The global laboratory informatics market registers notable revenue expansion and will most likely maintain its stable pace during the period of projection.
Market Analysis in Brief
Laboratory informatics essentially enables laboratory operations, improves scientific procedures, and facilitates laboratory information delivery. It promotes high-quality and reliable results and data. To this end, a steep progression towards laboratory automation is projected to upscale the adoption of laboratory informatics in the years to follow. Moreso, there has been a drastic rise in the volumes of data being generated by the laboratories. This can be accredited to cutting-edge technological developments in molecular genomics and genetic testing practices. Furthermore, recent years have demonstrated a massive shift towards personalised medicine and cancer genomics studies. In addition to this, patients are actively engaging in learning medical requirements, in turn propelling demand for lab automation systems. The research indicates presence of novel opportunities for high-tech innovations and revenue generation floating across the global laboratory informatics market.
Key Report Findings
Growing Emphasis on Automation
Recently, a lack of laboratory professionals and methods to reduce manual intervention in lab processes has become a core concern. In this regard, laboratory automation is unfolding new dynamics by addressing the existing challenges. Dedicated workstations and software to program instruments help improve lab productivity by simply automating routine lab procedures. Thereby, individual researchers can focus on more critical tasks.
Moreover, automation promotes better documentation and the provision of superior-quality data. Supervisory standards and strict norms emphasise accurate and error-free results. Such a landscape has facilitated the development of standardised systems that can produce consistent outcomes.
With a substantial rise in data volumes produced by lab systems, the need for efficient data storage, analysis, and sharing methods has become more pronounced than ever. Laboratory informatics is turning out to be an ideal solution for enhanced productivity and efficient laboratory processes, fueling the laboratory informatics market.
Consistent Innovations in Healthcare Sector
During the forecast period, the life sciences segment is set to experience remarkable growth. Lately, pharmaceutical laboratories, biotechnology companies, and academic research institutes are actively leveraging laboratory informatics. With this, concerns over data integrity, validity, and security have also increased.
In this context, various stringent regulatory compliance and standards are being set underscoring the need for cost-efficient, better-performing systems. Integration of these systems has facilitated companies with a significant inflow of revenue. Majorly, laboratory informatics fuels cutting-edge developments of novel products while improving product quality and operational efficiency that boosts the laboratory informatics market revenue.
Various virtual and electronic laboratories are being established to satiate the growing requirements for innovation in the field. Laboratory informatics systems are highly capable of handling huge amounts of data and managing structured research and discovery silos. An upward thrust on R&D in the medicine space and ground-breaking developments in the healthcare industry are resulting in the holistic expansion of the global laboratory informatics market.
In hospitals, and research labs, laboratory information management system (LIMS) also assists in workflow management, patient health information tracking, billing, patient engagement, and quality assurance.
Overview of Key Segments
Laboratory Information Management System Segment to Lead
During the projection timeframe, the LIMS segment is anticipated to acquire the largest value share of the laboratory informatics market. By facilitating the management of sample flow and associated data, a LIMS enhances the efficiency of laboratories. These kinds of systems are widely used by laboratories with recurring workflows, for instance - quality control laboratories.
With predefined processes established in a certain format and specialized data structures, LIM systems are becoming more prominent across the world. Nonetheless, the graph for electronic lab notebooks (ELN) and laboratory execution systems (LES) have significantly risen over the recent past, with the sales growth of LES vendors going higher.
In the light of this trend, several LES vendors, and LIMS providers are channelling substantial funds in ELN and LES domains. These investments are spearheading the development of intuitive, comprehensive, and highly integrated LES and ELN capabilities. With the latest advancements, these systems advocate for management and data quality tracking, patient demographics, and secured end-user billing.
Growth Opportunities Across Regions
North America Provides the Strongest Breeding Ground
Geographically, North America holds a leading position in the global laboratory informatics market and is anticipated to maintain the status quo throughout the period of assessment. The sophistication of the healthcare sector coupled with robust reimbursement policies are driving the regional market. The US is a highly lucrative market with the accelerated adoption of digital healthcare and steadily rising investment by companies in the region.
Besides, the geriatric populace in the US is witnessing a consistent uptick, demonstrating the susceptibility to various diseases. Amplified possibilities of the occurrence of lifestyle disorders are placing the need for laboratory tests. Laboratory informatics shall bolster the entire process and improve efficiencies. In the coming years, new product rollouts by key players and ongoing R&D initiatives apropos to laboratory informatics are expected to boost the laboratory informatics market in North America.
Prominent Market Players in Global Laboratory Informatics Industry
Some of the most distinguished players operating at the forefront of the global laboratory informatics market are Abbott Laboratories (Abbott Informatics Corporation), McKesson Corporation, Thermo Fischer Scientific Inc., Agilent Technologies, LabLynx, Inc., LabWare, LabVantage Solutions, Inc., PerkinElmer, Inc., ID Business Solutions Ltd., and Autoscribe Informatics.
Regional Classification of the Global Laboratory Informatics Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Laboratory Informatics Market
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