Market Overview

Global Laboratory informatics market was valued at USD  2,395.69 million in 2018 and is estimated to be valued at USD 3,729.23 million in 2024, witnessing a CAGR of 7.65%. Factors that are driving the market include High Accuracy and Efficiency of Results, Increasing Applications of Lab Informatics Solutions and Increasing Number of Diagnoses.

Owing to the increased workload, cost constraints, and advancements in technologies, the nature of pathology are rapidly changing as per the need of the market. New laboratory systems are manufactured with the best technologies to alleviate the current global demand. New approaches to managing laboratory information are now required to fulfill the changing requirement of the healthcare system. The primary concern for the clinicians is the accuracy of the information that they get through various resources. However, it was stated by the World Health Organization that around 5% of the patients face diagnostic errors each year in the developed countries, and about 7% of the abnormal test results are not delivered to the patient. Thus to avoid these diagnostic errors and provide better services, clinics and laboratories are implementing various tools, such as laboratory information system (LIS) and LIMS.

Scope of the Report

Laboratory informatics is the specialized application of information with the help of a platform consisting of equipment, software, and data management tools that allow scientific data to be captured, migrated, processed, and interpreted for immediate use, and also for the future use.

• MARKET SEGMENTATION
  • By Product
    • Laboratory Information Management System (LIMS)
    • Electronic Lab Notebooks (ELN)
    • Enterprise Content Management (ECM)
    • Laboratory Execution System (LES)
    • Chromatography Data System (CDS)
    • Scientific Data Management System (SDMS)
    • Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS)
  • By Component
    • Services
    • Software
  • By Delivery Mode
    • On-premise
    • Web-hosted
    • Cloud-based
  • Geography
    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • Germany
      • UK
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Australia
      • South Korea
      • Rest of Asia-Pacific
    • Middle East and Africa
      • GCC
      • South Africa
      • Rest of Middle East and Africa
    • South America
      • Brazil
      • Argentina
      • Rest of South America

Key Market Trends

Laboratory Information Management System is Expected to hold its Highest Market Share in the Product

In the product segment of the laboratory informatics market, laboratory information management system is belived to have largest market size and is expected to witness a CAGR of  7.18% in the forecast period.

LIMS are usually intended for the laboratories having recurring workflows, such as quality control laboratories. LIM system contains a special data structure, and the processes of the laboratory (workflow) should already be established in a certain format. LIMS products have been losing market share to Electronic lab notebooks (ELN) and Laboratory Execution System (LES) in recent years. This trend can be observed in the sales growth of LES vendors and in the investment of large LIMS providers in the field of ELN & LES. Some of the major players in the market studied, such as LabVantage Solutions, Inc., have invested heavily in order to develop comprehensive and highly integrated LES and ELN capabilities.