(I-BusinessNews.Com, August 11, 2020 ) Growth in this market is mainly driven by the increasing need for laboratory automation, development of integrated lab informatics solutions, increasing need to comply with regulatory standards, and growing demand in biobanks/biorepositories. On the other hand, the lack of integration standards and high maintenance and service costs are expected to restrain the growth of this market to a certain extent.
According to research report the laboratory informatics market is estimated to reach USD 3.8 billion by 2024 from USD 2.6 billion in 2019, at a CAGR of 7.5% during the forecast period.
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On the basis of deployment model, the laboratory informatics market is segmented into on-premise, cloud-based, and remotely hosted models. The cloud-based models segment is expected to grow at the highest CAGR during the forecast period.
Based on components, the laboratory informatics market is segmented into services and software. The services segment dominated this market in 2018.
The prominent players in the laboratory informatics market are Thermo Fisher Scientific Inc. (US), LabVantage Solutions, Inc. (US), LabWare (US), Abbott Informatics (US), LabLynx, Inc. (US), Waters (US), Agilent Technologies, Inc. (US), Autoscribe Informatics (US), Dassault Systèmes (Paris, France), LABWORKS LLC (US), KineMatik (Ireland), Accelerated Technology Laboratories (ATL) (US), and PerkinElmer Inc. (US).
Thermo Fisher Scientific, Inc. (US)
Thermo Fisher Scientific, Inc. is one of the leading players in the lab informatics market. In order to maintain its leading position in this market, the company focuses on research and development activities. The company invested USD 0.89 billion, USD 0.76 billion, and USD 0.69 billion in R&D activities in 2017, 2016, and 2015, respectively. With its focus on R&D, Thermo Fisher Scientific added features to its Sample Manager LIMS software in May 2016. In order to maintain its leading position in the lab informatics market, the company adopts organic and inorganic growth strategies such as product launches, expansions, and acquisitions.
LabVantage Solutions, Inc. (US)
LabVantage is one of the leading suppliers of lab informatics solutions. The company constantly invests in developing and enhancing its products to understand and serve its customers better. LabVantage focuses on organic growth strategies such as product launches and upgrades to develop its product portfolio and strengthen its position in the market.
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LabWare (US)
LabWare provides scalable, end-to-end solutions to various industries such as pharmaceuticals, environmental testing, contract labs, forensics, chemical/petrochemical process, public health, clinical research, food, and biobanking. The company is focused on launching technologically advanced products and upgrading its existing ones with the help of inputs from several interested clients from all parts of the globe.
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