Lab Informatics Market Growth Strategies & Future Opportunities
Market growth influenced due to following factors-
- Increasing need for laboratory automation.
- Development of integrated lab informatics solutions.
- Need to comply with regulatory requirements; and the growing demand in bio banks/bio repositories, academic research institutes and CROs.
Global market size-
According to research report the laboratory informatics market is estimated to reach $3.8 billion by 2024, at a CAGR of 7.5% during the forecast period.
Leading Players & Growth Strategies -
The laboratory informatics market is diversified and highly competitive, with a large number of players competing for market space.
Thermo Fisher Scientific Inc. (US), LabVantage Solutions, Inc. (US), LabWare (US), Abbott Informatics (US), LabLynx, Inc. (US), Waters (US), Agilent Technologies, Inc. (US), Autoscribe Informatics (US), Dassault Systèmes (Paris, France), LABWORKS LLC (US), KineMatik (Ireland), Accelerated Technology Laboratories (ATL) (US), and PerkinElmer Inc. (US) are some of the key players in the market.
These players have adopted various growth strategies, such as partnerships, acquisitions, agreements, and expansions as well as new product launches/upgrades, to further expand their presence in the global market.
Opportunity: Growing popularity of cloud-based laboratory informatics
The emergence of cloud-based services via the Internet has led to significant advances in the laboratory informatics market. Advances in virtualization and improved access to high-speed internet offer faster innovation, often at lower costs. With cloud-based solutions, companies are only required to pay for the software subscription instead of purchasing full licenses, which reduces the maintenance costs related to in-house deployment. Moreover, cloud-based laboratory informatics solutions do not require any upfront capital investments for hardware, reduce the burden on healthcare systems with a minimum requirement of IT staff, and provide rapid and secure data transfer within the organizations.
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Geographically, the Lab Informatics Market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2018, North America dominated the market, followed by Europe. Growth in the North American market is supported by the growing demand for the integration of laboratory systems, rising government funding for research, growth in bio banks, need for early drug discovery, easy availability of laboratory informatics products and services, and stringent regulatory requirements across industries.
- Markets and Markets Research Pvt. Ltd.
- Prasad Shelke
- Website: Lab Informatics Market