Market Overview

The 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 is 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 for managing laboratory information are now required to fulfill the changing requirements of the healthcare system. The primary concern for 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 patients. Thus, to avoid these diagnostic errors and to provide better services, clinics and laboratories are implementing various tools, such as laboratory information systems (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, as well as for future use.

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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 believed to have the largest market size and is expected to witness a CAGR of 7.18% during 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 the 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 and 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. 

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