Laboratory Informatics Industry worth $8.7 billion by 2029, with a CAGR of 10.4%
The report "Laboratory Informatics Market by Type (LIMS, ELN, CDS, LES, SDMS), Component (Software, Service, Support), Delivery (On premise, Cloud (SaaS, PaaS, IaaS)), Industry (Pharma, Biotech, CRO, Chemical, Agri, FnB, Oil, Gas), & Region - Global Forecast to 2029", is projected to reach USD 8.7 billion by 2029 from USD 5.3 billion in 2024, at a CAGR of 10.4% during the forecast period.
Browse 289 market data Tables and 58 Figures spread through 341 Pages and in-depth TOC on "Laboratory Informatics Market by Type (LIMS, ELN, CDS, LES, SDMS), Component (Software, Service, Support), Delivery (On premise, Cloud (SaaS, PaaS, IaaS)), Industry (Pharma, Biotech, CRO, Chemical, Agri, FnB, Oil, Gas), & Region - Global Forecast to 2029"
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The market for laboratory informatics solutions is expanding rapidly owing to a number of factors. One of the main factors turns out to be the surging spending towards research & development in the pharmaceutical and biotechnology sector. These sectors need cutting-edge customizable solutions to efficiently manage complex data and effectively expedite research processes. Again, industries like life sciences, food and beverage, etc., are experiencing a rising demand for real-time data access subsequently driving the demand for centralized platform for handling diverse data generated by laboratories. Moreover, increasing focus on enterprise-wide integrated lab informatics solutions, and stringent regulatory requirements is further propelling the growth. As laboratories increasingly prioritize accuracy, compliance, and efficiency, the demand for laboratory informatics solutions continues to grow, driving innovation and technological advancements in the laboratory informatics market.
The on-premise segment holds the largest market share in the Laboratory Informatics market by deployment mode.
On the basis of deployment model, the laboratory informatics market is segmented into on-premise model and cloud based model, In 2023, the on-premise segment is accounted to hold the largest share of the laboratory informatics market, by deployment mode. Compared to cloud-based approaches, factors such as improved regulatory compliance & data security, ease of customization & integration, and control over data transfer & storage are the major factors driving the growth of this segment. Since on-premise solutions give a better degree of control, flexibility, and security over data management, they are typically chosen by industries or organizations with unique demands that prefer storing their data locally within their own facilities. The steady growth of this segment indicates continued demand for laboratory informatics solutions that cater to the tailored needs and preferences of enterprises requiring localized control and management of their laboratory information & data.
The Electronic Lab Notebooks (ELN) segment is the second-largest segment in the laboratory Informatics market, by solution type.
On the basis of solution type, the Electronic Lab Notebooks (ELN) segment is expected to register the fastest growth in the laboratory informatics market. Significant share of this segment is attributed to the growing need to eliminate traditional paper-based lab notebooks and growing need for efficient workflows across labs as ELN automates routine tasks such as calculations, data analysis, and reporting, creating time for researchers to focus on other critical activities. Moreover, growing technological advancements & innovations in the segment to offer advanced features and functionalities are further fuelling the growth of ELNs in the laboratory informatics market.
Asia Pacific to witness a considerable growth rate during the forecast period.
The Laboratory Informatics market is segmented into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to see a significant growth with a noticeable annual growth rate during the forecast period. Factors driving the growth of lab informatics solutions in the region include a gradual shift towards adopting technologies like automation, AI, ML, etc., rising investments attracting new market players, and the presence of leading educational institutions and research centers in Asia-Pacific that drive scientific innovation and technological progress. Moreover, increased direct investments from European and North American pharmaceutical and biotechnology companies in Asia are expected to drive the adoption of laboratory informatics solutions in the region.
Key Players
Thermo Fisher Scientific Inc. (US), LabVantage Solutions Inc. (US), LabWare (US), STARLIMS Corporation (US), Agilent Technologies (US), Waters Corporation (US), LabLynx LIMS (US), Dassault Systèmes (France), Revvity (Perkinelmer) (US), Accelerated Technology Laboratories, Inc. (US), Labworks (US), IDBS (UK), Xybion Digital Inc. (US), Novatek International (Canada), Agaram Technologies Pvt Ltd (India), Siemens (Germany), Caliber Technologies (US), Clinsys (US), Labtrack (US), Labkey (US), Benchling (US), CloudLIMS (US), SciNote LLC (US), L7 Informatics, Inc. (US), QBench (US). are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, collaborations, partnerships, expansion and product launches and updates in order to remain competitive and further increase their share in the market.
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