The increasing need for laboratory automation; the need to comply with regulatory requirements; the development of integrated lab informatics solutions 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 services cost are expected to restrain the growth of this market in the coming years.
According to the new market research report Laboratory Informatics Market is estimated to reach $3.8 billion by 2024, at a CAGR of 7.5% during the forecast period.
The cloud-based models segment is expected to grow at the highest CAGR during the forecast period. On the basis of deployment model, the Laboratory Informatics Market is segmented into on-premise, cloud-based, and remotely hosted models. Factors such as on-demand self-serving analytics, no upfront capital investment for hardware, extreme capacity flexibility, and a pay-as-you-go pricing model will boost the demand for cloud-based laboratory informatics solutions in the coming years. However, data transfer complexities and data security concerns may hinder the growth of this market segment.
The prominent players in the market are Thermo Fisher Scientific Inc. (US), LabVantage Solutions, Inc. (US), Abbott Informatics (US), LabLynx, Inc. (US), LabWare (US), Waters (US), Agilent Technologies, Inc. (US), Autoscribe Informatics (US), LABWORKS LLC (US), Dassault Systèmes (Paris, France), KineMatik (Ireland), Accelerated Technology Laboratories (ATL) (US), and PerkinElmer Inc. (US).
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