The laboratory informatics market is witnessing significant growth across the globe due to factors such as the increasing need for laboratory automation, technological advancements, increasing availability of cost-effective informatics solutions, rising pressure to comply with regulatory requirements, and increasing adoption of laboratory informatics in biobanks/biorepositories, academic research institutes, and contract service organizations. Cloud-based laboratory informatics solutions and emerging countries offer huge growth potential for the laboratory informatics market. Key players in the laboratory informatics market are pursuing strategies such as new product launches & upgrades, partnerships, alliances, agreements, collaborations, expansions, and acquisitions to strengthen their positions in the market.
The laboratory informatics market is segmented on the basis of product type, deployment model, component, industry, and region. Based on product type, the market is segmented into Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS), Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Laboratory Execution Systems (LES), Scientific Data management Systems (SDMS), Chromatography Data Systems (CDS), and Enterprise Content Management (ECM). The LIMS segment is expected to grow at the highest CAGR mainly due to the systems’ ability to increase workflow efficiencies by removing manual data entry and transcription errors.
The laboratory informatics market is sub-segmented into software and services. In 2016, the services segment is expected to account for the largest share of the laboratory informatics market. The market for this segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment can be attributed to factors such as growing technological advancements in solutions, increasing adoption of the cloud due to its enhanced data accessibility benefits and cost-effectiveness, growing need for consulting.
North America dominates the laboratory informatics market, whereas Europe is the second-largest market, while Asia is in the nascent stage. However, it is expected to grow at the highest CAGR during the forecast period mainly due to the increasing R&D activities and the development of supporting infrastructure in research laboratories. Ongoing research in Asia has boosted the demand for laboratory automation and hence the adoption of laboratory informatics solutions in the region has also increased.