Dublin, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The "Laboratory Informatics Market by Type (LIMS, ELN, CDS, LES, SDMS), Component (Software, Service, Support), Delivery (on Premise, Cloud (SaaS, PaaS, IaaS)), Industry (Pharma, Biotech, CRO, Chemical, Agri, FnB, Oil, Gas), & Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global Laboratory Informatics market is projected to reach USD 8.7 billion by 2029 from USD 5.3 billion in 2024, at a CAGR of 10.4% during the forecast period.
The market is expected to grow as a result of the increased support from government and funding agencies for research and development of informatics solutions, especially in the fields of biomedical and public health; growing adoption of sustainable practices in laboratory informatics to reduce energy consumption and environmental impact; and need for switching from paper-based to electronic tools for better data capture and accessibility. Moreover, the market has experienced growth due to its high return on investment, and substantial long-term benefits due to reduction of labor costs and improvement in scalability. However, insufficient IT infrastructure and connectivity in some laboratories are expected to pose a challenge to the market growth. 
Laboratory Information Management Systems (LIMS) solution accounted for a substantial share by solution type in 2023
Based on solution type, Laboratory Information management systems (LIMS) hold the largest share in the laboratory informatics market. The large share of this segment can be attributed to the rising need of centralized solutions for laboratories which can be integrated well with other laboratory solutions, surging demand for high operational efficiency, workflow automation, scalability, and enhanced collaboration & communication. Additionally, the growing requirement of maintaining Good Laboratory Practices (GLP), upholding high-quality data standards, enhancing credibility and efficiency in research operations also plays an important role in the heightening adoption of LIMS across various industrial sectors.
Life science industry projected to dominate the market during the forecast period
The life sciences, food & beverage and agricultural, petrochemical & oil and gas, chemicals, environmental testing, forensics, and other industries make up the industry-based segments of the laboratory informatics market. In 2023, the life sciences segment accounted for a significant share of the Laboratory Informatics market. The prominent position of this segment is due to the growing applications of molecular diagnostics, rising outsourcing by pharmaceutical industries, growing need for integrated systems, stringent regulatory guidelines to be followed by pharmaceutical laboratories, increasing number of biobanks/biorepositories, rising need to integrate laboratory systems, and growing awareness and availability of technologically advanced laboratory informatics solutions.
Asia-Pacific expected to register the highest market growth during the forecast period
The laboratory informatics market is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to register highest growth during the forecast period. The high growth of this region is attributed to the development of research laboratory infrastructure across various regions in Asia Pacific, government initiatives to promote the adoption of digital & technologically enabled solutions across various industries, and significant focus on integrating sophisticated technologies with labs to improve efficiency & workflows.
Research Coverage
The report analyzes the Laboratory Informatics market and aims to estimate the market size and future growth potential of various market segments, based on solution type, component, deployment model, and industry, and region. The report also analyses factors (such as drivers, opportunities and challenges) affecting market growth. It evaluates the opportunities and challenges in the market for stakeholders. The report also studies micro markets with respect to their growth trends, prospects, and contributions to the total laboratory informatics market. The report forecasts the revenue of the market segments with respect to five major regions. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
List of Companies Profiled in the Report
- Thermo Fisher Scientific Inc. (US)
- LabVantage Solutions Inc. (US)
- LabWare (US)
- STARLIMS Corporation (US)
- Agilent Technologies (US)
- Waters Corporation (US)
- LabLynx LIMS (US)
- Dassault Systemes (France)
- Revvity (Perkinelmer) (US)
- Accelerated Technology Laboratories, Inc. (US)
- Labworks (US)
- IDBS (UK)
- Xybion Digital Inc. (US)
- Novatek International (Canada)
- Agaram Technologies Pvt Ltd (India)
- Siemens (Germany)
- Caliber Technologies (US)
- Clinsys (US)
- Labtrack (US)
- Labkey (US)
- Benchling (US)
- CloudLIMS (US)
- SciNote LLC (US)
- L7 Informatics, Inc. (US)
- QBench (US)
Key Attributes
| Report Attribute | Details |
| No. of Pages | 342 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $5.3 Billion |
| Forecasted Market Value (USD) by 2029 | $8.7 Billion |
| Compound Annual Growth Rate | 10.4% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Growing Need for Laboratory Automation
- Increasing Focus on Multiple Enterprise and Integrated Lab Informatics Solutions
- Rising R&D Expenditure in Pharmaceutical and Biotechnology Companies
- Stringent Regulatory Requirements for Preclinical and Clinical Testing
- Increased Demand for Highly Configurable Solutions and Out-of-the-Box Functionalities
- Restraints
- High Implementation, Maintenance, and Service Costs
- Lack of Integration Standards
- Interoperability Challenges
- Opportunities
- Rising Demand for Real-Time Data and Analytics
- Increasing Use of Lab Informatics in Cannabis Industry
- Growth Potential in Emerging Economies
- Challenges
- Dearth of Skilled Medical Laboratory Technicians
- Limited Adoption of Lab Informatics Solutions in SMEs
- Interfacing Challenges with Informatics Software
Industry Trends
- Cloud-based Lab Informatics Solutions
- Industry 4.0
- Mobile Applications Integrated with Lab Informatics Systems
- Customizable Lab Informatics Solutions
- Future of Laboratories
Technology Analysis
- Key Technologies
- Artificial Intelligence and Machine Learning
- Cloud Computing
- Complementary Technologies
- Internet of Things
- Robotics
- Data Analytics
- Adjacent Technologies
- Blockchain Technology
- Augmented Reality and Mixed Reality
Indicative Pricing Analysis
- Average Pricing Trend of Laboratory Informatics Solutions, by Solution
- Average Pricing Trend of Laboratory Informatics Solutions, by Key Player
- Average Selling Price Trend, by Region
Patent Analysis
- Patent Publication Trends
- Jurisdiction Analysis: Top Applicant Countries for Laboratory Informatics
- Major Patents in Laboratory Informatics Market
End-user Analysis
- Unmet Needs
- End-user Expectations
- Expectations of Documentation and Training Materials
- Expectations of Vendor Involvement/Support
Laboratory Informatics Business Model
- Traditional Licensing Model
- SaaS Model
- Cloud-based Self-Hosted Model
- PaaS Model
- Pay-Per-Use or Pay-Per-Transaction Model
- Enterprise Licensing
- Concurrent Licensing
- Named User Licensing
- Site Licensing
- Hybrid Model
Impact of AI/Generative AI on Laboratory Informatics Market
- Top Use Cases and Market Potential
- Key Potential Use Cases
- Case Studies of AI/Generative AI Implementation
- Case Study 1: Improving Lab Efficiency - the Success Story of DSM-Firmenich
- Impact of Gen AI on Interconnected and Adjacent Ecosystems
- Laboratory Information Management Systems Market
- Laboratory Automation Market
- User-Readiness and Potential Impact Assessment
- User-Readiness
- Life Science Industry
- Food & Beverage, Chemical, Petrochemical, and Other Industries
- Impact Assessment
- User A: Life Science Industry
- User B: Food & Beverage, Chemical, Petrochemical, and Other Industries
- User-Readiness
For more information about this report visit https://www.researchandmarkets.com/r/irgpyr
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