THANK YOU FOR SUBSCRIBING
Pharma Tech Outlook | Tuesday, March 08, 2022
In the coming years, growth in laboratory automation demand is likely to drive adoption and acceptance globally
FREMONT CA: The global market for Laboratory Informatics, which was anticipated to be worth US$3.3 billion in 2022, is expected to expand to US$4.5 billion by 2026, at a CAGR of 7.8 percent over the analysis period. One of the report's segments, Laboratory Information Management Systems (LIMS), is expected to grow at an 8.9 percent CAGR to reach US$2.5 billion by the end of the analysis period. After a detailed examination of the pandemic's commercial ramifications and the resulting economic crisis, the Electronic Lab Notebooks (ELN) segment's growth is revised to a revised 7.3 percent CAGR for the next seven years. The global Laboratory Informatics market is now dominated by this category, which holds a 21.3 percent share.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
In the year 2022, the Laboratory Informatics market in the United States is expected to be worth US$1.4 billion. The country presently holds 42.8 percent of the worldwide market share. China, the world's second-largest economy, is expected to reach a market size of US$454.8 million in 2026, representing a CAGR of 10.5 percent over the study period. Japan and Canada are two other critical geographic markets, with forecasted growth rates of 6.6 percent and 7.5 percent, respectively, over the analysis period. Germany is expected to grow at a CAGR of around 6.7 percent in Europe, while the rest of the European market will reach US$495.9 million by the end of the analysis period.
Furthermore, factors such as the growing adoption of integrated laboratory systems, the growing need for early drug discovery, the rise in biobanks, increased government funding for research activities, strict regulatory requirements, and the expanding range of lab informatics products and services are all driving market growth. The United States, Canada, Japan, China, and Europe are expected to fuel the global Scientific Data Management Systems (SDMS) segment's 6.3 percent CAGR. These regional markets, with a total market value of US$243 million, are expected to grow to US$369.9 million. In this group of regional markets, China will continue to be the fastest expanding. The Asia-Pacific market is expected to reach US$33.9 million by 2026, led by countries like Australia, India, and South Korea.
More in News