A $4.5 Billion Global Opportunity for Lab Computing by 2026
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Editing: 9; Published: February 2022
Executive Pool: 2471
Companies: 86 – Players covered include Abbott Informatics; Agilent Technologies, Inc.; Arxspan, LLC; Autoscribe Informatics, Inc.; Bio-ITech BV; Bytewize AB; Dassault Systems; ID Business Solutions Ltd. (IDBS); iVention BV; KineMatik Ltd. ; Lablynx, Inc.; Labvantage Solutions, Inc.; LabWare, Inc.; Labworks LLC. ; PerkinElmer, Inc.; RURO, Inc.; Thermo Fisher Scientific, Inc.; Waters Corporation and others.
Blanket: All major geographies and key segments
segments: Solution (Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Scientific Data Management Systems (SDMS), Lab Execution Systems (LES), Enterprise Content Management ( ECM), other solutions); End use (life science companies, contract research organizations, chemical industries, food and agricultural industries, environmental testing laboratories, other end uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; and rest of Europe); Asia Pacific; Rest of the world.
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Global lab informatics market to reach US$4.5 billion by 2026
The term “laboratory informatics” refers to the application of information technology in a specialized way to optimize laboratory operations for extended use. The growth of the global market is expected to be driven by advancements in integrated laboratory IT solutions, growing need for laboratory automation, growing demand for biorepositories and biobanks, growing demand from academic research institutes and research organizations under contract (CRO) and the growing need to adhere to regulatory standards The advent of big data analytics and digital systems is fueling the growth of laboratory informatics. Driven by their ability to generate reliable information, several healthcare service providers are now integrating laboratory informatics systems. This helps them significantly reduce misdiagnosis while improving patient outcomes. Ongoing technological advancements are helping companies deliver interactive and faster lab computing solutions to end users. The introduction of digital platforms, automated workstations and system instrument software allows end users to improve operational efficiency and minimize manual errors. Associations such as the International Consortium for Innovation and Quality in Pharmaceutical Development and Standardization in Laboratory Automation (SiLA) are working to pioneer new standards and data management interfaces to enable the integration of laboratory computing solutions.
Amid COVID-19 crisis, Global Laboratory Computing Market Estimated at US$3.3 billion in 2022, is expected to reach a revised size of US$4.5 billion by 2026, growing at a CAGR of 7.8% over the analysis period. Laboratory Information Management Systems (LIMS), one of the segments analyzed in the report, is expected to grow at a CAGR of 8.9% to reach US$2.5 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the electronic lab notebook (ELN) segment is readjusted at a revised CAGR of 7.3% for the next 7-year period. This segment currently represents a 21.3% share of the global laboratory informatics market. The growing push to minimize data processing errors, along with the growing popularity of integrated services is fueling the demand for laboratory information management systems (LIMS). The market for advanced electronic lab notebook (ELN) systems is expected to witness high growth owing to an increase in implementations in analytical chemistry laboratories.
The US market is estimated at $1.4 billion in 2022, when China is expected to reach $454.8 million by 2026
The laboratory computing market in the United States is estimated at US$1.4 billion in 2022. The country currently accounts for a 42.8% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$454.8 million in 2026 with a CAGR of 10.5% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 6.6% and 7.5% respectively over the analysis period. In Europe, Germany is expected to grow at around 6.7% CAGR while the rest of the European market (as defined in the study) will reach US$495.9 million at the end of the analysis period. North America is the global market leader in laboratory informatics, due to favorable policies to promote the deployment of laboratory informatics solutions, the availability of superior infrastructure as well as digital culture and the presence of large pharmaceutical companies. In addition, factors such as the growing adoption of integrated laboratory systems, the growing need for early drug discovery, the rise of biobanks, increasing public funding of research activities, stringent regulatory requirements and the expansion of the range of laboratory computing products and services are driving factors for the growth of the market. . Asia Pacific is expected to experience robust growth, supported by increased private and public sector R&D spending, an increase in the number of CROs providing LIMS solutions, and growing awareness of LIMS.
Segment of Scientific Data Management Systems (SDMS) to be achieved $405.8 million by 2026
A scientific data management system (SDMS) refers to a software tool that acts as a document management system (DMS) to capture, catalog and archive data generated by various laboratory instruments such as mass spectrometry and HPLC, and applications such as LIMS, ELN and analytical applications. In the global Scientific Data Management Systems (SDMS) segment, United States, Canada, Japan, China and Europe will drive the CAGR of 6.3% estimated for this segment. These regional markets representing a combined market size of US$243 million will reach a projected size of US$369.9 million at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$33.9 million by 2026. Continued
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