Laboratory Informatics Market
A use of information technology called laboratory informatics aims to expand and improve laboratory operations. The capacity of a laboratory informatics solution to interact with business systems and lab equipment for better data management and efficiency is one of the most popular justifications for deployment. The phrase “laboratory informatics” refers to the employment of various technological instruments for data collecting and analysis in a lab environment. The need for knowledgeable informatics in laboratories has fast increased, and successful information management is essential to laboratories’ performance. As a result, there is a growing global need for laboratory informatics solutions.
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By the end of 2022, the market for laboratory informatics is anticipated to be worth US$3,279.0 Mn.
The global increase in diagnoses is anticipated to fuel the market for laboratory informatics. For instance, there is a growing demand for high throughput diagnostics for the interpretation of biological data acquired from tests that call for lab informatics solutions due to the rising prevalence of chronic diseases like cancer, diabetes, and cardiovascular diseases. The World Health Organization (WHO) states that the main causes of mortality and disability globally are chronic illnesses including diabetes, cancer, and heart disease. Globally, cardiovascular illnesses are the main killers. Since 2000, there have been more than 2 million extra heart disease deaths, bringing the total to about 9 million in 2019.
For market participants in the worldwide laboratory informatics market, increasing acceptance or usage of laboratory informatics solutions is anticipated to present substantial potential prospects. For instance, Biosero introduced its Green Button Go software package in February 2022, which includes automated workflows for anything from single workstation activities to those involving numerous laboratories. Several applications for this injection include scheduling and managing numerous lab instruments and devices via a single interface. The technology automates the process of storing and providing results by executing numerous algorithms and routines.
The laboratory informatics market is likely to have growth challenges due to a number of factors, including high maintenance and service costs and a shortage of experienced workers. For instance, the price of a laboratory information system ranges from US$ 4,000 to US$ 100,000, while the yearly running costs, which include costs for software licencing, staff training, maintenance, and servicing, range from US$ 1000 to US$ 5000. In addition, there is a severe dearth of knowledge in the field due to a lack of experienced workers, which is anticipated to hinder the expansion of the laboratory informatics market.
Pharma and biotech firms, various diagnostic laboratories, testing facilities, and researchers are doing COVID-19 research to adopt more cutting-edge technologies and solutions over conventional techniques to enhance workflow in order to prevent the outbreak of COVID-19. Both research and diagnostic laboratories must manage several stages. Moreover, research laboratories creating COVID-19 therapies or vaccinations need an effective end-to-end solution to increase the quality, speed, and efficiency of the vaccine production process. This should help the market for laboratory informatics expand in turn.
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The market for laboratory informatics was estimated to be worth US$ 3,031.4 Mn in 2021 and is expected to expand at a CAGR of 8.2% from 2022 to 2028 attending US$ 5,268.7 Mn.
With a 49.6% value share in the delivery mode segment, Web-hosted held the leading position in the worldwide laboratory informatics market in 2021. Increasing product approval and launches are anticipated to fuel sector expansion during the forecast period.
The worldwide laboratory informatics market is anticipated to rise as a result of the development of lab informatics solutions. For example, Thermo Fisher Scientific Inc. and Genovis worked together in April 2019 to build cutting-edge end-to-end processes for the manufacture, characterisation, and monitoring of innovative and complex biotherapeutics utilising liquid chromatography-mass spectrometry (LC-MS).
The worldwide laboratory informatics market is anticipated to increase as a result of rising demand for lab informatics solutions. For instance, in order to grow the business in India and meet the rising demand for next-generation lean laboratories, Agilent Technologies constructed a new cutting-edge lab in Mumbai (India) in January 2019.
Abbott Laboratories (Abbott Informatics Corporation), PerkinElmer Inc., Agilent Technologies, LabWare Inc., Cerner Corporation, LabVantage Solutions Inc., Mckesson Corporation, LabLynx Inc., Thermo Fisher Scientific Inc., and Waters Corporation among others, are significant market participants in the global laboratory informatics market.
The newest edition of LabVantage, a laboratory information management system, was released in February 2019 as stated by LabVantage Solutions. This upgrade includes elements that speed up laboratory effectiveness and efficiency while also making the task easier.
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Laboratory Informatics Market Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Laboratory Informatics Market Industry Impact
Chapter 2 Global Laboratory Informatics Market Competition by Types, Applications, and Top Regions and Countries
2.1 Global Laboratory Informatics Market (Volume and Value) by Type
2.3 Global Laboratory Informatics Market (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Laboratory Informatics Market Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Laboratory Informatics Market Market Analysis
Chapter 6 East Asia Laboratory Informatics Market Market Analysis
Chapter 7 Europe Laboratory Informatics Market Market Analysis
Chapter 8 South Asia Laboratory Informatics Market Market Analysis
Chapter 9 Southeast Asia Laboratory Informatics Market Market Analysis
Chapter 10 Middle East Laboratory Informatics Market Market Analysis
Chapter 11 Africa Laboratory Informatics Market Market Analysis
Chapter 12 Oceania Laboratory Informatics Market Market Analysis
Chapter 13 South America Laboratory Informatics Market Market Analysis
Chapter 14 Company Profiles and Key Figures in Laboratory Informatics Market Business
Chapter 15 Global Laboratory Informatics Market Market Forecast (2022-2028)
Chapter 16 Conclusions
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