Increasing workflow management and reduction in paper usage is mounting the demand for the laboratory informatics market. Growing demand for biorepositories and biobanks, development of laboratory informatics solutions and soaring need for automation in laboratory is boosting the growth of laboratory informatics during 2020-25. Another advantage of laboratory informatics is the safe transmission of data.
According to the MarkNtel Advisors’ research report, the CAGR of “Global Laboratory Informatics Market Analysis, 2020”, is expected to be around 8.5% during 2020-25. The prime objective of laboratory informatics is the generation and visualize real time information.
The need for laboratory automation is rising as for proving accurate patient data, providing a high quality of data and facilitating better documentation. With the presence of supervisory standards for error reduction and development of standardized systems. Automation in laboratory reduces human errors, error rates for fully automated operations vary from 1-5%, for semi-automated operations vary from 1-10% and for manual automated operations vary from 10-30%, according to the Journal of Lab Automation. The automated laboratory offers efficient and effective solutions to improve the productivity, advance and increase the productivity and efficiency of the laboratory process. The growth for laboratory informatics is majorly contributed by the easy data sharing methods, efficient data storage and analysis. The laboratory informatics provides with the E-learning solutions for easy accessibility and usage if LIMS.
Emerging Markets Are Gaining Traction in the Global Laboratory Informatics Market
As the markets in North America and Europe are reaching at the maturity stage the focus of the manufacturers is shifting towards emerging countries such as India, China, Malaysia, Singapore and Brazil. The market in Asia-Pacific is currently at the nascent stage having great growth opportunities and potential. Companies are investing in the Indian and Chinese markets, for instance, in 2015, Lab Vantage Solutions of the United States made its products and services available in India as Lab Vantage Pharma.
As the region offers some great medical treatment opportunities, according to government clinical trials around 15% of the clinical research trials were executed in Asian markets in 2017 as revealed by MarkNtel Advisors’ in their research report, “Global Laboratory Informatics Market Analysis, 2020”.
In 2019, the cloud-based services held a substantial market share of laboratory informatics owing to the quick adoption of the cloud-based services helping the organizations to store its healthcare data for safety concerns. The cloud based solutions help the organization to save time, the cost of deployment and IT resources. Moreover, the on premise segment holds a considerable market share on account of having the full authority of the data storage and its transfer. Thus, positive growth will be witnessed during the forecast period.
According to the MarkNtel Advisors the major leading players are Lab Vantage Solutions, Inc., Agilent Technologies, Lablynx, Inc., Abbott Laboratories, Cerner Corporation, Thermofisher Scientific, Inc., Core Informatics, Waters, LabWare, Autoscribe Informatics and others.
To outperform competition and expand their footprints, the companies are forming strategic alliances and acquiring businesses. Waters came into an agreement with Restek Corporation of the United States to provide training and support to GC-MS labs and for food safety in 2018.
Genohm of Switzerland was acquired by Agilent technologies of United States to enhance the current software portfolio by adding workforce management and adding LIMS that expands the company’s ELN capabilities in the same year.
“Global Laboratory Informatics Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for laboratory informatics providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
1. By Product (Electronic Lab Notebooks (ELN), Laboratory Information Management Systems (LIMS), Chromatography Data Systems (CDS), Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS), Laboratory Execution Systems (LES), Enterprise Content Management Systems (ECM), Scientific Data Management Systems),
2. By Component (Service, Software)
3. By Industry (Life Sciences Industry, Chemicals Industry, Petrochemical Refineries and Oil & Gas Industry, Food and Beverage Agriculture, Environmental Testing Laboratories, Other Industries)
4. By Deployment Model (Remotely Hosted Models, On-Premise Models, Cloud-Based Models)
5. By Region (North America, South America, Europe, Middle East and Africa, Asia-Pacific)
6. By Country (United States, Canada, Mexico, Brazil, Germany, Italy, United Kingdom, Spain, Russia & CIS, France, UAE, Saudi Arabia, South Africa, China, India, Japan, Australia, South Korea, Malaysia and Singapore)
7. By Company (Lab Vantage Solutions, Inc., Agilent Technologies, Lablynx, Inc., Abbott Laboratories, Cerner Corporation, Thermofisher Scientific, Inc., Core Informatics, Waters, LabWare, Autoscribe Informatics, Others)
Key questions answered in the study:
1. What are the current and future trends of the global laboratory informatics market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the global laboratory informatics market industry?
6. What are the customer orientation, purchase behavior, and expectations from global laboratory informatics suppliers across various regions?