The continuously emerging need for laboratory automation and the development of an integrated system for labs is propelling the growth of the laboratory informatics market in China. Moreover, the major demand for laboratory informatics solutions is emerging from biobanks and biorepositories. China is amongst a few of the largest healthcare markets in the world due to the massive demography, aging population, frequent epidemics, etc.
Sudden breakout of COVID-19 is expected to positively impact the Chinese Laboratory informatics market. The government has planned various initiatives toward the modernization of several laboratories with sophisticated IT integration. These developments are expected to boost the country’s laboratory informatics market.
According to MarkNtel Advisors’ research report titled “China Laboratory Informatics Market Analysis, 2020”, the China Laboratory Informatics market is anticipated to grow at a CAGR of around 13% during 2020-25. Moreover, favorable government policies, lower research and development cost, and technological innovation have been the key drivers for the laboratory informatics market in China.
Biobanks and Biorepositories are the Fastest-Growing Segments
In 2019, the country established the world’s largest and most modern biobank, China National GeneBank (CNGB), approved and funded by the Chinese government for a cost of over USD 1 billion. Biobanking and biorepositories have been registering a sturdy growth in the country, with a chain of biobanks and repositories in China since 2010-19 as stated in the MarkNtel Advisors’ research report “China Laboratory Informatics Market Analysis, 2020”. The market is majorly driven by the contribution of the sectors such as healthcare and life sciences institutions, while the other industries such as chemicals, petrochemicals, food and beverages, environmental testing, etc. are also expected to adopt the technology and solutions in the future.
LIMS Solutions Acquired the Largest Market Share
In 2019, the Chinese laboratory informatics market was majorly dominated by the laboratory information management systems (LIMS). Around 90% of the utilization of LIMS was limited to the pharma and biotech sector of the country. The penetration of LIMS in other industry verticals is expected to remain flat due to budget constraints, perceived complexities in installation, and integration with the existing architecture. The electronic lab notebooks (ELNs) segment is also considered to be gaining popularity in China.
According to MarkNtel Advisors, the key players with a considerable market share in the China laboratory informatics market include Lab Vantage, LabLynx, Autoscribe, Perkin Elmer, Thermofisher Scientific, Beijing LabWare and Sci & Tech Co., Agilent Technologies (Beijing), Abbott Laboratories, Waters Corporation, McKesson Corporation.
“China Laboratory Informatics Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for laboratory informatics providers across the country. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Product Type (Electronic Lab Notebooks (ELNs), Laboratory Information Management Systems (LIMS), Chromatography Data Systems (CDS), Electronic Data Capture (EDC) & Clinical Data Management Systems, Laboratory Execution Systems (LES), Enterprise Content Management Systems (ECM), Scientific Data Management Systems (SDMS)),
2. By Components (Service & Software),
3. By Industry (Pharma and Biotechnology, Biobanks and Bio Repositories, Molecular Diagnostics & Clinical Research Labs, Contract Service Organisation, Academia),
4. By Deployment Model (Remote Hosting, On-Premise Model, Cloud-Based Model),
5. By Company (Lab Vantage, LabLynx, Autoscribe, Perkin Elmer, Thermofisher Scientific, Beijing LabWare and Sci & Tech Co., Agilent Technologies (Beijing), Abbott Laboratories, Waters Corporation, McKesson Corporation
Key questions answered in the study:
1. What are the current and future trends of the laboratory informatics industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the laboratory informatics industry?
5. What are the customer orientation, purchase behavior, and expectations from the laboratory informatics firms across various regions?