(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Laboratory Informatics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Laboratory Informatics Market products.
The global laboratory informatics market is expected to grow significantly over the forecast period. It is anticipated that the market held a valuation of USD 2422 million in 2018 and is projected to register a CAGR of 7.2% over the forecast period.The increasing participation of key players is one of the key factors driving the Laboratory Informatics market. In 2018, Abbott Laboratories announced the launch of the STARLIMS Quality Manufacturing Solution QM 11.1 to support laboratory productivity and efficiency across diverse sectors of the global manufacturing industry.
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Various other factors such as the increase in adoption of cloud-based platforms by CROs, increasing preference towards personalized medicine, untapped emerging markets, rise in regulatory approvals, and rising R&D in the field of medicine are also expected to propel the growth of the market.However, high maintenance and service costs can hamper market growth over the forecast period.
Segmentation
The global laboratory informatics market is segmented based on product, component, deployment model, end user, and region.The global market for laboratory informatics, by product, is segmented into Laboratory Information Management Systems (LIMS), Chromatography Data Systems (CDS), Electronic Lab Notebooks (ELN), Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS), Laboratory Execution Systems (LES), Enterprise Content Management (ECM), and Scientific Data Management Systems (SDMS). The Laboratory Information Management Systems (LIMS) segment is further classified as broad-based LIMS and industry-specific LIMS.
Based on component, the market is segmented into software and services.Based on the deployment model, the market is segmented into on-premise models, cloud-based models, and remotely hosted models.Based on end user, the market is segmented into life sciences companies, CROs, environmental testing laboratories, and others.In the current scope of the study, the segments mentioned above are covered into the four global regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East and African region.The laboratory informatics market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European laboratory informatics market has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The laboratory informatics market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The laboratory informatics market in the Middle East & Africa has been segmented into the Middle East and Africa.
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Key Players
Abbott Laboratories
Accelerated Technology Laboratories
Agilent Technologies, Inc.
Autoscribe Limited
Cerner Corporation
Dassault Systèmes
IDBS
Kinematik
Lablynx, Inc.
Labvantage Solutions, Inc.
Labware
Labworks LLC
McKesson Corporation
Perkinelmer Inc.
Thermo Fisher Scientific Inc.
Waters
Regional Market Summary
The Americas dominated the global market for laboratory clinical informatics owing to the escalating healthcare cost coupled with the rising pressure to bend the cost curve resulted in increased regional adoption of laboratory information management systems. According to the Organization for Economic Co-Operation and Development, in 2018, Americans spent USD 3.65 trillion on healthcare. It is also stated that the level of spending is by far the highest in the developed world.
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In 2018, it was estimated that Europe stood second in the global laboratory informatics market. Technological advancements, along with the availability of funding opportunities in research and innovation, will support the growth of healthcare laboratory informatics. Germany commanded the largest share in the European market for medical laboratory informatics due to growing automation of laboratory systems.
Asia-Pacific (APAC) is expected to represent the phenomenal growth in medical informatics throughout the forecast period due to rising participation of market players and increasing healthcare funding. In 2018, Sysmex Corporation, Japan-based company, launched a new network solution Caresphere. The solution is designed to provide new value through the intelligent use of information by people involved in testing and healthcare.On the other hand, the Middle East and Africa held the least share in the global Laboratory Informatics market due to the low economic development, especially within the African region.
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Market Segmentation
Global Laboratory Informatics Market, by Product
Laboratory Information Management Systems (LIMS)
Broad-Based LIMS
Industry-Specific LIMS
Chromatography Data Systems (CDS)
Electronic Lab Notebooks (ELN)
Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
Laboratory Execution Systems (LES)
Enterprise Content Management (ECM)
Scientific Data Management Systems (SDMS)
Global Laboratory Informatics Market, by Component
Software
Services
Global Laboratory Informatics Market, by Deployment Model
On-Premise Models
Cloud-Based Models
Remotely Hosted Models
Global Laboratory Informatics Market, by End User
Life Sciences Companies
CROs
Environmental Testing Laboratories
Others
Intended Audience
Medical devices companies
Government and private laboratories
Research and development (R&D) companies
Research laboratories
Market research and consulting service providers
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