Laboratory Informatics Market Size is Estimated to Grow at a CAGR of 7.4% by 2026 | Valuates Reports

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02 Sep, 2021, 19:30 IST

BANGALORE, India, Sept. 2, 2021 /PRNewswire/ -- The Global Laboratory informatics market is segmented by Product (Laboratory Information Management Systems, Electronic Lab Notebooks, Scientific Data Management Systems, Laboratory Execution Systems, Electronic Data Capture & Clinical Data Management Systems, Chromatography Data Systems, and Enterprise Content Management), Delivery Mode (On-premise, Web-hosted and Cloud-based), Component (Software and Services), End-Use (Life Sciences, Chemical Industry, CROs, Food and Beverage and Agriculture Industries, Environmental Testing Laboratories, Petrochemical Refineries & Oil and Gas Industry and Other Industries). . The report covers global opportunity analysis and industry forecasts from 2021 to 2027. This report is published in Valuates Reports under Health Foundations & Medical Research Category.

The Laboratory Informatics Market is estimated to grow at the rate of 7.4% CAGR by 2026.

Major factors driving the growth of the laboratory informatics market are:

  • The market is expected to increase due to the increasing use of laboratory information management systems to assist hospital-based laboratories in reducing diagnostic errors and handling large amounts of data.
  • Furthermore, there is an increasing need for laboratory automation and the need to comply with regulatory standards.

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TRENDS INFLUENCING THE GROWTH OF LAB INFORMATICS MARKET

Within the healthcare and life science communities, a huge amount of data is being collected. Data integration solutions are required for proper processing and reaching a satisfactory conclusion from obtained data. Thus the increase in the amount of data collected and a rising need for the real-time outcome is expected to drive the growth of the laboratory informatics market.

Laboratories are essential in the life sciences and medical research industries for both manufacturing and research. The fundamental goal of a laboratory is to ensure the development of high-quality, dependable experiment data that complies with industry regulatory criteria. The rapid collection of huge amounts of data from many parts of research and development, quality assurance, and manufacturing has resulted from technological advancements paired with severe regulatory requirements and increasing commercial demands.

The increasing regulatory burden for the deployment of lab automation systems is likely to provide profitable growth prospects for the laboratory informatics market. Robotics and process automation are being more widely used in healthcare, making operations more reproducible and repeatable. In order to save time, it is now feasible to set up, perform, and analyze experiments in less time. The growing use of high-throughput technologies has allowed for more efficient evaluation of experimental results, which has improved laboratory efficiency overall.

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LAB INFORMATICS MARKET SHARE

Based on product, LIMS accounts for a considerable portion of the market's growth.

The LIMS solution is mostly used in the life sciences and research business to eliminate data management errors and improve the quality of research information analysis. These elements are projected to boost the segment's growth.

Based on delivery mode, the cloud-based distribution option helps to store a large amount of data offsite, freeing up space on devices and allowing data retrieval according to the customer's needs. As a result, the cloud-based delivery option has a substantial market share in laboratory informatics.

Based on service, the service segment accounted for the highest share in the market growth.

This is owing to a rise in the outsourcing of LIMS solutions and an increase in the demand for outsourced services by major pharmaceutical research labs, which lack the resources and skill set needed for analytics deployment.

Because of variables such as strategies that facilitate the use of laboratory informatics and infrastructure with high digital literacy, North America has a significant market share. Furthermore, rising healthcare expenditures and the growing burden of cost containment are adding to market growth in this region.

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LABORATORY INFORMATICS MARKET SEGMENTATION

by Product

by Delivery Mode

  • On-premise
  • Web-hosted
  • Cloud-based.

by Component

  • Software
  • Services.

by End-use

  • Life Sciences
  • CROs
  • Chemical Industry
  • Food and Beverage and Agriculture Industries
  • Environmental Testing Laboratories
  • Petrochemical Refineries & Oil and Gas Industry
  • Other Industries.

by Geography

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World.

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SIMILAR REPORTS

-  Healthcare Laboratory Informatics Market size is projected to reach USD 1280.6 Million by 2027, from USD 883.3 Million in 2020, at a CAGR of 5.4% during 2021-2027.

-  The Enterprise Laboratory Informatics Market is segmented by Application Healthcare, R&D, Finance, Legal, Life Sciences and by various regions.

-  The Laboratory Information Management Systems (LIMS) market is projected to reach USD 1413.4 Million by 2027, from USD 836.1 Million in 2020, at a CAGR of 7.7% during 2021-2027.

-  Electronic Lab Notebook (ELN) Market is segmented by Product Type Specific ELN, Non-Specific ELN, by Application Pharmaceuticals, Chemicals, Biology, Academic, Food and Beverages and by various regions.

-  The Electronic Data Capture (EDC) Systems Market size is projected to reach USD 1374.1 Million by 2027, from USD 836.9 Million in 2020, at a CAGR of 7.3% during 2021-2027.

-  Lab Automation Market is segmented by Type Hardware Equipment, Programming Software, by Application Biotechnology, Pharmaceuticals, Diagnostic Labs and by various regions.

-  The Lab Automation Software Market is projected to reach USD 4624.6 Million by 2027, from USD 3654.8 Million in 2020, at a CAGR of 3.0% during 2021-2027.

-  Laboratory Software Market is segmented by Type Electronic Lab Notebook (ELN) Software, LIMS Software, by Application Research Center, School, Hospital, Others and by various regions.

-  Electronic Health Records (EHR) market size is projected to reach USD 47.25 Billion by 2027, from USD 29.16 Billion in 2020, at a CAGR of 7.14% during 2021-2027.

-  Digital therapeutics market size was valued at USD 2.88 Billion in 2019 and is expected to reach USD 13.80 Billion by 2027 with a CAGR of 20.5% during the forecast period.

-  Digital Healthcare market size is projected to reach USD 95430 Million by 2026, from USD 77240 Million in 2020, at a CAGR of 22.4% during 2021-2026.

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