The laboratory informatics market is anticipated to grow substantially in the years to come. The lab informatics market value is expected to grow at a CAGR (Compound Annual Growth Rate) of about 7.89%. The market value was estimated at around USD 3,867.29 billion by the end of 2030. Some factors such as CROs' increased usage of cloud-based platforms, their desire for customized medication, new markets, more regulatory approvals, and expanding R&D in the area of medicine are likely to drive the
The nature of pathology is continuously altering in response to laboratory informatics market demand due to rising workloads, cost restrictions, and technological improvements. To meet the current demand, new laboratory systems are being developed using the most advanced technology. To meet the evolving needs of the healthcare system, new techniques for organizing laboratory data are now necessary. Clinicians' major concern is the integrity of the information they obtain from diverse sources.
Clinics and laboratories use numerous technologies, such as laboratory information systems (LIS) and LIMS, to reduce diagnostic mistakes and deliver improved services. Also, laboratory information systems allow versatility in terms of the user interface. With the assistance of such tools, laboratory activities, including diagnostic testing, have become easier. Laboratory informatics solutions are used to manage laboratory data and track progress in the laboratory process, giving excellent accuracy. As a result, laboratory informatics enhances the laboratories' efficiency.
With the rise of the Covid-19 impact, many large-scale businesses and industries suffered, except healthcare and life support products. The lockdown and physical distancing protocols have affected millions of small and big business institutions alike. Pharmaceutical companies and healthcare institutions are increasing their R&D expenditures in AI as a crucial technology for supporting numerous efforts due to the pandemic.
The vaccine has the greatest commercial influence since the pandemic has compelled the government and agencies to produce and launch it to limit the severity of infections. As a result, the demand for an optimized approach, such as the United States Food and Drug Administration ICH-Good Clinical Practice R2, has been amended as per clinical drug development and fast-tracking and monitoring risk during trials, and has been discovered to be an important tool in tracking COVID-19 drug development status.
A few factors may drive the growth of the laboratory informatics market share. Some of them are the high accuracy and efficiency of findings, rising applications of lab informatics solutions, and an increase in the number of diagnoses. Laboratory informatics solutions are used to manage laboratory data and track progress in the laboratory process, giving excellent accuracy. As a result, laboratory informatics enhances the laboratories' overall effectiveness.
Some factors such as CROs' increased usage of cloud-based platforms, their desire for customized medication, new growing markets, more regulatory approvals, and expanding R&D in medicine are likely to drive the laboratory informatics market growth. Also, while responding to the COVID-19 epidemic and addressing constantly evolving difficulties, augmented reality (AR), artificial intelligence (AI), and virtual reality (VR) technologies are expected to contribute significantly to laboratory informatics market growth.
There are a few factors that may hinder the growth of the laboratory informatics market value. The total industry expansion is being stifled by a lack of integration standards for laboratory informatics and a scarcity of experienced people. Over the forecast years, high maintenance and service costs may also inhibit laboratory informatics market expansion.
Some factors that may challenge the key laboratory informatics providers include the cost of the equipment. Moreover, there is a lack of healthcare infrastructure in many places. The population may also not be aware of the need for laboratory information systems. Hence, these factors challenge the key players of the global market.
The laboratory informatics market is anticipated to grow substantially in the years to come. The lab informatics market value is expected to grow at a CAGR (Compound Annual Growth Rate) of about 7.2%. The laboratory informatics market value was estimated at around USD 2.42 billion by the end of the year 2018.
The pandemic has increased pressure on testing processes, taking time and creativity into account. As a result, standard laboratory techniques must be upgraded in terms of overall operations management. This may have an impact on LIMS demand. Because of its reporting features, the LIMS has proved that it is feasible to obtain quick FDA clearance in the regulatory procedure.
To increase lab efficiency, a Laboratory Information Management System (LIMS) offers effective management of samples and associated data flow. LIMS are most commonly used in laboratories with repeating workflows, such as quality control labs. The LIM system has a unique data structure, and the laboratory's procedures (workflow) should already be defined in a certain format.
The global laboratory devices market is classified into many segments such as component, product, deployment model, and end-user. Listed below are the lab informatics market segments:
By Deployment model
The laboratory informatics market analysis division comprises North America, Europe, Asia Pacific, and the rest of the world. North America now rules over the laboratory informatics industry and during the forecast years. This is because of the superior healthcare industry and reimbursement facilities in the region. Also, due to the increased acceptance of digital healthcare in the nation and growing expenditures made by enterprises, the US owns the biggest market share in the region.
Europe was expected to be second in the laboratory informatics market in 2018. The rise of healthcare laboratory information systems will be aided by technological improvements and financing possibilities in research and innovation. Due to the increasing automation of laboratory systems, Germany held the biggest part of the European market for medical laboratory informatics.
Due to increased market involvement and increased healthcare financing, Asia Pacific is predicted to have exceptional growth in medical informatics throughout the laboratory informatics forecast. Sysmex Corporation, a Japanese firm, released Caresphere, a new network solution, in 2018. The system is intended to create new value by allowing those involved in testing and healthcare to better use data. However, due to limited economic growth, particularly within the African area, the Middle East and Africa had the smallest market proportion.
The laboratory informatics industry is dominated by a few companies that play a vital role in the laboratory informatics market growth. These lab informatics provider companies are called key companies of the market. They contribute to the largest share of the laboratory informatics market profit.
The companies account for the market profits by adopting laboratory informatics market trends such as joint ventures, product launches, company expansions, and procurements.
Below are the key companies that offer lab informatics in the global market:
This report delivers all the information about the global laboratory informatics market size in the forecast period. It also contains different sections of the market analysis to help obtain detailed information such as opportunities, challenges, drivers, Covid-19 analysis, regional analysis, competitive landscape, and others. Moreover, all the information is collected from verified primary and secondary sources to provide the expected laboratory informatics market outlook by 2027.
|Market Size||USD 3,867.29 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Component, Deployment Model, End User and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Abbott Laboratories, Accelerated Technology Laboratories, Agilent Technologies, Inc., Autoscribe Limited, Cerner Corporation, Dassault Systèmes, IDBS, Kinematik, Lablynx, Inc., Labvantage Solutions, Inc., Labware, Labworks LLC, McKesson Corporation, Perkinelmer Inc., Thermo Fisher Scientific Inc., Waters|
|Key Market Opportunities||
|Key Market Drivers||
The laboratory informatics market would have a 7.89% CAGR during the forecast period of 2020 to 2030
The laboratory informatics market valuation in 2030 was USD 3,867.29 million.
The cost of maintenance and service can be restraints of the laboratory informatics market.
Inclusion of cloud technology, the surge in personalized medicine development, untapped markets, hike in investment for R & D, and better rate of regulatory approvals can trigger the laboratory informatics market growth.
The Americas has the opportunity to steer the laboratory informatics market ahead.