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on March 29, 2023
Laboratory informatics plays an essential role in laboratories fulfilling quality standards, eliminating transcribing mistakes, shortening the time it takes from specimen receipt to results reporting, and improving patient outcomes. Over the last decade, technical developments in laboratory equipment have resulted in increasing specimen numbers, as well as a growing need for and dependence on laboratory data to support clinical and public health demands. These advancements indicated that paper-based record keeping and results reporting were impractical and could not serve the laboratory's commercial demands. As a result, there has been a significant increase in the need for laboratory informatics adoption at all levels. This expanded usage of laboratory informatics has enabled end customers to more effectively describe particular system requirements, prompting suppliers to design more appealing, practical products, and feasible laboratory informatics choices.
Laboratory Informatics Market was valued at $4,341.2 million in 2021 and is anticipated to reach $12,677.0 million by 2032, witnessing a CAGR of 10.27% during the forecast period 2022-2032. The growth in the global laboratory informatics market is expected to be driven by the increased efficiency of laboratories due to their usage and better data management. Additionally, it saves time and money.
Market Lifecycle Stage
Laboratory informatics plays an essential role in laboratories fulfilling quality standards, eliminating transcribing mistakes, shortening the time it takes from specimen receipt to results reporting, and improving patient outcomes. Over the last decade, technical developments in laboratory equipment have resulted in increasing specimen numbers, as well as a growing need for and dependence on laboratory data to support clinical and public health demands. These advancements indicated that paper-based record keeping and results reporting were impractical and could not serve the laboratory's commercial demands. As a result, there has been a significant increase in the need for laboratory informatics adoption at all levels. This expanded usage of laboratory informatics has enabled end customers to describe particular system requirements, prompting suppliers to design more appealing and practical products and feasible laboratory informatics choices.
COVID-19 Impact on Laboratory Informatics Market
COVID-19 Impact on Viral Testing
As all research studies became focused on the pandemic, laboratory informatics manufacturers started developing tailored solutions which assisted in the testing and management of virus samples. There can be multiple errors in manual data entry processes, and if these errors are found later, it is very hard to trace them back to the correct source. Especially in the case of healthcare, it could mean very sick patients are missing their test results. Thus, there was an urgent need for data management systems during that time. Also, as all the processes during the pandemic needed to be efficient and were comparatively new and had never been tried and tested before, the chances of mistakes were higher with manual entries. Thus, in a situation like this, laboratories wanted to be as accurate as possible, as fast as possible, as people’s lives depended on it. Thus, high adoption of laboratory informatics was seen during this time.
Labware, in partnership with Tangen Biosciences, developed the portable disease surveillance lab kit. They also partnered to distribute the GeneSpark device, which is a part of the kit. This kit connects with the Labware LIMS software and captures the patient’s demographic and clinical information, accession the sample, documents respiratory swab collections, and rapidly disseminates this data to public health agencies. This enabled everything from patient registration and field location testing, such as drive-up testing and assisted living facilities
Market Opportunities
Usage of AI and ML
Machine learning (ML) is a method that can analyze and create datasets that are used by artificial intelligence and other system modules. ML uses patterns and can learn how data is being processed by examining data and the expected outcomes. After analyzing enough outcomes, ML can learn how the data is being processed and what input will give what result. The flexibility of ML is its main advantage.
In laboratory informatics, AI and ML can analyze historical data through which they can help limit the size of the study, and a reliable study size can be easily determined. With the help of this, study length can dramatically be reduced in addition to the easier possibility of detecting failures and issues.
Market Segmentation:
Segmentation 1: by Type
Segmentation 2: by Offering
Segmentation 3: by Component
Segmentation 4: by Deployment
Segmentation 5: by End User
Segmentation 6: by Region
Some of the prominent names established in this market are:
Company Type 1: Public Companies
• Agilent Technologies, Inc.
• Abbott. (STARLIMS Corporation.)
• BD.
• Bio-Rad Laboratories, Inc.
• Dassault Systèmes (Biovia)
• Danaher. (IDBS)
• Illumina, Inc.
• Merck KGaA
• PerkinElmer, Inc.
• Thermo Fisher Scientific Inc.
• Waters.
Company Type 2: Private Companies
• Accelerated Technology Laboratories, Inc.
• CSols Inc.
• LabVantage Solutions Inc.
• LabWare
• MGI Tech Co., Ltd.
• Benchling.
• LabLynx, Inc.
Get Free Sample Report - https://bisresearch.com/requestsample?id=1398&type=download
Key Questions Answered in the Report
▪ How is the laboratory informatics market revolutionizing the laboratory informatics industry?
▪ What are the major market drivers, challenges, and opportunities in the global laboratory informatics market?
▪ What are the underlying structures resulting in the emerging trends within the laboratory informatics market?
▪ How did the COVID-19 pandemic impact the global laboratory informatics market?
▪ What are the key development strategies that are being implemented by major players to sustain themselves in the market?
▪ What are the key regulatory implications in developed and developing regions pertaining to the use of software and consulting service?
▪ What are the potential entry barriers that are expected to be faced by the companies willing to enter a particular region in the market?
▪ What will be the growth rate of the global laboratory informatics market during the forecast period 2022-2032?
▪ How is each segment of the market expected to grow during the forecast period 2022-2032, and what revenue is anticipated to be generated by each of the segments?
The following are the segments:
o Type (Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Chromatography Data Systems (CDS), Electronic Data Capture (EDC), Clinical Data Management Systems (CDMS), Laboratory Execution Systems (LES), Enterprise Content Management (ECM), Scientific Data Management Systems (SDMS), and Quality Management Systems (QMS)).
o Offering (Platform, Standalone, and Other Offerings (Add-On)) o Component (Software and Consulting Service) o Deployment (On-premises, Cloud-based, and Remotely Hosted)
o End User (Pharma and Biotechnology, Biobanks and Biorepositories, Molecular Diagnostics and Clinical Research Labs, Contract Research Organizations (CROs), Academia, Food and Beverage, Chemical Industry, and Petrochemical Refinery and Oil and Gas Industry)
o Region (North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World)
▪What are the growth opportunities for the laboratory informatics companies in the region of their operation?
▪ Who are the leading players with significant offerings in the global laboratory informatics market?
▪ Which companies are anticipated to be highly disruptive in the future and why?
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