Meticulous Research® – leading global market research company published a research report titled “North America 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 North American laboratory informatics market is expected to grow at a CAGR of 6.2% from 2018 to reach $1,715 million by 2024, driven by the growing automation in laboratories, increasing digitalization of laboratory solutions, increasing R&D activities, technological advancements, and rising pressure for regulatory compliance. Moreover, rapid shift towards cloud-based laboratory solutions; and growing demand from the biobanks/biorepositories, academic research institutes, & contract research organizations (CROs) offer significant growth opportunities for the market players during the forecast period. However, lack of skilled professionals may hinder the market growth to some extent.
North America laboratory informatics market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018), and forecasts 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 Systems (CDMS), Laboratory Execution Systems (LES), Enterprise Content Management (ECM), and Scientific Data Management System (SDMS)), mode of delivery (on-premise, cloud-based, and web-based), 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 country level (U.S. and Canada).
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Laboratory information management system (LIMS) is increasingly being adopted by the end users as these solutions meet broad range of scientific needs with their ability to provide a suitable environment that is easy to use across multiple disciplines. Moreover, 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.
In 2017, on-premise laboratory informatics solutions captured a major share mainly because on-premise solutions are more customizable than other two deployment models, laboratories have total ownership and authority, and this model is perceived to be more secure.
Life sciences industry is currently the leading adopter of laboratory informatics solutions due to growing regulatory pressures to maintain data integrity, validity, and security. Moreover, increasing need to improve lab productivity and cost efficiency and trend towards automation is driving life sciences industries to invest in lab informatics. However, chemical testing laboratories, academic research institutes, CROs & CMOs, and food & beverage industries are expected to be in spotlight during the forecast period.
This research report analyzes North American region including the U.S., and Canada. The U.S. commanded the largest share in 2017 owing to the advanced laboratory infrastructure, growing demand for integration of laboratory systems, growing digitalization, rising government funding for research activities, easy availability of laboratory informatics products and services, stringent regulatory requirements across industries, and presence of several key players in this region improving product availability.
The major players operating in the North American laboratory informatics market are Abbott Informatics Corporation, Agilent Technologies, Inc., Arxspan, LLC, Autoscribe Informatics, Dassault Systemes SE, GenoLogics (Illumina, Inc.), LabLynx, Inc., LabVantage Solutions, Inc., LabWare, Inc., Novatek International, PerkinElmer, Inc., Promium LLC, RURO, Inc., Sapio Sciences LLC, Thermo Fisher Scientific Inc., and Waters Corporation, among others.
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