The enterprise laboratory informatics market is predicted to grasp a valuation worth USD 10,428.2 million in 2033, increasing from USD 4,640.8 million in 2023 and flourishing at a CAGR of 8.4% during the forecast period.
Previously, between 2018 and 2022, the necessity for enterprise laboratory informatics augmented at a pace of 6.3%.
One of the most rapidly developing sub-disciplines in laboratory technology is informatics. The technology involved with information management processes is the main emphasis of laboratory informatics.
A specialized application of information technology that incorporates a platform of hardware, software, and data management is impacting the enterprise laboratory informatics market.
The adoption of enterprise laboratory informatics is anticipated to be fueled in the following years by a rise in laboratory automation requirements. Due to the rapid improvements in molecular genomics and genetic testing techniques, the amount of data produced by laboratories has rapidly increased over the last several decades.
| Attribute | Details |
|---|---|
| Enterprise Laboratory Informatics Market Historical Growth Rate (2018 to 2022) | 6.3% |
| Enterprise Laboratory Informatics Market Value (2023) | USD 4,640.8 million |
| Enterprise Laboratory Informatics Market Anticipated Forecast Value (2033) | USD 10,428.2 million |
| Enterprise Laboratory Informatics Market Projected Growth Rate (2023 to 2033) | 8.4% |
Additionally, it is anticipated that increased patient involvement requirements, cancer genomics research, and a preference for individualized therapy would increase demand for lab automation systems.
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Some major factors propelling the market growth are:
The need for laboratory automation and spending on R&D in the biotechnology and pharmaceutical sectors is also rising. The demand for laboratory informatics is anticipated to be considerably impacted by artificial intelligence, augmented reality and virtual reality technologies while solving difficulties that are continuously growing.
The deployment of cloud-based solutions aids commercial organizations in managing the massive amounts of data produced by their operations and lowers the total cost of ownership of laboratory informatics systems.
Enterprise laboratory informatics market players have several opportunities, as cloud-based models have become popular ways to supply laboratory informatics.
During the forecast period, it is anticipated that the absence of integration standards and the difficulties with interoperability would somewhat impede the growth of the enterprise laboratory informatics market.
In addition, other significant issues, such as the high maintenance and service costs related to laboratory informatics systems, further become a milestone in the market.
According to Future Market Insight experts, IT systems have a maintenance cost that is more than the real cost of the product. Due to these reasons, many small and medium-sized laboratories find it challenging to invest in these systems, which restrict the demand for enterprise laboratory informatics.
Principal Consultant
During the forecast period, the enterprise laboratory informatics market might witness several opportunities due to the increasing accessibility of affordable informatics solutions. Additionally, a rising regulatory burden for the installation of lab automation systems is anticipated to raise the adoption rate in enterprise laboratory informatics.
Operations are now predictable and reproducible owing to the growing use of robots and process automation in healthcare. The Patient Protection and Affordable Care Act (PPACA) mandates the use of enterprise laboratory informatics in the healthcare industry to prevent transcription mistakes in storing patient data, hence ensuring patient safety.
The experimental setup, execution, and analysis may now be completed faster. High throughput technologies are used widely, which has made it possible to evaluate experimental data effectively, improving laboratory operations altogether.
Depending on the type of solution, the laboratory information management systems (LIMS) segment commanded the worldwide laboratory informatics market, accounting for the largest revenue share.
During the projected period, the growth of this segment is anticipated to be fueled by the spike in demand for completely integrated services in the research and life science sectors to reduce data management errors and improve qualitative analysis of research data.
Based on delivery, the cloud-based segment dominated the global enterprise laboratory informatics, accounting for the biggest market share. Large data sets may be stored remotely using cloud technology, freeing up device storage capacity and enabling data retrieval based on user requirements.
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With a 32.2% market share, North America holds the largest enterprise laboratory informatics market revenue share. This is due to the accessibility of infrastructure and legislation that encourages the practice of laboratory information systems.
The adoption of new technologies, combined with measures for patient safety and effective data management in healthcare laboratories, has contributed to market expansion in this region.
Furthermore, the powerful economies of the United States and Canada, which have permitted substantial investments in new technologies, expansion in biobanks, simple accessibility to lab informatics goods and services, and strict regulatory requirements across industries, are responsible for North America's dominance in this market.
With a 23.8% market size, Europe owns the second-largest revenue share. To capitalize on the market opportunities in this area, the key enterprise laboratory informatics market participants are focusing on organic and inorganic development tactics. The enterprise laboratory informatics market in Europe is expected to be dominated by the life sciences industry.
Owing to developing economies and improved healthcare infrastructure, the market for laboratory informatics is anticipated to see profitable growth in the Asia Pacific region in the forthcoming years.
It is also projected that in the subsequent years, the prevalence of neurological, cardiovascular, and orthopaedic illnesses positively influences the adoption of enterprise laboratory informatics in this region.
Business models change over time, sometimes in response to changes in the market, and other times as a result of technological developments, which gives rise to the emergence of fascinating new trends. Numerous start-ups that have recently entered the market are responsible for these laboratory informatics market trends.
Example:
Ovation.io is a cloud-based start-up platform for academics and physicians to manage laboratory data and information. It provides tools for knowledge capturing and communication that help scientists manage data, analyses, notes, procedures, insights, and the connections between these many components. For managing documents, workflows, samples, training, and records, it provides LIMS+, a lab information management system.
There are several small and large players operating in this highly fragmented marketplace. As a result, smaller players in the enterprise laboratory informatics market compete viciously to maintain their position in the market.
Therefore, it is projected that industry competition would be fierce over the projection period. In addition, major firms are expanding the industry by forming alliances and introducing new products.
Recent Developments
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.4% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
Type of Solution, Component, Delivery, Industry, Region |
| Regions Covered |
North America; Latin America; The Asia Pacific; Middle East and Africa; Europe |
| Key Countries Profiled | United States, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | LabWare; LabVantage Solutions, Inc.; Thermo Fisher Scientific; Abbott Informatics; Agilent Technologies; Waters; LabLynx; DassaultSystèmes; LABWORKS LLC; Autoscribe Informatics; PerkinElmer; Accelerated Technology Laboratories; Oracle Corporation; Siemens; IDBS; Novatek International |
| Customization | Available Upon Request |
In 2023, the market is anticipated to be around USD 4,640.8 million.
By 2033, the market is expected to be valued USD 10,428.2 million.
The market is poised to expand at an 8.4% CAGR through 2033.
Europe has the second-leading revenue share with 23.8% of the market.
North America has a significant market share, making up to 32.2%.
Personalized medicine act as an essential market driver.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type of Solution 5.1. LIMS 5.2. ELN 5.3. CDS 5.4. EDC 5.5. CDMS 5.6. LES 5.7. ECM 5.8. SDMS 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 6.1. Software 6.2. Service 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Delivery 7.1. On premise 7.2. Cloud 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry 8.1. CRO 8.2. CMO 8.3. Pharma 8.4. Biotech 8.5. Chemical 8.6. Agriculture 8.7. Oil 8.8. Gas 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1.1. LabWare 19.1.2. LabVantage Solutions, Inc. 19.1.3. Agilent Technologies 19.1.4. Waters 19.1.5. LabLynx 19.1.6. Dassault Systèmes 19.1.7. LABWORKS LLC 19.1.8. Autoscribe Informatics 19.1.9. PerkinElmer 19.1.10. Accelerated Technology Laboratories 19.1.11. Oracle Corporation 19.1.12. Siemens 19.1.13. IDBS 19.1.14. Novatek International 20. Assumptions & Acronyms Used 21. Research Methodology
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Enterprise Laboratory Informatics Market
