Increasing Demand for Reliable Lab Data Driving Laboratory Informatics Market Growth: Fact.MR
22 Jun 2021
Surging demand for automation to reduce manual labor and obtain reliable lab results is expected to propel market growth.
Fact.MR: The global laboratory informatics market is projected to show healthy growth during the forecast period of 2021-2031, finds Fact.MR in this study. Increasing burden from regulatory authorities for lab automation will create lucrative growth opportunities for the market.
Effective information management is critical to the success of laboratorians and pathologists. Hence, the demand for innovative and effective laboratory informatics systems will rise across the globe.
Laboratory informatics systems are rapidly gaining popularity in academic research institutes, biobanks, pharmaceutical, and biotechnology companies. This can be attributable to the benefits offered by these systems, such as process optimization, improved regulatory compliance, and reduced labor costs.
The COVID-19 pandemic has resulted in a shortage of essential medical supplies, affecting the laboratory industry worldwide. On the flipside, clinical labs have increased their operations in response to challenges posed by the unprecedented pandemic, such as large volume of patient data generated daily and the demand for rapid reporting of test results. This will continue fueling the demand for laboratory informatics, find Fact.MR in this study.
North America is projected to dominate the market since the U.S. is one of the largest markets for laboratory informatics globally. The demand is expected to increase over the years, as end-use industries gain momentum gradually.
“Increasing adoption of digital laboratory solutions, with key focus on obtaining relevant data will create opportunities for growth in the market," says the Fact.MR analyst.
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Key Takeaways:
Laboratory Information Management Systems (LIMS) is emerging as a dominant segment in the market.
The emergence of affordable cloud-based systems is leading to advancements in the laboratory informatics market.
North America will continue to dominate the market due to the increasing adoption of laboratory informatics systems in the U.S.
Increasing investments in the expansion of data infrastructure by the government will create lucrative opportunities in Europe.
Key Drivers:
The growing need for virtual and electronic laboratory systems to obtain rapid and relevant results is driving the growth in the market.
Government regulations across various regions regarding the automation of laboratory management systems will create lucrative opportunities for the players in the sector.
The rising need to curb operational costs and reduce manual labor will drive the demand and sales in the market.
Key Restraints:
Lack of skilled professionals needed for operating laboratory informatics systems will negatively affect sales.
The high cost associated with the installation and implementation and maintenance of laboratory informatics systems will hinder the market growth.
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Competitive Landscape
Some of the key players operating in the laboratory informatics market are Thermo Fisher Scientific Inc., LabVantage Solutions Inc., LabWare, Abbott Informatics, LabLynx Inc., Waters, Agilent Technologies Inc., Autoscribe Informatics, Dassault Systèmes, LABWORKS LLC, KineMatik, Accelerated Technology Laboratories, PerkinElmer Inc.
According to the study by Fact.MR, the laboratory informatics market is highly fragmented, with high competition between prominent players and new entrants. Players are rapidly adopting inorganic strategies to enhance their offerings and gain a competitive edge in the market. For instance:
In May 2021, Thermo Fisher Scientific launched the Thermo Scientific Nexsa G2 surface analysis system, specially designed to enhance efficacy and creativity in laboratories. The new model allows researchers to gain deeper insights into surface chemistry, providing for product advances and increased sample throughput.
More Insights into the Laboratory Informatics Market
Fact.MR offers unbiased analysis of the laboratory informatics market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of type of solution (laboratory information management systems, electronic lab notebooks, chromatography data systems, electronic data capture and clinical data management systems, laboratory execution systems, enterprise content management, scientific data management systems), component (service, software), deployment model (on-premise, cloud-based, remotely hosted), industry (life sciences industry, chemical industry, food & beverage and agriculture industry, petrochemical refineries and oil & gas industry, environmental testing laboratories) and across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa)
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Lab Workflow Solutions Market- Due to national mandated lockdown and social distance enacted in 2020, global demand for lab workflow solutions decreased slightly during the Covid-19 pandemic. In 2021, there will be a strong preference for lab workflow solutions due to the growing need for standardized procedures in clinical laboratories such as sample receipts, handlings, and preparation of lab samples, guidance for assay data collection, and the reduction of potential errors.
Ready-to-use Laboratory Test Kits Market- Healthcare providers are increasingly requesting ready-to-use laboratory test kits since they give innovative solutions as well as technical assistance. The ready-to-use laboratory test kits are accurate, simple to use, and enable for rapid diagnosis of a wide range of infectious disorders. The market for ready-to-use laboratory test kits is expected to grow as demand for preventive management of infectious diseases caused by bacteria and fungus around the world.
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Source: Fact.MR
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