LONDON, Dec. 24, 2018 (GLOBE NEWSWIRE) -- According to this latest publication from Meticulous Research®, the European Laboratory Informatics market is expected to grow at a CAGR of 6.4% from 2018 to reach $1,084.3 million by 2024, mainly driven by growing automation in laboratories and digitalization of laboratory data, increasing R&D activities, need for efficient data management in various application industries, technological advancements in laboratory solutions, and rising pressure of regulatory compliance.
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Laboratory Information Management System (LIMS) captured a major share of this market. Laboratories are increasingly adopting LIMS to reduce manual efforts, labor cost, cost of error, and throughput time; enable paperless information management and effective data analytics; improve data traceability, accessibility, security and sharing; streamline processes; enhance quality management; abide by the regulatory requirements; and better control all business processes.
European laboratory informatics market is segmented based on product type, mode of delivery, component, and end user. Life sciences industry is currently the leading adopter of laboratory informatics due to growing R&D activities and outsourcing to CROs, presence of strict regulatory guidelines, growing academic research, increasing biobanks and biorepositories, replacement of old legacy systems with advanced informatics solutions, growing automation, and rising need to integrate laboratory systems.
Geographically, Germany commanded the largest share of the European laboratory informatics market, mainly attributed to significant R&D activities carried out in the country, growing automation of laboratory systems, rising government funding for research activities, growth in biobanks and biorepositories, increasing R&D activities, easy availability of laboratory informatics products and services, and stringent regulatory requirements across industries.
Some of the leading players operating in the European laboratory informatics market include Abbott Informatics, Agilent Technologies, Inc., Autoscribe Informatics, Bio-ITech BV (eLabJournal), Biomed Systems Limited, Broughton Software Limited, Bytewize AB, Dassault Systemes SE, GenoLogics Life Sciences, Inc. (Illumina, Inc.), Lablynx, Inc., LabVantage Solutions, Inc., LabWare Inc, Novatek International, PerkinElmer, Inc., RURO, Inc., Thermo Fisher Scientific Inc., and Waters Corporation, among others.
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