Lab Informatics Market by Product (CDS, EDC, LES, ECM, ELN, LIMS, SDMS), Component (Software, Services), Delivery (On-Premise, Hosted, Cloud) & Industry (CROs, Pharma, Biotechnology, Chemical, Petrochemical, F&B, Agriculture, Oil, Gas) - Forecasts to 2021
The global laboratory informatics market is expected to reach USD 2.97 billion by 2021 from an estimated value of USD 2.20 billion in 2016, growing at a CAGR of 6.2% during the forecast period. This market is categorized on the basis of product type, deployment model, component, industry, and region.
Major factors contributing to the growth of the global laboratory informatics market include increasing need for laboratory automation, technological advancements, increasing availability of cost-effective informatics solutions, rising pressure to comply with regulatory requirements, and increasing adoption of laboratory informatics in biobanks/biorepositories, academic research institutes, and contract service organizations. Cloud-based laboratory informatics solutions and emerging countries offer huge growth potential for the laboratory informatics market.
Lack of integration standards for laboratory informatics and lack of trained professionals are the major factors that may limit the growth of the market to a certain extent.
In North America, the U.S. is one of the most dominant markets for laboratory informatics due to its well-established economy and financial ability to deploy such technologies. Increasing R&D expenditure for the efficient management of data generated from increased R&D activities is another key factor driving the adoption of laboratory informatics solutions in this country. According to the Industrial Research Institute, in 2016, the total U.S. R&D spending is expected to reach USD 514 billion from USD 453 billion in 2012. In the life sciences industry, improving FDA approval levels and a positive sales outlook are allowing pharmaceutical companies to allocate more capital to R&D spending.
Asia is projected to be the fastest-growing region during the forecast period. Factors such as increasing R&D activities and the development of supporting infrastructure in research laboratories have generated a demand for laboratory informatics solutions in Asia.
The report provides market share analysis and competitive landscape insights that cover the growth strategies adopted by industry players in the last three years. The company profiles comprise basic views on the key players and their product portfolios, developments, and strategies adopted. This market research data, current market sizes, and forecast of future trends will help key players and new entrants make decisions regarding product offerings, geographical focus, changes in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner greater market shares. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of top players in the laboratory informatics market. The report analyzes this market by product type, component, deployment model, industry, and region
Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the laboratory informatics market
Competitive Assessment: In-depth assessment of market strategies, geographical and business segments, and product portfolios of the leading players in the laboratory informatics market
Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for laboratory informatics across regions
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the laboratory informatics market
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