Global laboratory informatics market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 9% during the forecast period (2021-2027). The specialized application of information technology aimed at optimizing and extending laboratory operations is known as laboratory informatics. It helps in ensuring high quality and reliable data & results.
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The increasing acceptance of laboratory informatics system along with the execution of IT services plus the solutions by healthcare suppliers, for giving better patient care on lesser operating costs are the important factors, stirring the market globally. Besides, the existence of main manufacturing centers along with the growth in the number of various diagnostic centers, sophisticated research centers, plus laboratories are enhancing the enlargement of the market. Additionally, the growing number of diagnostics errors and rising inclination towards patient-centric care approach are some of the other factors driving the market of laboratory informatics across the region. For instance, in United States, 1 out of 3 patients experience a diagnostic error first-hand. Also, 57% of all diagnosis failures happen in ambulatory care.
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Furthermore, the burgeoning healthcare cost across the globe coupled with the surging pressure to bend the cost curve have resulted in the increased adoption of laboratory informatics management solutions. For instance, the health spending per person in the U.S. was $10,966 in 2019, which was 42% higher than Switzerland, the country with the next highest per capita health spending.
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Based on test of solution, the market is segmented into laboratory information management, electronic lab notebooks, scientific data management system, laboratory execution systems, electronic data capture & clinical data management systems, chromatography data systems and enterprise content management. The laboratory information management segment grabbed an XX% share of the global laboratory informatics market and will witness a considerable CAGR of XX% during the forecast period (2021-2027F). This is because these systems enables efficient management of the flow of samples and associated data to improve lab efficiency.
Based on the deployment model, the global laboratory informatics market is segmented into on-premise, cloud-based and remotely hosted. The cloud-based occupied a substantial share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027 owing to the ability of the cloud-based model to provide high flexibility and are cost-effective for the end-users.
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Additionally, the report provides detailed report also provides insights into the global laboratory informatics market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 owing to the well-established market players and frequent product launches.
McKesson Corporation, Cerner Corporation, Agilent Technologies, Thermo Fisher Scientific Inc., PerkinElmer Inc., Waters Corporation, Sysmex Corporation, LabWare Inc., Abbott Informatics Corporation, LabVantage Solutions Inc., are some of the key players operating in the global laboratory informatics market. Several M&As along with partnerships have been undertaken by these players to develop a new and advanced laboratory informatics management systems.
Global Laboratory Informatics Market Segmentation
Market Insight, by Type of Solution
· 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)
· Enterprise Content Management (ECM)
Market Insight, by Deployment Model
· On-premise
· Cloud-based
· Remotely Hosted
Market Insight, by Component
· Services
· Software
Market Insight, by End-Users
· Life Science Industry
· Chemical Industry
· Food & Beverage and Agriculture Industry
· Petrochemical Refineries and Oil & Gas Industry
· Environmental Testing Laboratories
· Other Industries
Market Insight, by Region
· North America
o United States
o Canada
o Rest of North America
· Europe
o France
o Germany
o Italy
o Spain
o United Kingdom
o Rest of Europe
· Asia-Pacific
o China
o India
o Australia
o Japan
o Rest of Asia-Pacific
· Rest of World
Top Company Profiles
· Mckesson Corporation
· Cerner Corporation
· Agilent Technologies
· Thermo Fisher Scientific Inc.
· PerkinElmer Inc.
· Waters Corporation
· Sysmex Corporation
· LabWare Inc.
· Abbott Informatics Corporation
· LabVantage Solutions Inc.