Global Laboratory Informatics Market Report 2022: Market to Reach $4.5 Billion by 2026 - Market Gains Traction Amidst Growing Need to Enhance Workflow Efficiencies and Reduce Costs
DUBLIN, Aug. 25, 2022 /PRNewswire/ -- The "Laboratory Informatics - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Laboratory Informatics Market to Reach US$4.5 Billion by the Year 2026
The global market for Laboratory Informatics estimated at US$3.3 Billion in the year 2022, is projected to reach a revised size of US$4.5 Billion by 2026, growing at a CAGR of 7.8% over the analysis period.
Growth in the global market is set to be driven by advancements in integrated laboratory informatics solutions, growing need for laboratory automation, increasing demand for biorepositories and biobanks, growing demand from academic research institutes and contract research organizations (CROs) and increasing need to adhere to regulatory standards Advent of big data analytics and digital systems is fueling growth for laboratory informatics.
Driven by their ability to generate reliable information, several healthcare service providers are now integrating laboratory informatics systems. This is assisting them in significantly reducing diagnostic errors while also improving patient outcomes. The ongoing technological advancements are assisting companies in offering interactive and faster laboratory informatics solutions to end users. The introduction of digital platforms, automated workstations, and system instruments software is enabling end users to improve operational efficiency as well as minimize manual errors.
Associations such as the International Consortium for Innovation and Quality in Pharmaceutical Development and Standardization in Lab Automation (SiLA) are endeavoring to launch new data management standards and interfaces to enable integration of laboratory informatics solutions.
This segment currently accounts for a 21.3% share of the global Laboratory Informatics market. Growing impetus on minimizing data processing errors, along with rising popularity of integrated services is fueling demand for Laboratory Information Management Systems (LIMS). The advanced electronic lab notebooks (ELN) system market is expected to experience strong growth on account of higher implementations in analytical chemistry labs.
The Laboratory Informatics market in the U.S. is estimated at US$1.4 Billion in the year 2022. The country currently accounts for a 42.8% share in the global market. China, the world's second largest economy, is forecast to reach an etimated market size of US$454.8 Million in the year 2026 trailing a CAGR of 10.5% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 7.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.7% CAGR while Rest of European market (as defined in the study) will reach US$495.9 Million by the end of the analysis period.
North America leads the global market for laboratory informatics systems, on account of favorable policies to promote laboratory informatics solutions deployment, availability of superior infrastructure along with digital literacy and the presence of large pharmaceutical companies.
In addition, factors such as increasing adoption of integrated laboratory systems, growing need for early drug discovery, increase in biobanks, growing government funding for research activities, strict regulatory requirements and expanding range of lab informatics products and services are factors stimulating growth in the market.
Asia-Pacific is expected to witness robust growth, supported by rising R&D spending by both private and public sectors, increase in the number of CROs delivering LIMS solutions and growing awareness on LIMS.
Key Topics Covered:
2. FOCUS ON SELECT PLAYERS (Total 86 Featured):
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/huejgg
Research and Markets
For E.S.T Office Hours Call +1-917-300-0470
U.S. Fax: 646-607-1907
View original content:https://www.prnewswire.com/news-releases/global-laboratory-informatics-market-report-2022-market-to-reach-4-5-billion-by-2026---market-gains-traction-amidst-growing-need-to-enhance-workflow-efficiencies-and-reduce-costs-301612365.html
SOURCE Research and Markets