Laboratory Informatics Market Outlook to 2030: Top Manufacturer Analysis, Industry Overview and Forecast Report

 Laboratory Informatics Industry Overview

The global Laboratory Informatics Market size is expected to reach USD 4.91 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.9% from 2022 to 2030. Increasing requirements for life sciences companies to comply with regulatory demands has further promoted the incorporation of Laboratory Information Management Systems (LIMS) as it helps professionals understand and fulfill complex regulatory obligations. Furthermore, demand for cost-efficient workflow management systems is anticipated to drive the market over the forecast period. The rising adoption of LIMS solutions by biobanks, coupled with the increasing demand for integrated healthcare solutions, is the key factor contributing to the growth of the market. In addition, growing awareness levels amongst the end-use segments and the technological evolution of LIMS solutions are anticipated to fuel the growth in the coming years.

Demand for fully integrated LIMS platforms is growing in accordance with the requirements of the life sciences and research industries to reduce the incidence of errors in data management and improve the qualitative analysis of research information. The above-mentioned factors are expected to drive the LIMS product segment. Associated benefits of ECM such as database management of large unstructured or structured medical information and supportive government initiatives are expected to contribute to the lucrative growth of the ECM product segment over the forecast period. The introduction of technologically advanced software solutions and their widespread adoption by the healthcare IT providers are expected to impede the growth of the on-premise delivery mode segment over the forecast period. Furthermore, advantages associated with its usage, including remote access to information, reduced operational cost, and real-time data tracking, are contributing to its rising demand.

The outbreak of the coronavirus has resulted in a shutdown of laboratories around the world. Movement restrictions have created a logistical problem for players, resulting in the shortage of on-premise delivery of products. However, the high demand for COVID-19 testing scaled up laboratory operations and created new challenges like the administration of a large volume of patient specimens and test data. To accelerate the high demand for COVID-19 tests, a LIMS plays an essential role in labs, which led to the implementation of the product. For instance, the Matrix Covid LIMS is pre-configured for fast deployment into laboratories executing Covid testing. This solution has already been installed in numerous clinical diagnostic laboratories to drive productivity and support the identification of COVID-19 positive cases.

Increased emphasis on big data usage and modeling in research projects and the introduction of artificial intelligence and machine learning in healthcare are playing a key role in the market growth. Another facet of access to lots of organized data is data visualization. Presenting the facts in innovative and diverse ways leads to insights that may not have been possible in the past years. Data visualization tools such as Tableau and Spotfire are making this easier to do in the laboratory. Thus, market players are also investing in it to stay ahead in the competition. For instance, in August 2021, IDBS and Tableau publicized a strategic corporation to integrate Tableau into the IDBS suite of products. The partnership will enhance IDBS’s product offerings. These initiatives are anticipated to boost the market growth over the forecast period.

Laboratory Informatics Market Segmentation

Grand View Research has segmented the global laboratory informatics market by product, delivery mode, component, end use, and region:

Based on the Product Insights, the market is segmented into Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Scientific Data Management Systems (SDMS), Laboratory Execution Systems (LES), Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS), Chromatography Data Systems (CDS) and Enterprise Content Management (ECM).

  • The Laboratory Information Management Systems (LIMS) segment dominated the market and held a revenue share of over 45.0% in 2021. These systems include master data management, reporting of sample lifecycle, stability study, system and security administration, schedules, inventory, instruments, storage capacity and logistics, and analytical workflow.
  • The Enterprise Content Management (ECM) segment is anticipated to register a CAGR of 3.3% during the forecast period. The adoption of ECM is increasing over time as it offers integrated and comprehensive solutions to meet the growing challenges in the healthcare industry.

Based on the Delivery Mode Insights, the market is segmented into On-premise, Web-hosted and Cloud-based.

  • The cloud-based segment dominated the market and accounted for a revenue share of over 40.0% in 2021 and is expected to maintain its dominance throughout the forecast period. .
  • On-premise delivery mode involves the installation of services and solutions on computers present within the organization. Web-based LIMS solutions are delivered to users through web servers using the internet protocol.

Based on the Component Insights, the market is segmented into Software and Services.

  • The services segment dominated the market and accounted for a revenue share of over 55.0% in 2021 and is anticipated to maintain its position over the forecast period. An increase in the outsourcing of LIMS solutions is contributing to the segment growth.
  • The software segment is expected to witness lucrative growth over the forecast period due to the availability of technologically advanced software, such as SaaS, which offers effective information management solutions for laboratories. The software offered for laboratory informatics can perform critical functions such as data capture, storage, interpretation, and analysis.

Based on the End-Use Insights, the market is segmented into Life Science, CROs, Chemical Industry, Food & Beverage and Agriculture Industries, Petrochemical Refineries and Oil & Gas Industry and Others (Forensics and Metal & Mining Laboratories).

  • The life science companies segment accounted for the largest revenue share of over 25.0% in 2021. This segment encompasses biobanks, molecular diagnostic and clinical research laboratories, contract service organizations, pharmaceutical and biotechnology companies, and academic research institutes.
  • The CROs segment is expected to witness profitable growth during the forecast period due to the growing trend of outsourcing. Increasing adoption by outsourcing companies to curb healthcare costs is contributing to the lucrative growth of the CROs segment.

Laboratory Informatics Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Companies Profile

The market is highly fragmented with many small and large players operating in this space. This leads to intense competition within smaller players to sustain their position in the market. Moreover, the companies are providing customized LIMS solutions. Hence, rivalry within the industry is anticipated to be high during the forecast period. Besides, key players are contributing to the market growth by entering into partnerships and launching new products.

Some prominent players in the global Laboratory Informatics market include

  • LabWare
  • Core Informatics
  • Thermo Fisher Scientific, Inc.
  • PerkinElmer Inc.
  • LabVantage Solutions, Inc.
  • Abbott Laboratories
  • LabLynx, Inc.
  • Agilent Technologies
  • Waters Corporation
  • Cerner Corporation
  • ID Business Solutions Ltd.
  • McKesson Corporation

Order a free sample PDF of the Laboratory Informatics Market Intelligence Study, published by Grand View Research.

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