Scientific Data Management System Market Forecasts to 2028 – Global Analysis By Component (Service, Software), Application (Food & Beverage, Life Sciences), End User (Hospitals, Laboratory) and By Geography
According to Stratistics MRC, the Global Scientific Data Management System Market is accounted for $55.42 million in 2021 and is expected to reach $648.32 million by 2028 growing at a CAGR of 42.1% during the forecast period. A scientific data management system collects information, prepares catalogues, and stores data generated by laboratory instruments, such as mass spectrometers, and colourimeters. A scientific data management system (SDMS) is designed to handle unstructured data from data systems like a LIMS or an ELN.
The growing demand for laboratory automation
The growing demand for laboratory automation is expected to increase the revenue in the scientific data management system market. Advanced laboratories, such as genetics laboratories and clinical trial settings, require advanced data management software tools and systems for securely storing, sharing, and collecting the personalized and other data, leading to the growth of the market players. Moreover, development of integrated lab informatics solutions, increasing demand from academic research institutes, growth in the usage of lab informatics solutions, technological advancement, and several other factors are further expected to drive the scientific data management system market during the forecast period.
Lack of skilled trained & professionals
The increasing demand is a lot due to the advent of big data, and the way data is being generated and consumed nowadays by companies. And, for businesses to collate and analyse this huge volume of data, they require data science professionals with specialised skills. Alongside, at this competitive edge, companies are continuously looking to use predictive analytics to improve their customer experience, and data scientists can help businesses understand their data and use it to predict their customer behaviour.
Rising academic research and development
Rising academic research and development has increased the number of technologically advanced laboratories that require software tools for data storage, sharing, management & security thereby leading to the scientific data management system (SDMS) market growth. Furthermore, the prevalence of infectious diseases such as COVID-19 has resulted in social distancing and lockdowns. There has been a considerable shortage of manpower due to the shutdown. This has necessitated the implementation of scientific data management systems hence increasing the demand.
High maintenance cost
The significantly high cost in implementing scientific data management system hampers the growth of the scientific data management system market. The high prevalence of these disorders creates a massive quantity of data across the research laboratories involved in discovering viable treatments for the condition.
The laboratory segment is expected to have the highest CAGR during the forecast period
The laboratory segment is growing at the highest CAGR in the market. The rise in the number of experiments conducted daily has resulted in ample data generation. Thus, SDMS captures, archives, and catalogs the generated data. Moreover, there is a considerable demand for SDMS in research laboratories as they frequently import and export data with partner institutions. SDMS helps in capturing data from remote sites and imports the data into the common repository hence allowing research institutes to easily access the information.
The research institutes segment is expected to be the largest during the forecast period
The research institutes segment is expected to be the largest share in the market. This is attributed to the increase in the number of intellectual property records, which are stored in the secured program in scientific data management system.
Region with highest share:
North America is projected to hold the largest share in the market due to its high digital literacy and policies supporting the deployment of a scientific data management system. Moreover, the presence of key market players such as TIBCO Software and Abbott Laboratories in the regions is fueling the market growth.
Region with highest CAGR:
The Asia Pacific is projected to have the highest CAGR in the market due to the rising investments in the healthcare industry for lab automation & the adoption of technologically advanced equipment. Moreover, increased government funding and favorable initiatives are augmenting the demand for scientific data management system software.
Key players in the market:
Some of the key players profiled in the Scientific Data Management System Market include Abbott Laboratories, Accelerated Technology Laboratories Inc, Advanced Chemistry Development, Inc, Agaram Technologies Pvt Ltd, Agilent Technologies, Inc, Benchling, CSols Inc, DASSAULT SYSTÈMES, Flywheel.io, LabVantage Solutions Inc., LabWare, MediaLab, Inc, Merck KGaA, SciCord LLC, Shimadzu Corporation, Thermo Fisher Scientific Inc., TIBCO Software Inc., Uncountable Inc, and Waters Corporation.
In July 2020: LabVantage Solutions Inc. launched LabVantage platform version 8.5, a new integrated scientific data management system that collects the data and offer high security to the laboratory. LabVantage SDMS ensures security and control against data loss or modification. The optional SDMS seamlessly interfaces with all elements of the LabVantage platform, including LIMS (laboratory information management system), ELN (electronic laboratory notebook), and LES (laboratory execution system).
In August 2019: Merck & Co, Inc. acquired the product ProcessPad platform, a new platform from Simplyfeye Software Private Ltd. The acquisition of the platform is another building block for Merck's BioContinuum Platform, a confluent offering of intensified, advanced processing and digital technologies and services that allow a customer to go beyond continuous processing.
In March 2019: TIBCO Software Inc. that develops solution for application program interface (API) management and data analytics acquired SnappyData Inc., an Indian in-memory data platform provider. The acquisition was aimed to integrate TIBCO Connected Intelligence platform with unified analytics from SnappyData Inc. to enhance its analytics, data science, streaming, and data management.
Deployment Modes Covered:
• Remotely Hosted
• Environmental Testing Laboratories
• Food & Beverage
• Life Sciences
• Oil & Gas
• Petrochemical Refineries
End Users Covered:
• Research Institutes
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
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- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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