Laboratory Informatics Market Current Progress, Growth Drivers, challenges, and Future Development

[Healthcare News]

Laboratory Informatics Market growth due to 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.

Currently, Laboratory Informatics Market is growing at a Compound Annual Growth Rate (CAGR) of 10.8 % to reach USD 5.6 billion by 2026. The increasing need for laboratory automation; development of integrated lab informatics solutions; 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 service costs are expected to restrain the growth of this market in the coming years.

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Growth Drivers

Increasing need for laboratory automation
Development of integrated lab informatics solutions
Stringent regulatory requirements
Growing demand for lab informatics in biobanks/biorepositories, academic research institutes, and CROs
Growing R&D expenditure in pharmaceutical and biotechnology industries

Growth Opportunities

Significant growth potential in emerging countries
Use of lab informatics solutions in the cannabis industry
Growing popularity of cloud-based laboratory informatics

Challenges

Dearth of trained professionals
Interfacing with diverse laboratory instruments

Restraints

High maintenance and service costs
Lack of integration standards for LIMS

The prominent players operating 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)

Thermo Fisher Scientific (US) is one of the leading players in the lab informatics market. The company’s dominant position can be attributed to its focus on research and development activities. With its focus on R&D, the company added features to its Sample Manager LIMS software. To maintain its leading position in the laboratory informatics market, the company adopts organic as well as inorganic growth strategies, such as expansions and acquisitions. For instance, Thermo Fisher Scientific opened a customer solution center in Shanghai, China, to support pharmaceutical and biopharmaceutical laboratories by providing expertise in critical analytical processes and specialized workflows. The company invested USD 1.18 billion, USD 1.00 billion, and USD 0.96 billion in R&D activities in 2020, 2019, and 2018, respectively.
LabVantage Solutions is one of the leading suppliers of lab informatics solutions. Being innovation-centric, the company constantly invests in developing and enhancing its products to understand and better serve its customers. The company focuses on organic growth strategies such as product launches and upgrades to develop its product portfolio and strengthen its position in the market. The company also strives to strengthen its market position by entering partnerships.

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North America dominated the laboratory informatics solutions market.

Growing demand for the integration of laboratory systems
Rising government funding for research
Growth in biobanks
Need for early drug discovery
Easy availability of laboratory informatics products and services

Recent Developments

In June 2020, LabWare introduced the latest version of its LIMS—LabWare 8. The LabWare 8 solution is the company’s enterprises laboratory platform (ELP) that delivers the capabilities of both LIMS and ELN in a single integrated system.
In July 2020, LabVantage launched 8.5, an upgraded version of its LabVantage platform that offers a fully integrated SDMS.

In August 2018, Waters (US) signed an agreement with Restek Corporation (US). Under this agreement, Waters and Restek Corporation agreed to provide training and application support of GC-MS methods and workflows for pesticide monitoring and screening to food safety laboratories.