Laboratory informatics is defined as the specialized application of information technology to optimize and extend laboratory operations through a platform of instruments, software, and data management tools. This allows scientific data to be captured, migrated, processed, and interpreted for immediate use, as well as stored, managed, and shared to support future research, development, and lab testing efforts, while maximizing the efficiency of laboratory operations. Rising with the tide of informatics in general, laboratory informatics is one of the fastest growing areas of laboratory-related technology. Information management continues to be important, laboratory informatics tends to focus on the technology associated with information management process.

A rapid series of technological developments have made laboratory equipment less static and more interactive, allowing large networks of integrated lab devices, computers, and telecommunications equipment to log, analyze, and distribute data. This has progressively enabled scientific research projects to move from a localized model to a global one, allowing researchers to spend less time collecting data or waiting for information to arrive from another location. This has helped them focus more on the work at hand and makes their research both faster and more efficient. This has led laboratories requiring more robust and scalable data management systems to stay competitive.

Increasing integration of laboratory automation in contract manufacturing and research organizations is anticipated to fuel the growth of the global laboratory informatics market during the forecast period. Moreover, the emergence of digitization and big data analytics is also expected to drive the market. The ease of real-time data entry and remote access have won cloud-based delivery mode a significant consumer base. However, lack of integration standards and dearth of trained professionals are a few factors expected to limit the growth of the laboratory informatics market during the forecast period. Improvement in technology, coupled with stringent regulatory needs and increasing commercial pressures, has led to rapid generation of large amount of data from various aspects, comprising research and development, quality assurance, and manufacturing. Moreover, laboratory information systems are gaining popularity in academic research institutes, biobanks, and contract research organizations (CROs) owing to the benefits associated with them, such as, process optimization, reduced throughput time and paperless information management, improved regulatory compliance and intellectual property rights protection, decreased labor cost, improved data quality through the elimination of errors and faster and effective data analytics.

The laboratory informatics market can be categorized based on product type, deployment, end-user, and geography. In terms of product type, the market can be segmented into laboratory information management systems (LIMS), chromatography data systems (CDS), electronic laboratory notebook (ELN), electronic data capture (EDC) & clinical data management systems (CDMS), laboratory execution system (LES), enterprise content management (ECM), and scientific data management systems (SDMS). Based on deployment, the laboratory informatics market can be classified into on-premise solutions, cloud-based solutions, and web-based solutions. By end-user, the market can be segmented into life sciences industry, food & beverage and agriculture industries, chemical testing laboratories, petrochemical and oil & gas industries, and others.

Geographically, the global laboratory informatics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the leading laboratory informatics market due to the policies supporting the deployment of laboratory information systems and availability of infrastructure with high digital literacy in the region. The laboratory informatics market is expected to witness a steady growth in Europe. In Asia Pacific, increasing number of CROs offering LIMS solutions in the region is projected to fuel the growth of the laboratory informatics market.

Key players in the global laboratory informatics market are Thermo Fisher Scientific, Inc., LabVantage Solutions, Inc., LabWare, Inc., Core Informatics, LabLynx, Inc., Abbott Informatics (Abbott Laboratories), PerkinElmer, Inc., ID Business Solutions Ltd., Waters Corporation, and Agilent Technologies, Inc., among others.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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