Laboratory Informatics Market Size, Share & Trends Analysis Report By Product (LIMS, ELN, SDMS, LES, EDC & CDMS, CDS, ECM), By Delivery Mode, By Component, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the laboratory informatics market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for laboratory informatics market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of laboratory informatics market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Laboratory Informatics Market Categorization:

The laboratory informatics market was categorized into five segments, namely product (Laboratory Information Management Systems, Electronic Lab Notebooks, Scientific Data Management Systems, Laboratory Execution Systems, Electronic Data Capture & Clinical Data Management Systems, Chromatography Data Systems, Enterprise Content Management), delivery mode (On-premise, Web-hosted ,Cloud-based), component (Software, Services), end-use (Life Sciences, CROs, Chemical Industry, F&B and Agriculture, Environmental Testing Labs, Petrochemical Refineries & Oil and Gas Industry) and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The laboratory informatics market was segmented into product, delivery mode, component, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The laboratory informatics market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Germany; the UK.; France; Italy; Spain; Russia; China; Japan; India; Brazil; Mexico; South Africa; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Laboratory informatics market companies & financials:

The laboratory informatics market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Thermo Fisher Scientific, Inc. is a multinational biotechnology development company, which operates through brands such as Thermo Scientific, Applied Biosystems, Fisher Scientific, and Unity Lab Services. In 2019, Thermo Fisher Scientific announced collaboration with Genovis to develop a comprehensive monitoring system for biotherapeutics. The monitoring system is specifically designed for Liquid Chromatography-Mass Spectrometry (LC-MS). The company recorded a net revenue of USD 25,542.0 million, an operating income of USD 4,594.0 million, and net income of USD 3,696.0 million in 2019.

• Abbott Informatics is a subsidiary of Abbott Laboratories, a leading healthcare and pharmaceutical company. The company encompasses four core business segments – pharmaceuticals, devices, nutrition, and diagnostics. It has presence in over 150 countries with research, manufacturing, sales, and distribution facilities. The company’s product offering includes STARLIMS laboratory information system, ELN, SDMS, and cloud-based platforms.

• LabVantage Solutions, Inc. provides solutions in areas including quality control, biobanking, molecular diagnostic, and research & development. The company’s product portfolio comprises web-based LIMS, business intelligence, and ELN. Notable products include LabVantage 8 to manage sample lifecycle, optimize laboratory execution, perform data retrieval, interface instruments & systems, and enable security & auditing; and LabVantage ELN and LES to capture, organize, manage, & collaborate experiments and test execution workflows in laboratories.

• LabLynx, Inc. was the first organization to offer laboratory informatics. Earlier, it operated as a product division of an IT consulting company. In 2000, it was incorporated as an independently owned company. Its primary clients include clinical, forensic, agricultural, environmental, healthcare, and other laboratories. The company developed CovidLiMS, specifically for COVID-19 diagnostic testing, in 2020. This has helped the company to expand its LIMS product portfolio.

• LabWare is a U.S.-based, privately held laboratory informatics company. It has sales and distribution channels across almost 90 countries. LabWare offers software solutions for all types of laboratories. Its product portfolio includes professional implementation services, software solutions, validation assistance, and training & technical support. Its software, LabWare LIMS, is compatible with any relational database, including Oracle and SQL Server.

• PerkinElmer, Inc., offers solutions, services, and technologies to research, industrial, environmental, diagnostics, laboratory service market, and industries. The company’s product offerings include genetic testing & diagnostic tools, medical imaging products, analytical instruments, software, consumables, and instruments for various markets. It caters to industries such as chemicals, consumer manufacturing, energy, food beverage & nutraceuticals, environmental analysis, healthcare, forensics, and life sciences. The company provides services such as automation integration, contract research services, reagent services, and instrument services to multiple end-use industries. It operates in over 150 countries.

• Waters is an analytical instrument manufacturer based in the U.S. The Waters division is a subsidiary of Waters Corporation, which offers chromatography instruments and services. Its product offering includes chromatography columns, consumable products, and post-warranty service plans.

• Agilent Technologies, Inc. was incorporated in 1999 and currently operates in 110 countries globally. It develops and markets scientific testing equipment such as Nuclear Magnetic Resonance (NMR) systems, mass spectrometers, and oscilloscopes. The company is a leading laboratory partner and provides expertise, services, and instruments to them. It focuses on six major markets – pharmaceuticals, diagnostics, environmental & forensics, food, chemical & energy, and research.

• IDBS provides software solutions to capture, share, manage, and analyze unstructured and structured information for R&D activities across several sectors. The company serves biotechnology, pharmaceuticals, chemicals, consumer goods, agricultural sciences, academia, food & beverage, energy, engineering, and healthcare sectors. It caters to 50,000 researchers in 25 countries. In October 2017, Danaher acquired IDBS.

• Core Informatics is a U.S.-based company that is headquartered in Branford and was established in 2005. The company’s product offerings include LIMS, Scientific Data Management Software (SDMS), ELN, and Collaboration solutions. It also offers web-based informatics solution for multiple industries. Its Core LIMS software aids in lab information management.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Laboratory Informatics Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2022 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Laboratory Informatics Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.