Image: The global laboratory informatics market is projected to grow to over 3 billion by 2022 (Photo courtesy of iStock).
The global laboratory informatics market is projected to grow at a CAGR of 6.4% from USD 2.32 billion in 2017 to USD 3.16 billion by 2022, driven by the increasing need for lab automation, development of integrated lab informatics solutions, regulatory requirements, growing demand in biobanks/biorepositories, academic research institutes, and CROs, and rising awareness.
These are the latest findings of Research and Markets (Dublin, Ireland), a global market research company.
In 2017, the LIMS segment is expected to account for the largest share of the global laboratory informatics market, based on the type of solutions offered, and is also projected to record the highest CAGR during the forecast period, due to the wide range of benefits associated with the use of these systems, including increased workflow efficiencies, easy integration with other lab systems, reduced transcription errors, and better regulatory compliance.
In 2017, the services segment is expected to account for the largest share of the global laboratory informatics market, by component, and record a high growth during the forecast period, driven by technological advancements in solution offerings by various vendors, increasing adoption of cloud-based solutions, growing need for consulting services, and the recurring nature of services.
The on-premise segment is expected to hold the largest share of the global laboratory informatics market, by deployment model, while the cloud-based segment is expected to record the highest CAGR during the forecast period, due to advantages such as on-demand self-serving analytics, absence of upfront capital investment for hardware, extreme capacity flexibility, and a pay-as-you-go pricing model.
In 2017, the life sciences segment is expected to hold the largest share of the global laboratory informatics market, by industry, led by the growing applications of molecular diagnostics, rising outsourcing by pharmaceutical industries, rising need for integrated systems, stringent regulatory guidelines to be followed by pharmaceutical laboratories, increasing number of biobanks/biorepositories due to the growing number of biobanking applications, increasing need to integrate laboratory systems, and growing awareness and availability of technologically-advanced laboratory informatics solutions.
Biobanks/biorepositories are expected to witness the highest growth in the global laboratory informatics market, by type, during the forecast period, due to the demand for high-quality specimens driving the need for automated storage, preparation, and information management to obtain accurate, reliable, and standardized data, government funding for scientific research activities, and growing collaboration between market players to offer laboratory informatics solutions to biobanks.
Research and Markets