According to the recent research report titled ‘Global Laboratory Informatics Market Size study, by Type of Solutions (LIMS, ELN, CDS, EDC, CDMS, LES, ECM, SDMS), Component (Software, Service), Delivery (On premise, Cloud), Industry (CRO, CMO, Pharma, Biotech, Chemical, Agriculture, Oil, Gas) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global laboratory informatics market was worth USD 3.4 billion in 2020 and is expected to multiply with a CAGR of 10.8% over 2021-2027, subsequently amassing a valuation of USD 6.20 billion by end of the forecast period.
 

Surging demand for high report accuracy and efficiency, rising number of lab informatics applications, and increasing number of diagnoses are prime factors fueling global laboratory informatics market growth.
 

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For the uninitiated, laboratory automation rose to prominence as a viable method for dealing with workforce shortages and reducing manual labor in laboratory procedures. The technology has evolved with increasing workload, economic constraints, and technical advancements.
 

Laboratory information systems, such as Abbott Healthcare's STARLIMS, offer user interface flexibility and can be operated via a mobile application. Such tools simplify laboratory tasks such as diagnostic testing. Moreover, new laboratory systems are being developed using cutting-edge technology to fulfill the current global demand. For instance, LabVantage, in July 2020, revealed the 8.5 edition of its LabVantage solutions that incorporates a fully integrated SDMS.
 

Likewise, Agilent Technologies acquired Genohm in May 2018, adding the LIMS and workflow management to its current software portfolio for expanding the company's ELN capabilities. Similar developments by other firms in the business sphere are likely to boost global laboratory informatics market development.
 

However, high maintenance and service costs associated with laboratory informatics systems are expected to stifle market growth over the study period.
 

Coming to geographical ambit, Europe, North America, Asia Pacific, and Latin America are the key areas considered for the regional assessment of the overall market. North America presently accounts for significant market share owing to significant funding in cutting-edge technologies, biobank expansion, easy accessibility to lab informatics products, and stringent norms and requirements across industries.
 

On the other hand, Asia Pacific is expected to expand at a rate over the assessment period, creditable to rise in demand for developing infrastructure to meet international standards and comply with government laws.
 

Major companies defining the competitive landscape of global laboratory informatics industry sphere are Labworks LLC, Dassault Systèmes, Autoscribe Informatics, Agilent Technologies Inc., Waters Corporation, LabLynx Inc., Abbott Informatics Corporation, LabWare, LabVantage Solutions Inc., and Thermo Fisher Scientific Inc.