Meticulous Research® – leading global market research company published a research report titled “European Laboratory Informatics Market by Product (LIMS, ELN, LES, EDC, ECM, CDMS, SDMS), Component (Services, Software), Delivery (On-Premise, Cloud, Web), End User (Pharma, Biotech, MDx, Biobank, CRO, F&B, Oil, Gas, Chemical) – Forecast to 2024″.
According to this latest publication from Meticulous Research®, the European Laboratory Informatics market is expected to grow at a CAGR of 6.4% from 2018 to reach $1,084.3 million by 2024, driven by the growing automation in laboratories and digitalization of laboratory data, increasing R&D activities, need for efficient data management in various application industries, technological advancements in laboratory solutions, and rising pressure for regulatory compliance. Moreover, the rapid shift towards cloud-based solutions offers significant growth opportunities for the market players during the forecast period. However, the lack of skilled professionals, data integration and security concerns may hinder the market growth to some extent.
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European laboratory informatics market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018), and forecast for 2024-by product type (Laboratory Information Management System(LIMS), Electronic Lab Notebook (ELN), Chromatography Data System (CDS), Electronic Data Capture (EDC) &Clinical Data Management System (CDMS), Laboratory Execution System (LES), Enterprise Content Management (ECM), and Scientific Data Management System (SDMS)), mode of delivery (on-premise solutions, cloud-based solutions, and web-based solutions), component (services and software), end user (life sciences industry, chemical testing laboratories, food & beverage and agriculture industries, petrochemical and oil & gas industries, and others). The study also evaluates industry competitors and analyzes the market at a country level in Europe.
Laboratory Information Management System (LIMS) is increasingly being adopted in Europe as these solutions help to meet the broad range of scientific needs with their ability to provide a suitable environment that is easy to use across multiple disciplines. Moreover, factors such as technological advancements in LIMS, growing replacement of old legacy LIMS with COTS LIMS, and growing application of LIMS in biobanking, academic research institutes and CROs contributes to the largest share and fastest growth of LIMS market during the forecast period.
The laboratory informatics solutions are majorly deployed on premises as on-premise solutions provide better scope for customization, laboratories have total ownership and authority, and this model is perceived to be more secure.
Life sciences industry is the leading adopter of laboratory informatics solutions owing to significant regulatory pressures to maintain data integrity, validity and security; increasing need to improve lab productivity and cost efficiency; and the trend towards automation. However, chemical testing laboratories, academic research institutes, CROs & CMOs, and food & beverage industries are expected to be the new revenue pockets for market players during the forecast period.
Laboratory informatics services commanded the largest share followed by the software in 2017. Services are also expected to witness the highest growth during the forecast period owing to the growing demand for cloud services and increasing lab automation, subsequently driving the demand for laboratory informatics services such as implementation, validation, integration, maintenance, training, and support.
This research report analyzes the European region including Germany, U.K., France, Italy, Spain, Benelux, Nordics and RoE. Laboratory automation in the European region is increasing on a large scale and this region has a number of pharmaceutical and biotechnology industries which use laboratory informatics systems for their end product manufacturing and research and development activities. Other factors responsible for the increasing adoption are advanced laboratory infrastructure, rising government funding for research activities, easy availability of laboratory informatics products and services, stringent regulatory requirements across industries, and strategic developments by key players in this region to improve product availability.
The major players operating in European laboratory informatics market are Abbott Informatics, Agilent Technologies, Inc., Autoscribe Informatics, Bio-ITech BV (eLabJournal), Biomed Systems Limited, Broughton Software Limited, Bytewize AB, Dassault Systemes SE, GenoLogics Life Sciences, Inc. (Illumina, Inc.), Lablynx, Inc., LabVantage Solutions, Inc., LabWare Inc., Novatek International, PerkinElmer, Inc., RURO, Inc., Thermo Fisher Scientific Inc., and Waters Corporation, among others.
Key questions answered in the report-
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