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(Medical-NewsWire.com, September 19, 2018 ) Industry Outlook and Trend Analysis
The Laboratory Informatics Market was worth USD 1.97 billion in 2014 and is expected to reach approximately USD 3.51 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 6.63% during the forecast period. Rising demand for laboratory automation is anticipated to boost the adoption in coming years. Information produced by labs has drastically ascended in recent decades attributable to rising innovative progressions in molecular genomics and genetic testing practices. Additionally, the switch of inclination toward personalized prescription, cancer genomics studies, and expanding requirement of patient engagement is anticipated to upsurge the interest for lab automation systems.
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Competitive insights
The leading players in the market are Labvantage, LabWare, Waters Corporation, PerkinElmer, Agilent Technologies, McKesson Corporation, Abbott, LabLynx, Core Informatics and Thermo Fisher Scientific. The market is exceptionally divided with numerous market players. This prompts high competition in smaller market players to maintain their position. Technologically propelled platforms created by the organizations, for example, Software as a Service (SaaS), propelled products with the more prominent utility to pick up an edge over contenders.
Product Outlook and Trend Analysis
Laboratory Information Management Systems (LIMS) captured the prevailing share in 2016. These systems incorporate reporting of sample lifecycle, system & security administration, inventory, storage capacity & logistics, master data management, schedules, instruments and analytical workflow. The demand for completely coordinated services in life sciences and research sectors to reduce data management errors and qualitative analysis of research data is anticipated to boost the fragment development in coming years.
Delivery Mode Outlook and Trend Analysis
Cloud-based lab informatics solutions represented the biggest income share and are foreseen to keep up its predominance all through the figure time frame. Cloud-based technology helps in putting away a lot of information remotely to permit free space on devices and encourage information recovery as per customer needs. The technology contains three administrations including Software as a Service (SaaS), Platform as a Service (PaaS), and Platform as a Service (PaaS).
Component Outlook and Trend Analysis
Services section enrolled the biggest income share in 2015 and is expected to keep up its position. Rise in outsourcing of LIMS solutions is contributing toward its development. As expansive pharmaceutical research labs need assets and skill set required for organization of investigation, these administrations are outsourced by them. Software section is anticipated to reflect lucrative development because of the accessibility of mechanically advanced programming, for example, SaaS, which offers compelling data administration answers for labs.
End User Outlook and Trend Analysis
The life sciences industry was the biggest end-use section and represented a share of more than 28.4% in 2016. The interest for laboratory informatics is expanding in the life sciences industry to improve product quality, enhance develop innovative products and operational effectiveness. CROs portion is anticipated to display productive development amid the figure time frame because of the expanding pattern of outsourcing.
Regional Outlook and Trend Analysis
North America local market represented the biggest income share in 2016. The significant factors adding to the development of this district are the approaches supporting the sending of laboratory information systems and accessibility of foundation with high computerized proficiency. Also, the prospering healthcare cost combined with the heightening pressure to bend the cost curve brought about expanded appropriation of LIMS in this district.
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The Laboratory Informatics Market is segmented as follows-
By Product:
Electronic Lab Notebooks (ELN)
Laboratory Execution Systems (LES)
Chromatography Data Systems (CDS)
Laboratory Information Management Systems (LIMS)
Scientific Data Management Systems (SDMS)
Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
Enterprise Content Management (ECM)
By Delivery Mode:
Web-hosted
On-premise
Cloud-based
By Component:
Services
Software
By End User:
CROs
Food and Beverage and Agriculture Industries
Petrochemical Refineries & Oil and Gas Industry
Life Sciences
Chemical Industry
Environmental Testing Laboratories
Other Industries
By Regions:
North America
U.S
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Southeast Asia
Rest of Asia Pacific
South America
Brazil
Argentina
Columbia
South Africa
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
Nigeria
South Africa
Rest of MEA
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Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
Qurate Business Intelligence
Nehal Chinoy
+919881074592
nehal@qurateresearch.com
Source: EmailWire.Com 
Source: EmailWire.com
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