Laboratory Informatics Market Size, Share & Trends Analysis Report By Product, By Delivery Mode, By Component, By End Use, By Region And Segment Forecasts, 2020 - 2027
NEW YORK, June 10, 2020 /PRNewswire/ --
Laboratory Informatics Market Size, Share & Trends Analysis Report By Product (LIMS, ELN, SDMS, LES, EDC & CDMS, CDS, ECM), By Delivery Mode, By Component, By End Use, By Region, And Segment Forecasts, 2020 - 2027
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Laboratory Informatics Market Growth & Trends
The global laboratory informatics market size is expected to reach USD 4.72 billion by 2027, expanding at a CAGR of 6.6% from 2020 to 2027, according to a recent study conducted by Grand View Research, Inc. Increasing requirement for the life science companies to comply with regulatory demands has further promoted the incorporation of laboratory information management systems (LIMS) as they help professionals understand and fulfill the complex regulatory obligations. Furthermore, demand for cost-efficient workflow management systems is anticipated to boost the growth of the market over the forecast period.
Rising adoption of LIMS solutions by biobanks, coupled with increasing demand for integrated healthcare solutions, is a key contributing factor for the growth of the market over the forecast period. In addition, growing awareness levels amongst the end-use segments and technological evolution of LIMS solutions are anticipated to fuel the market growth in the coming years.
Demand for fully integrated LIMS platforms is growing in accordance with the requirements of life sciences and research industries to reduce the incidence of errors in data management and qualitative analysis of research information. The above-mentioned factors are expected to drive the growth of the LIMS segment.
It is anticipated that upgraded laboratory informatics technologies such as electronic lab notebook and Enterprise Content Management (ECM) solutions will witness increased demand amongst research professionals and industry players, respectively, over the forecast period. Associated benefits of ECM, such as database management of large unstructured or structured medical information, and supportive government initiatives are expected to contribute to the growth of ECM segment over the forecast period.
Cloud-based services are expected to witness significant growth over the forecast period.Introduction of technologically advanced software solutions and their widespread adoption by the healthcare IT providers are expected to impede the growth of the on-premise segment over the forecast period.
Furthermore, advantages associated with the usage of cloud-based services, including remote access to information, reduced operational cost, and real-time data tracking, are contributing toward their rising demand.
North America led the market and accounted for a share of 45.7% in 2019. Asia Pacific is likely to exhibit the fastest growth over the forecast period due to increasing R&D expenditure deployed by the public and private sectors, coupled with increasing awareness levels pertaining to LIMS.
Laboratory Informatics Market Report Highlights
-- On the basis of product, LIMS dominated the market in 2019 owing to the associated benefits such as data tracking and management with fewer errors
-- By delivery mode, cloud-based services are anticipated to expand at the fastest CAGR over the forecast period due to their growing acceptance by industry participants
-- North America dominated the market as of 2019 owing to supportive government initiatives promoting the adoption of LIMS.
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