PUNE, India, August 9, 2016 /PRNewswire/ --
According to a new market research report "Lab Informatics Market by Product (CDS, EDC, LES, ECM, ELN, LIMS, SDMS), Component (Software, Services), Delivery (On-Premise, Hosted, Cloud) & Industry (CROs, Pharma, Biotechnology, Chemical, Petrochemical, F&B, Agriculture, Oil, Gas) - Forecasts to 2021", published by MarketsandMarkets, The global market is expected to reach USD 2.97 Billion by 2021 from an estimated value of USD 2.20 Billion in 2016, growing at a CAGR of 6.2% during the forecast period.
Browse 191 market data Tables and 42 Figures spread through 225 Pages and in-depth TOC on "Lab Informatics Market"
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The report analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia, and the Rest of the World (RoW).
The laboratory informatics market is witnessing significant growth across the globe owing to factors such as the increasing need for laboratory automation, technological advancements, increasing availability of cost-effective informatics solutions, rising pressure to comply with regulatory requirements, and increasing adoption of laboratory informatics in biobanks/biorepositories, academic research institutes, and contract service organizations. Cloud-based laboratory informatics solutions and emerging countries offer huge growth.
Lack of integration standards for laboratory informatics and lack of trained professionals are the major factors that may limit the growth of the market to a certain extent.
The laboratory informatics market is segmented on the basis of product type, deployment model, component, industry, and region. Based on product type, the market is segmented into Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS), Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Laboratory Execution Systems (LES), Scientific Data Management Systems (SDMS), Chromatography Data Systems (CDS), and Enterprise Content Management (ECM). The LIMS segment is expected to grow at the highest CAGR mainly due to the systems' ability to increase workflow efficiencies by removing manual data entry and transcription errors.
On the basis of region, the laboratory informatics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2016, North America is expected to dominate the market, followed by Europe. This can be attributed to the growing demand for the integration of laboratory systems, rising government funding for research activities, growth in biobanks, need for early drug discovery, increasing replacement of old legacy systems with Commercial Off-the-Shelf Laboratory Information Management Systems (COTS LIMS), easy availability of laboratory informatics products and services, and stringent regulatory requirements across industries.. Asia is projected to be the fastest-growing region during the forecast period. Factors such as increasing R&D activities and the development of supporting infrastructure in research laboratories have generated a demand for laboratory informatics solutions in the Asian region.
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The Laboratory Informatics Market is highly competitive. Prominent players in the market include Thermo Fisher Scientific, Inc. (U.S.), LabWare, Inc. (U.S.), Core Informatics, LLC (U.S.), Abbott Informatics (U.S.), LabVantage Solutions, Inc. (U.S.), LabLynx, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Waters Corporation (U.S.), Agilent Technologies, Inc. (U.S.), and ID Business Solutions Ltd. (U.K.).
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