Laboratory Informatics Market Value Projected to Expand by 2018 to 2026
Laboratory informatics is defined as the specialized application of information technology to optimize and extend laboratory operations through a platform of instruments, software, and data management tools. This allows scientific data to be captured, migrated, processed, and interpreted for immediate use, as well as stored, managed, and shared to support future research, development, and lab testing efforts, while maximizing the efficiency of laboratory operations. Rising with the tide of informatics in general, laboratory informatics is one of the fastest growing areas of laboratory-related technology. Information management continues to be important, laboratory informatics tends to focus on the technology associated with information management process.
A rapid series of technological developments have made laboratory equipment less static and more interactive, allowing large networks of integrated lab devices, computers, and telecommunications equipment to log, analyze, and distribute data. This has progressively enabled scientific research projects to move from a localized model to a global one, allowing researchers to spend less time collecting data or waiting for information to arrive from another location. This has helped them focus more on the work at hand and makes their research both faster and more efficient. This has led laboratories requiring more robust and scalable data management systems to stay competitive.
Increasing integration of laboratory automation in contract manufacturing and research organizations is anticipated to fuel the growth of the global laboratory informatics market during the forecast period. Moreover, the emergence of digitization and big data analytics is also expected to drive the market. The ease of real-time data entry and remote access have won cloud-based delivery mode a significant consumer base. However, lack of integration standards and dearth of trained professionals are a few factors expected to limit the growth of the laboratory informatics market during the forecast period. Improvement in technology, coupled with stringent regulatory needs and increasing commercial pressures, has led to rapid generation of large amount of data from various aspects, comprising research and development, quality assurance, and manufacturing. Moreover, laboratory information systems are gaining popularity in academic research institutes, biobanks, and contract research organizations (CROs) owing to the benefits associated with them, such as, process optimization, reduced throughput time and paperless information management, improved regulatory compliance and intellectual property rights protection, decreased labor cost, improved data quality through the elimination of errors and faster and effective data analytics.
The laboratory informatics market can be categorized based on product type, deployment, end-user, and geography. In terms of product type, the market can be segmented into laboratory information management systems (LIMS), chromatography data systems (CDS), electronic laboratory notebook (ELN), electronic data capture (EDC) & clinical data management systems (CDMS), laboratory execution system (LES), enterprise content management (ECM), and scientific data management systems (SDMS). Based on deployment, the laboratory informatics market can be classified into on-premise solutions, cloud-based solutions, and web-based solutions. By end-user, the market can be segmented into life sciences industry, food & beverage and agriculture industries, chemical testing laboratories, petrochemical and oil & gas industries, and others.
Geographically, the global laboratory informatics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the leading laboratory informatics market due to the policies supporting the deployment of laboratory information systems and availability of infrastructure with high digital literacy in the region. The laboratory informatics market is expected to witness a steady growth in Europe. In Asia Pacific, increasing number of CROs offering LIMS solutions in the region is projected to fuel the growth of the laboratory informatics market.
Key players in the global laboratory informatics market are Thermo Fisher Scientific, Inc., LabVantage Solutions, Inc., LabWare, Inc., Core Informatics, LabLynx, Inc., Abbott Informatics (Abbott Laboratories), PerkinElmer, Inc., ID Business Solutions Ltd., Waters Corporation, and Agilent Technologies, Inc., among others.
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