The on-going COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.
At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the laboratory informatics market. We are working diligently to help companies take rapid decisions by studying:
• The impact of COVID-19 on the laboratory informatics market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
• The rapid shifts in the strategies of the Top 50 companies in the Laboratory Informatics Market
• The shifting short-term priorities of the top 50 companies’ clients and their client’s clients
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According to the recent report ” Laboratory Informatics Market by Type of Solution (LIMS, ELN, ECM, SDMS), Component (Software, Service), Deployment, Industry (Pharmaceutical, Biotechnology, Chemical, Agriculture, Petrochemical, oil & gas) – Global Forecasts to 2024 “, published by MarketsandMarkets™, the global is estimated to reach USD 3.8 billion by 2024 from USD 2.6 billion in 2019, at a CAGR of 7.5% during the forecast period.
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The laboratory informatics market has been segmented on the basis of type of solution, component, deployment model, industry, and region. Based on type of solution, the laboratory informatics market is segmented into laboratory information management systems (LIMS), electronic lab notebooks (ELN), chromatography data systems (CDS), electronic data capture (EDC) & clinical data management systems (CDMS), laboratory execution systems (LES), enterprise content management (ECM), and scientific data management systems (SDMS).
The LIMS segment accounted for the largest share of the laboratory informatics market in 2018. The large share of this segment can be attributed to the wide range of benefits associated with the use of these systems, including increased workflow efficiencies, reduced transcription errors, easy integration with other lab systems, and better regulatory compliance.
Geographically, the laboratory informatics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2018, North America accounted for the largest market share, followed by Europe.
This can be attributed to factors such as growing R&D investments, growing awareness of lab informatics solutions, increase in drug development-based research, and rising pressure to comply with regulatory requirements. In addition to this, the strategic expansion of key players to gain a competitive edge in developing Asian economies further supports the growth of the Asian market.
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The laboratory informatics market is diversified and highly competitive, with a large number of players competing for market space. Thermo Fisher Scientific Inc. (US), LabVantage Solutions, Inc. (US), LabWare (US), Abbott Informatics (US), LabLynx, Inc. (US), Waters (US), Agilent Technologies, Inc. (US), Autoscribe Informatics (US), Dassault Systèmes (Paris, France), LABWORKS LLC (US), KineMatik (Ireland), Accelerated Technology Laboratories (ATL) (US), and PerkinElmer Inc. (US) are some of the key players in the market.
These players have adopted various growth strategies, such as partnerships, acquisitions, agreements, and expansions as well as new product launches/upgrades, to further expand their presence in the global market.