Currently, Laboratory Informatics Market is growing at a Compound Annual Growth Rate (CAGR) of 10.8 % to reach USD 5.6 billion by 2026. 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.
Request for assumptions & how numbers were triangulated.
https://www.marketsandmarkets.com/requestsampleNew.asp?id=203037633
- Increasing need for laboratory automation
- Development of integrated lab informatics solutions
- Stringent regulatory requirements
- Growing demand for lab informatics in biobanks/biorepositories, academic research institutes, and CROs
- Growing R&D expenditure in pharmaceutical and biotechnology industries
- Significant growth potential in emerging countries
- Use of lab informatics solutions in the cannabis industry
- Growing popularity of cloud-based laboratory informatics
- Dearth of trained professionals
- Interfacing with diverse laboratory instruments
- High maintenance and service costs
- Lack of integration standards for LIMS
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.
Download an Illustrative Overview:
- Growing demand for the integration of laboratory systems
- Rising government funding for research
- Growth in biobanks
- Need for early drug discovery
- Easy availability of laboratory informatics products and services
- In June 2020, LabWare introduced the latest version of its LIMS—LabWare 8. The LabWare 8 solution is the company’s enterprises laboratory platform (ELP) that delivers the capabilities of both LIMS and ELN in a single integrated system.
- In July 2020, LabVantage launched 8.5, an upgraded version of its LabVantage platform that offers a fully integrated SDMS.
- In August 2018, Waters (US) signed an agreement with Restek Corporation (US). Under this agreement, Waters and Restek Corporation agreed to provide training and application support of GC-MS methods and workflows for pesticide monitoring and screening to food safety laboratories.