The global laboratory informatics market is estimated to reach USD 5.6 billion by 2026 from USD 3.4 billion in 2021, at a CAGR of 10.8% during the forecast period. The increasing need for laboratory automation; development of integrated lab informatics solutions; need to comply with regulatory requirements; and the growing demand in biobanks/biorepositories, academic research institutes, and CROs are the major factors driving the growth of the laboratory informatics market. On the other hand, lack of integration standards and high maintenance and service costs are expected to restrain the growth of this market in the coming years.
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), and PerkinElmer Inc. (US) are some of the prominent players in the market.
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Thermo Fisher Scientific, Inc. (US)
Thermo Fisher Scientific (US) is one of the leading players in the lab informatics market. The company’s dominant position can be attributed to its focus on research and development activities. With its focus on R&D, the company added features to its Sample Manager LIMS software. In order to maintain its leading position in the laboratory informatics market, the company adopts organic as well as inorganic growth strategies, such as expansions and acquisitions. For instance, Thermo Fisher Scientific opened a customer solution center in Shanghai, China, to support pharmaceutical and biopharmaceutical laboratories by providing expertise in critical analytical processes and specialized workflows. The company invested USD 1.18 billion, USD 1.00 billion, and USD 0.96 billion in R&D activities in 2020, 2019, and 2018, respectively.
LabVantage Solutions is one of the leading suppliers of lab informatics solutions. Being innovation-centric, the company constantly invests in developing and enhancing its products to understand and better serve its customers. The company focuses on organic growth strategies such as product launches and upgrades to develop its product portfolio and strengthen its position in the market. The company also strives to strengthen its market position by entering partnerships.
LabWare is one of the prominent players in the lab informatics market. It offers scalable, end-to-end solutions to various industries, such as pharmaceuticals, environmental testing, and contract labs. The company focuses on launching technologically advanced products and upgrading existing ones. It designs products to meet the needs of the end-use industry and offers industry-specific template solutions that serve as prepackaged initiation points for project implementation. Thus, the company leverages its customers’ experience and inputs to deliver the best possible solution.
Laboratory Informatics Market by Type of Solutions (LIMS, ELN, CDS, EDC, CDMS, LES, ECM, SDMS), Component (Software, Service), Delivery (On premise, Cloud), Industry (CRO, CMO, Pharma, Biotech, Chemical, Agriculture, Oil, Gas) - Global Forecasts to 2026
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