U.S. Laboratory Informatics Market Size Worth $1.45 Billion By 2025

The U.S. laboratory informatics market size is expected to reach USD 1.45 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.9% during the forecast period. Rising demand for lab automation and information management activities owing to the increasing amount of data generated by research laboratories is one of the primary growth stimulants for the market.

Laboratories are important to both research and manufacturing companies in the healthcare industry. A large amount of data is generated in these labs, which is impossible to capture, collect, store, and analyze manually. This is creating insurmountable obstacles for data management processes and conventional documentation requirements, especially in regulated environments, such as the life sciences sector.

Most laboratories manage information by combining manual & automatic methods and process it by using independent non-integrated data-processing systems. Use of isolated systems in laboratories hamper timely data transfer across information management systems, leading to unexpected delays and additional costs. Additionally, manual transfer methods increase the likelihood of errors/loss leading to added QA controls and a high number of manual transcription steps result in decreased efficiency and longer throughput time.

Seamless flow of information from raw data to reusable knowledge is managed by a combination of various informatics systems. In a laboratory, deployment of these informatics systems is highly dependent on the environment (such as discovery, development, or manufacturing) and scientific domain (such as biology, chemistry, among others).

Application of an informatics system in drug discovery is different from how it is used in clinical and manufacturing domains. Overall focus of laboratory informatics is efficiency improvement with respect to paperless information management, regulatory compliance, information quality, and labor cost. The aforementioned benefits are expected to augment the market over the forecast period.

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Further key findings from the study suggest: 

• The LIMS segment held a substantial share of approximately 42.0% based on product in 2017, owing to the rising adoption of LIMS solutions by biobanks coupled with increasing demand for integrated healthcare solutions
• The cloud-based solutions segment is expected to register a CAGR of 5.5% over the forecast period owing to advantages over on premise and web-based solutions
• Services held the largest share in the market on the basis of component in 2017 due to the increasing trend of outsourcing by life science companies
• On the basis of end use, the life science segment was the leading revenue contributor in the market in 2017 owing to rising adoption of laboratory informatics systems
• CROs are expected to exhibit a CAGR of 5.6% over the forecast period owing to the growing number of CROs.

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Grand View Research has segmented the U.S. laboratory informatics market on the basis of product, delivery mode, component, and end use:

U.S. Laboratory Informatics Product Outlook (Revenue, USD Million, 2014 - 2025)

• Laboratory Information Management Systems (LIMS)
• Electronic Lab Notebooks (ELN)
• Scientific Data Management Systems (SDMS)
• Laboratory Execution Systems (LES)
• Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
• Chromatography Data Systems (CDS)
• Enterprise Content Management (ECM)

U.S. Laboratory Informatics Delivery Mode Outlook (Revenue, USD Million, 2014 - 2025)

• On-premise
• Web-hosted
• Cloud-based

U.S. Laboratory Informatics Component Outlook (Revenue, USD Million, 2014 - 2025)

• Software
• Services

U.S. Laboratory Informatics End-Use Outlook (Revenue, USD Million, 2014 - 2025)

• Life Sciences
• CROs
• Petrochemical Refineries & Oil and Gas Industry
• Chemical Industry
• Food and Beverage and Agriculture Industries
• Environmental Testing Laboratories
• Other Industries (Forensics and Metal & Mining Laboratories)

About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more info visit @ https://www.grandviewresearch.com