Laboratory Informatics Market to Reach $8.5 billion, Globally, by 2032 at 9.2% CAGR: Allied Market Research

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Aug 24, 2023, 10:01 ET

An increase in the adoption of laboratory informatics software, the surge in R&D activities, and a rise in awareness regarding laboratory informatics software in developing countries drive the growth of the global laboratory informatics market.

PORTLAND, Ore., Aug. 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Laboratory Informatics Market By Type (Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Laboratory Execution Systems (LES), Scientific Data Management Systems (SDMS), Others), By Component (Software, Services), By Delivery Mode (On-Premise, Web-Hosted, and Cloud-Based), By End User (Life Science Industries, Chemical Industries, Food and Beverage and Agriculture Industries, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032" According to the report, the global laboratory informatics industry generated $3.5 billion in 2022 and is anticipated to generate $8.5 billion by 2032, witnessing a CAGR of 9.2% from 2023 to 2032.

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The laboratory informatics market is a rapidly evolving sector within the broader life sciences and healthcare industry. It encompasses various software solutions and technologies designed to streamline and enhance laboratory operations, data management, and analysis. These solutions encompass Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Scientific Data Management Systems (SDMS), and more. The market allows organizations to improve efficiency, accuracy, and compliance in their research and testing processes. By adopting these advanced technologies, companies can automate workflows, reduce manual errors, facilitate data sharing, and accelerate decision-making. As businesses strive to optimize their laboratory operations, the laboratory informatics market plays a pivotal role in helping them stay competitive and achieve their strategic objectives.

Prime determinants of growth

Rise in the use of laboratory informatics software to comply with stringent government regulations, increase in technological advancement in laboratory informatics software, and surge in the demand for lab automation drive the growth of the global laboratory informatics market. However, the high implementation and service costs of laboratory informatics software are hampering the laboratory informatics market growth. On the contrary, the increase in adoption of key strategies by key players, and the high growth potential in developing countries are expected to offer remunerative opportunities in the industry

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$3.5 billion
Market Size in 2032	$8.5 billion
CAGR	9.2 %
No. of Pages in Report	400
Segments covered	Type, Component, Delivery Mode, End User, and Region
Drivers	Growth in the use of laboratory informatics software to comply with stringent government regulations Rise in the demand for lab automation Technological advancement in laboratory informatics software
Opportunities	Rise in the adoption of key strategies High growth potential in developing countries
Restraints	High implementation and service costs of laboratory informatics software

What is the Impact of Recession 2023 on Laboratory Informatics Market?

Due to the recession in the first quarter of 2023, the laboratory informatics market faced a downturn.
However, the impact of the recession on the laboratory informatics market was temporary. The high growth potential in developing countries and growing demand for laboratory informatics software in R&D laboratories are creating significant opportunities in the industry.

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The laboratory information management system (LIMS) segment to maintain its leadership status throughout the forecast period

Based on type, the laboratory information management system (LIMS) segment held the highest market share in 2022, accounting for more than two-fifths of the global laboratory informatics market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of laboratory information management system (LIMS), and its wider availability. The same segment is also projected to manifest the highest CAGR of 10.1% from 2023 to 2032. This is due to the increase in technological advancement and the rise in the demand for LIMS.

The services segment to maintain its leadership status throughout the forecast period

By component, the services segment held the highest market share in 2022, accounting for around two-thirds of the global laboratory informatics market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to a high number of people using various types of services provided in laboratory informatics such as consultant service, and implementation services. The software segment, on the other hand, is projected to manifest the highest CAGR of 10.0% from 2023 to 2032. This is attributed to the rise in demand for software and an increase in awareness regarding the use of laboratory informatics software in developing countries.

The web-hosted & cloud-based segment to maintain its leadership status throughout the forecast period

Depending on delivery mode, the web-hosted & cloud-based segment held the highest market share in 2022, accounting for nearly three-fifths of the global laboratory informatics market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is owing to the rise in use & high availability of cloud-based software and benefits of web-hosted & cloud-based software such as offering more flexibility. The same segment is also projected to manifest the highest CAGR of 9.8% from 2023 to 2032. Reduction in costs (requires a monthly cost to access the software, eliminates upfront costs for hardware & infrastructure) in comparison to on-premises (requires large upfront costs to buy software, hardware, and on-site servers) drives the segment growth.

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The life science industries segment to maintain its leadership status throughout the forecast period

Based on end users, the life science industries segment held the highest market share in terms of revenue in 2022, accounting for nearly three-fifths of the global laboratory informatics market revenue, owing to the high use of laboratory informatics software in research regarding diseases such as cancer and its high adoption by pharmaceutical & biotechnology companies. The same segment is also expected to witness the fastest CAGR of 10.1% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is owing to the rise in demand for lab automation in life science industries and increase in the number of biobank & biorepositories and molecular diagnostics & clinical research laboratories.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global laboratory informatics market revenue, owing to robust healthcare infrastructure, presence of key players, and rise in healthcare expenditure. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.3% from 2023 to 2032 and is likely to dominate the market during the forecast period, due to a rise in R&D laboratories, and a surge in the demand for lab automation.

Leading Market Players: -

Agilent Technologies Inc.
CrelioHealth Inc.
Illumina Inc.
LabLynx, Inc
LabWare, Inc
McKesson Corporation
PerkinElmer, Inc.
STARLIMS Corporation
Thermo Fisher Scientific Inc.
Waters Corporation

The report provides a detailed analysis of these key players in the global laboratory informatics market. These players have adopted different strategies such as acquisition, collaboration, expansion, partnership, and product launch to increase their market share and maintain dominant shares in different regions.

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