The global laboratory informatics market size is expected to reach USD 4.72 billion by 2027, expanding at a CAGR of 6.6% from 2020 to 2027, according to a recent study conducted by Grand View Research, Inc. Increasing requirement for the life science companies to comply with regulatory demands has further promoted the incorporation of laboratory information management systems (LIMS) as they help professionals understand and fulfill the complex regulatory obligations. Furthermore, demand for cost-efficient workflow management systems is anticipated to boost the growth of the market over the forecast period.
Rising adoption of LIMS solutions by biobanks, coupled with increasing demand for integrated healthcare solutions, is a key contributing factor for the growth of the market over the forecast period. In addition, growing awareness levels amongst the end-use segments and technological evolution of LIMS solutions are anticipated to fuel the market growth in the coming years.
Demand for fully integrated LIMS platforms is growing in accordance with the requirements of life sciences and research industries to reduce the incidence of errors in data management and qualitative analysis of research information. The above-mentioned factors are expected to drive the growth of the LIMS segment.
It is anticipated that upgraded laboratory informatics technologies such as electronic lab notebook and Enterprise Content Management (ECM) solutions will witness increased demand amongst research professionals and industry players, respectively, over the forecast period. 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 growth of ECM segment over the forecast period.
Cloud-based services are expected to witness significant growth over the forecast period. 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 segment over the forecast period. Furthermore, advantages associated with the usage of cloud-based services, including remote access to information, reduced operational cost, and real-time data tracking, are contributing toward their rising demand.
North America led the market and accounted for a share of 45.7% in 2019. Asia Pacific is likely to exhibit the fastest growth over the forecast period due to increasing R&D expenditure deployed by the public and private sectors, coupled with increasing awareness levels pertaining to LIMS.
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Grand View Research has segmented the global laboratory informatics market based on product, delivery mode, component, end use, and region:
Laboratory Informatics Product Outlook (Revenue, USD Million, 2016 - 2027)
Laboratory Informatics Delivery Mode Outlook (Revenue, USD Million, 2016 - 2027)
Laboratory Informatics Component Outlook (Revenue, USD Million, 2016 - 2027)
Laboratory Informatics End-use Outlook (Revenue, USD Million, 2016 - 2027)
Laboratory Informatics Regional Outlook (Revenue, USD Million, 2016 - 2027)
List of Key Players of Laboratory Informatics Market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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