North America Laboratory Informatics Market Worth
USD 1,715 Million By 2024
Research
laboratories and organizations across North America are increasingly
modernizing their approach and using laboratory informatics solutions for
capturing, tracking, managing, and sharing their research and manufacturing
data. Moreover, scientific advances in the fields of genomics, proteomics, and
personalized medicine exponentially increase the need for efficient data
management. Laboratory informatics solutions are helping researchers and
scientists seamlessly gather, store, retrieve, monitor, search, share, report
and collaborate their work thereby saving time and simplifying work procedures.
The North America laboratory informatics market is expected to reach $1,715.0
million by 2024, growing at a CAGR of 6.2% from 2018 to 2024.
North
America Laboratory Informatics Market By Product (LIMS, ELN, LES, EDC, ECM,
CDMS, SDMS), Component (Services, Software), Delivery (On Premise, Cloud, Web),
End User (Pharma, Biotech, MDx, Biobank, CRO, F&B, Oil, Gas, Chemical) –
Forecast To 2024
Increasing R&D
activities & growing automation drives the market growth -
Increasing
R&D activities help in drug discovery and drug development. This in turn,
boosts the demand for efficient lab and data management. This is because
laboratory informatics solutions allow researchers to capture the experiment
process, relevant data, and conclusions that were drawn, while simultaneously
facilitating a searchable repository of experimental data that researchers can
access for effective collaboration. North American R&D spending in the life
sciences industry increased by 4.5% to reach $177.6 billion in 2017 while, the
U.S. R&D spending for the life sciences industry increased by 3.5% to reach
$74.6 billion in 2017. Moreover, academic research is a strong and essential
component of the total R&D environment in the U.S. performing nearly 60% of
all the basic research. Life sciences field has the largest application of
academic research, comprising more than 56% of all academic R&D funding.
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Laboratory Information
Management System (LIMS) to witness the largest demand during the forecast
period
LIMS
solutions are widely adopted as they meet broad range of scientific needs with
their ability to provide a suitable environment that is easy to use across
multiple disciplines. Moreover, LIMS help laboratories to reduce manual
efforts, labor cost, cost of error, and throughput time; offer paperless
information management and effective data analytics; improve data traceability,
accessibility, security and sharing; streamline processes; enhance quality
management; and provide better control of all business processes and decision
support.
On-premise informatics
currently dominates the market but web & cloud-based solutions are rapidly
gaining traction
On-premise
informatics dominates the market as it has been traditionally adopted mode of
software delivery, and provides better customization options, total ownership
and authority, and security. However, cloud-based informatics segment is
expected to witness the highest CAGR during the forecast period owing to
factors such as no upfront capital investment for hardware, extreme storage
flexibility and scalability, real-time accessibility from anywhere, and
pay-as-you-go pricing features.
The U.S. comprise significant
market share in the North America laboratory informatics market
The U.S.
majorly dominates the North American laboratory informatics market owing to
presence of advanced laboratory infrastructure, growing demand for integration
of laboratory systems, growing digitalization, rising government funding for
research activities, easy availability of laboratory informatics products and
services, stringent regulatory requirements across industries, and presence of
several key players in this region improving product availability and support
services. Improving laboratory infrastructure and automation in the country is
changing the workflow of laboratories and is enabling greater penetration of
technologies and workflows in research & development labs, food &
beverage industries, CROs & CMOs, and various other sectors.
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