Laboratory Informatics Industry Growth and Future Trends by 2026
The increasing need for laboratory automation; the development of integrated lab informatics solutions; the need to comply with regulatory requirements; and the growing demand in biobanks/biorepositories, academic research institutes, and CROs are the major factors driving the growth of the laboratory informatics market. On the other hand, lack of integration standards and high maintenance and services cost are expected to restrain the growth of this market in the coming years. The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World.
According to the new market research report Laboratory Informatics Market is projected to reach USD 5.6 billion by 2026 from USD 3.4 billion in 2021, at a CAGR of 10.8% from 2021 to 2026.
On the basis of deployment model, the laboratory informatics market is segmented into on-premise, cloud-based, and remotely hosted models. The cloud-based models segment is expected to grow at the highest CAGR during the forecast period. Factors such as on-demand self-serving analytics, no upfront capital investment for hardware, extreme capacity flexibility, and a pay-as-you-go pricing model will boost the demand for cloud-based laboratory informatics solutions in the coming years. However, data transfer complexities and data security concerns may hinder the growth of this market segment.
Based on components, the laboratory informatics market is segmented into services and software. The services segment dominated this market in 2020. The large share of the services segment can be attributed to the growing 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. Furthermore, in terms of IT usage and skill, the life science industry relies heavily on service providers.
The prominent players in the Laboratory Informatics Market are Thermo Fisher Scientific Inc. (US), LabVantage Solutions, Inc. (US), LabWare (US), Abbott Informatics (US), LabLynx, Inc. (US), Waters (US), Agilent Technologies, Inc. (US), Autoscribe Informatics (US), Dassault Systèmes (Paris, France), LABWORKS LLC (US), and PerkinElmer Inc. (US).
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