The North American market value for laboratory informatics is estimated to reach USD 1.62 billion by 2027 from USD 1.15 billion in 2022, growing at a CAGR of 7.15% from 2022 to 2027.
Rising demand in biobanks, academic research institutes, and CROs, rise in need for laboratory automation, rising rapid technological advancements in various molecular genomics and hereditary testing practices, and increasing shifting customer inclination toward cancer genomics studies are primarily driving the growth of the laboratory informatics market in the North American region. In addition, the rising popularity of cloud-based laboratory informatics and the increasing use of lab informatics solutions in the cannabis sector would provide new opportunities for this region's laboratory informatics market. One of the other primary factors promoting market expansion is the growing demand for data integration. Furthermore, because the pharmaceutical and biotechnology companies spend millions of dollars on research and development, the data collected is enormous. As a result, the healthcare laboratory informatics market is predicted to develop as pharma, and biotech companies utilize informatics solutions to manage massive data.
Increasing lack of integration standards and high maintenance and service costs, among other things, is predicted to obstruct the laboratory informatics market growth in North America, while increasing interfacing with a variety of laboratory instruments and a scarcity of trained professionals is further estimated to hinder the development of the market during the forecast period. In addition, the lack of data standards, according to healthcare experts, is one of the key obstacles to better patient matching.
This research report on the North American laboratory informatics market has been segmented and sub-segmented the European biomaterials market into the following categories:
By Product:
By Component:
By Deployment:
By End-User:
By Country:
Geographically, the North American region had shown dominance in the global laboratory informatics market in 2021. Due to the growing presence of well-established pharma companies, as well as the growing need to contain operational costs incurred in information management and analysis, rising growing healthcare costs, and the escalating pressure to bend the cost curve in this region, North America is expected to dominate the laboratory informatics market worldwide. This is also due to rules that encourage the implementation of laboratory information systems, infrastructure availability, and a high level of digital literacy in the region. In addition, the growing demand for laboratory system integration, rising government funding for research activities, growth in biobanks/biorepositories, easy availability of LIMS products and services, stringent regulatory requirements across industries, growing replacement of old legacy systems with COTS solutions, and the presence of several key players in this region are factors contributing to this.
Data must move readily from diagnostic centers to hospitals to proven positive patients without privacy or other important ethical care and research aspects. As a result, healthcare professionals in the United States are focusing on digital information systems to keep track of the overall number of tests performed and treatment results, shifting case definitions, and expediting various other activities. As a result of the COVID-19 epidemic, laboratory informatics systems are more likely to be used and adopted today and in the future. Because of the higher acceptance of digital healthcare in the country and rising expenditures made by enterprises, the United States owns the bulk of the market in the North American area. Furthermore, the geriatric population in the United States is rapidly increasing, and this group is linked to several ailments. As a result, as the number of lifestyle problems rises, the demand for laboratory examinations will increase. These laboratory systems aid in increasing productivity.
KEY MARKET PLAYERS:
Companies playing a significant role in the North American laboratory informatics market profiled in this report are Thermo Fisher Scientific, Inc., Core Informatics, LabWare, PerkinElmer, Inc., LabVantage Solutions, Inc., LabLynx, Inc., Agilent Technologies, ID Business Solutions Ltd and McKesson Corporation.
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