The China Laboratory Informatics Market is expected to grow at a CAGR of more than 10% in the forecast period of 2021-26, says MarkNtel Advisors in their research report. The market growth primarily attributes to the developments in healthcare infrastructure and the rapid growth of life science institutions. Due to the digitization of data, labs end up producing a large volume of data. With the increasing complexity of the data and the mounting need for more data storage, the demand for lab management systems & software is gaining momentum.
Additionally, many companies are willing to invest in more advanced data storage solutions to leverage specific capabilities and preserve & reuse data in the future. Further, the burgeoning popularity of smart laboratories is another crucial aspect expected to boost the market in the forecast years, further states the research report, "China Laboratory Informatics Market Analysis, 2021."
Laboratory Information Management Systems (LIMS) Acquired the Largest Market Share Across Pharma & Biotechnology Sector
According to MarkNtel Advisors, the China Laboratory Informatics Market, based on the Product Type, bifurcates into:
Among these segments, Laboratory Information Management Systems (LIMS) dominated the pharma & biotechnology sector of the market with the largest share in the previous few years. With the burgeoning volume of data, traditional data recording methods are becoming outdated to keep up with the demands of modern labs. A Laboratory Information Management System (LIMS) fulfills the requirements of modern laboratories by facilitating the management of samples, test results, and correlated data to enhance lab productivity & effectiveness.
LIMS is used majorly in the pharma & biotechnology sector of the country, and its utilization in other verticals is projected to remain low, mainly due to budget constraints & installation complexities. Further, rapid digital transformation is also accelerating the demand for laboratory informatics in labs to automate & improve their operations.
“China Laboratory Informatics Market Analysis, 2021” highlights insights on the market potential & opportunities, along with business strategies to enhance the overall market growth. The report offers an overview of leading market players and their recent developments. Moreover, the report provides incredible market opportunities & emerging trends to help stakeholders make appropriate decisions before investing.
Pharma & Biotechnology Sector Accounted for the Largest Share of China Laboratory Informatics Market
Based on the Industry, the China Laboratory Informatics Market bifurcates into:
Of these segments, Pharma & Biotechnology captured the largest market share in the historic period. China is one of the largest markets in the world for pharmaceuticals and is expected to become a global hub of drug innovations & drug development technology. Hence, the need for laboratory informatics is significantly high in the country and shall constantly increase in the coming years to enhance the overall operations of laboratories.
Further, rapid technological innovations are also encouraging the installation of laboratory informatics across the pharmaceuticals & biotechnology centers in China, reveals MarkNtel Advisors in their research report, “China Laboratory Informatics Market Analysis, 2021.”
According to MarkNtel Advisors, the leading industry players in the China Laboratory Informatics Market include Lab Vantage, LabLynx, Autoscribe, Perkin Elmer, Thermofisher Scientific, Beijing LabWare Sci & Tech Co., Agilent Technologies (Beijing), Abbott Laboratories, Waters Corporation, and McKesson Corporation.
Key Questions Answered in the Study