Laboratory Informatics Market Expected to Reach $8.5 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Laboratory Informatics Market," The laboratory informatics market size was valued at $3.5 billion in 2022, and is estimated to reach $8.5 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032. The laboratory informatics market is an ever-evolving market space that is characterized by the vast number of laboratory informatics solutions available to assist in the management of laboratory data & processes. It involves the application of computer systems, data management, and automation to facilitate the collection, analysis, storage, and sharing of scientific data and laboratory process data.

The laboratory informatics solutions include laboratory information management system (LIMS), electronic lab notebook (ELN), chromatography data system (CDS), laboratory execution system (LES), electronic data capture (EDC) and clinical data management system (CDMS), enterprise content management (ECM), and scientific data management system (SDMS). These solutions are used in various industries such as the life sciences industry, hospital & research labs, forensic science, and metal & mining industry.

Rise in the demand for lab information management systems in the healthcare sector across the globe drives the growth of laboratory informatics market size. With rapid growth in scientific R&D activities regarding diseases, there is massive increase in the amount of data generated in laboratories. Laboratory informatics solutions help in managing & analyzing this vast volume of data efficiently, leading to improved productivity and decision-making.

Laboratories, especially in sectors such as pharmaceuticals, biotechnology, and healthcare, need to comply with strict regulatory standards. Laboratory informatics systems provide features such as electronic documentation, sample tracking, and audit trails, ensuring compliance with regulatory requirements such as Good Laboratory Practices (GLP), Good Manufacturing Practices (GMP), and International Organization for Standardization (ISO) standards. Hence, such factors propel the growth of the laboratory informatics market share.

Moreover, laboratory informatics market trends include rise in R&D investments; and significant increase in capital income in developed countries. In addition, adoption of developmental strategies such as acquisition, collaboration, expansion, partnership, and product launch by key players to stay competitive in the market foster the laboratory informatics market growth. For instance, in August 2021, CTI Clinical Trial and Consulting Services (CTI), a global, full-service contract research organization (CRO) announced its partnership with LabWare, Inc., one of the global leaders of LIMS, ELN, and instrument integration solutions. With this partnership, CTI aims to expand its laboratory services to support rare disease and cell & gene therapy research across the globe.

By type, the market is classified into laboratory information management system (LIMS), electronic lab notebook (ELN), laboratory execution system (LES), scientific data management system (SDMS), and others [electronic data capture (EDC) software, chromatography data system (CDS) software]. The LIMS segment is expected to witness the highest CAGR during the forecast period, owing to increase in technological advancement and rise in the demand for LIMS.

Depending on component, the laboratory informatics market is classified into software and services. The software segment is expected to witness the highest CAGR during the forecast period, owing to rise in demand for software and increase in awareness regarding the use of laboratory informatics software in developing countries such as China and India.

On the basis of delivery mode, the laboratory informatics market is classified into on-premises and web-hosted & cloud-based. The web-hosted & cloud-based segment is expected to witness the highest CAGR during the laboratory informatics market forecast period, owing to reduction in costs (requires a monthly cost to access the software, eliminates upfront costs for hardware & infrastructure as well as ongoing maintenance & support expenses) in comparison to on-premises (requires large upfront costs to buy software, hardware, and on-site servers).

As per end user, the market is classified into life science industries, chemical industries, food & beverages and agriculture industries, and others (environmental testing laboratories, metal & mining industries, petrochemical refineries, and oil & gas industries). The life science industries segment is expected to witness the highest CAGR during the forecast period, owing to rise in the use of laboratory informatics software in life science industries for research and increase in the number of biobank & biorepositories and molecular diagnostics & clinical research laboratories which use laboratory informatics software. 

Region wise, Asia-Pacific is expected to witness the highest CAGR during the forecast period due to surge in development of healthcare infrastructure, increase in number of R&D activities, and rise in number of clinical trials. In addition, surge in the number of research laboratories and rise in awareness regarding the use of laboratory informatics software in labs is expected to drive the growth of laboratory informatics market share in Asia-Pacific

Key findings of the study

• On the basis of type, the laboratory information management system (LIMS) segment held the largest share in the laboratory informatics industry in 2022.
• By component, the software segment is expected to witness the highest CAGR during the forecast period in laboratory informatics market analysis.
• Depending on delivery mode, the web-hosted & cloud-based segment dominated the industry in 2022.
• Depending on end user, the life science industries segment dominated the laboratory informatics industry in 2022.
• As per region, Asia-Pacific is expected to witness the highest CAGR during the forecast period