According to research report the Lab Informatics Market 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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Growth in this market is mainly driven by the increasing need for laboratory automation, development of integrated lab informatics solutions, increasing need to comply with regulatory standards, and growing demand in biobanks/biorepositories.
LabVantage Solutions, Inc. (US)
LabVantage is one of the leading suppliers of lab informatics solutions. The company constantly invests in developing and enhancing its products to understand and serve its customers better. LabVantage focuses on organic growth strategies such as product launches and upgrades to develop its product portfolio and strengthen its position in the market.
Thermo Fisher Scientific, Inc. (US)
Thermo Fisher Scientific, Inc. is one of the leading players in the lab informatics market. In order to maintain its leading position in this market, the company focuses on research and development activities. The company invested USD 0.89 billion, USD 0.76 billion, and USD 0.69 billion in R&D activities in 2017, 2016, and 2015, respectively. With its focus on R&D, Thermo Fisher Scientific added features to its Sample Manager LIMS software in May 2016. In order to maintain its leading position in the lab informatics market, the company adopts organic and inorganic growth strategies such as product launches, expansions, and acquisitions.
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LabWare provides scalable, end-to-end solutions to various industries such as pharmaceuticals, environmental testing, contract labs, forensics, chemical/petrochemical process, public health, clinical research, food, and biobanking. The company is focused on launching technologically advanced products and upgrading its existing ones with the help of inputs from several interested clients from all parts of the globe.
In 2018, North America dominated the Lab Informatics Market, followed by Europe. The large share of this market can primarily be attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region. Growth in the North American market is supported by the growing demand for the integration of laboratory systems, rising government funding for research, growth in biobanks, need for early drug discovery, easy availability of laboratory informatics products and services, and stringent regulatory requirements across industries.