The global laboratory informatics market was valued at USD 2.15 billion in 2015 and is expected to reach a value of USD 3.83 billion by 2025. Increasing requirement for life sciences companies to comply with regulatory demands has further promoted the incorporation of laboratory information management systems (LIMS) as it helps professionals understand and fulfill the complex regulatory obligations. Furthermore, demand for cost-efficient workflow management systems is anticipated to drive the growth over the forecast period.
Rising adoption of LIMS solutions by biobanks coupled with the increasing demand for integrated healthcare solutions is the key contributing factor for the growth of the laboratory informatics 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 growth in the coming years.
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Further key findings from the study suggest:
- LIMS dominated the overall laboratory informatics market on the basis of technology in 2015 owing to the associated benefits such as data tracking and management with fewer errors. Moreover, 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 segment growth.
- On the other hand, demand for upgraded laboratory informatics technologies such as electronic lab notebook and Enterprise Content Management (ECM) solutions amongst research professionals and industry players, respectively, is expected to increase 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 its lucrative growth over the forecast period.
- Cloud-based services are anticipated to show lucrative CAGR over the forecast period due to its growing acceptance by industry participants. The 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 its usage, including remote access to information, reduced operational cost, and real-time data tracking, are contributing toward their rising demand.
- North America dominated the market as of 2015, which is attributable to supportive government initiatives promoting the adoption of LIMS. On the other hand, the Asia Pacific market is likely to exhibit profitable growth due to increasing R&D expenditure deployed by the public and private sectors coupled with increasing awareness levels pertaining to LIMS
- The key players serving laboratory informatics market areThermo Fisher Scientific, Inc., Core Informatics, LabWare, Cerner Corporation, PerkinElmer, Inc., LabVantage Solutions, Inc., LabLynx, Inc., Agilent Technologies, ID Business Solutions Ltd., McKesson Corporation, Waters Corporation, and Abbott Informatics.