Laboratory Informatics Market | Growth, Trends, and Forecast (2019-2024)

Laboratory Informatics Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Product, Component (Service, Software), Mode of Delivery, Application, and Geography

PURCHASE REPORT

Laboratory Informatics-1

Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

Key Players:

PURCHASE REPORT

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.

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
  • 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. 

Laboratory Informatics-2

North America Domainates the Market and Expected to do Same in the Forecasted Period

North America currently dominates the market for laboratory informatics and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future owing to the well-established healthcare industry and better reimbursement facilities in the region. The United States holds the majority of the market in the North America region; this is due to the higher adoption of the digital healthcare in the country and the rising investments done by the companies over there.

Laboratory Informatics Market-3

Competitive Landscape

The laboratory informatics market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. Companies like Abbott Laboratories (Abbott Informatics Corporation), Agilent Technologies, McKesson Corporation, Thermo Fischer Scientific Inc. holds the substantial market share in the laboratory informatics market.

Major Players

  1. Abbott Laboratories (Abbott Informatics Corporation)
  2. Agilent Technologies
  3. Cerner Corporation
  4. McKesson Corporation
  5. Thermo Fisher Scientific Inc.

* Complete list of players covered available in the table of contents below

Laboratory informatics market-4

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Table of Contents

  1. INTRODUCTION
    1. Study Deliverables
    2. Study Assumptions
    3. Scope of the Study
  2. RESEARCH METHODOLOGY
  3. EXECUTIVE SUMMARY
  4. MARKET DYNAMICS
    1. Market Overview
    2. Market Drivers
      1. High Accuracy and Efficiency of Results
      2. Increasing Applications of Lab Informatics Solutions
      3. Increasing Number of Diagnoses
    3. Market Restraints
      1. Lack of Integration Standards for Laboratory Informatics
      2. Lack of Skilled Professionals
    4. Industry Attractiveness Porter's Five Force Analysis
      1. Threat of New Entrants
      2. Bargaining Power of Buyers/Consumers
      3. Bargaining Power of Suppliers
      4. Threat of Substitute Products
      5. Intensity of Competitive Rivalry
  5. MARKET SEGMENTATION
    1. By Product
      1. Laboratory Information Management System (LIMS)
      2. Electronic Lab Notebooks (ELN)
      3. Enterprise Content Management (ECM)
      4. Laboratory Execution System (LES)
      5. Chromatography Data System (CDS)
      6. Scientific Data Management System (SDMS)
      7. Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS)
    2. By Component
      1. Services
      2. Software
    3. By Delivery Mode
      1. On-premise
      2. Web-hosted
      3. Cloud-based
    4. Geography
      1. North America
        1. US
        2. Canada
        3. Mexico
      2. Europe
        1. Germany
        2. UK
        3. France
        4. Italy
        5. Spain
        6. Rest of Europe
      3. Asia Pacific
        1. China
        2. Japan
        3. India
        4. Australia
        5. South Korea
        6. Rest of Asia-Pacific
      4. Middle East and Africa
        1. GCC
        2. South Africa
        3. Rest of Middle East and Africa
      5. South America
        1. Brazil
        2. Argentina
        3. Rest of South America
  6. COMPETITIVE LANDSCAPE
    1. Company Profiles
      1. Abbott Laboratories (Abbott Informatics Corporation)
      2. Agilent Technologies
      3. Cerner Corporation
      4. McKesson Corporation
      5. Thermo Fisher Scientific Inc.
      6. LabLynx Inc.
      7. LabVantage Solutions Inc.
      8. LabWare Inc.
      9. PerkinElmer Inc.
      10. Waters Corporation
    2. *List Not Exhaustive
  7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments