US), LabVantage Solutions, Inc. (US), LabWare (US), and Agilent Technologies (US).

This report segments the global laboratory informatics market into by type of solutions, component, deployment model, industry and regions.

On the basis of the type of solutions offered, the global market is segmented into laboratory LIMS, ELN, CDS, EDC & CDM LES, ECM and SDMS. The LIMS segment is expected to account for the largest market share in 2017. This segment is also projected to register the highest CAGR during the forecast period. 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, easy integration with other lab systems, reduced transcription errors, and better regulatory compliance.