Laboratory Informatics is defined as the specialized application of information technology meant for extending and optimizing laboratory operations.
The China Laboratory Informatics Market is anticipated to grow at a CAGR of more than 10% during the forecast period, i.e., 2021-26, says MarkNtel Advisors in their research report. The market, which was in its embryonic stage in 2019, is majorly driven by the healthcare & life sciences institutions. While its penetration in other industries like chemicals, petrochemicals, food & beverages, environmental testing, etc., remains infinitesimal with minute scope for adoption in the coming years.
Moreover, IT integration in specialty care centers has also been rising due to the surge in private investments, focusing on improving operational efficiency by accessing real-time data inputs. Additionally, massive investments in healthcare infrastructure, such as specialized hospitals & care centers, expansion of the chemicals industry, etc., are also expected to boost the market during 2021-26, further states the research report, “China Laboratory Informatics Market Analysis, 2021.”
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Key Companies Profiled||Lab Vantage, LabLynx, Autoscribe, Perkin Elmer, Thermofisher Scientific, Beijing LabWare and Sci & Tech Co., Agilent Technologies (Beijing), Abbott Laboratories, Waters Corporation, McKesson Corporation|
|Unit Denominations||USD Million/Billion|
COVID-19 Outbreak Positively Impacted the China Laboratory Informatics Market
The outbreak of the COVID-19 pandemic led to dramatic dynamics in China since it was the country of origin of the virus and was the first region to get heavily affected by the disease. The pandemic inspired healthcare establishments & pharmaceutical companies to mount their R&D investments in advanced technologies, which boosted the demand for laboratory informatics due to the burgeoning need for accurate lab reports for COVID tests at the earliest possible time.
Furthermore, the increase in the COVID-19 testing & tracing entwined with advanced research & vaccine development encouraged the demand for life science products in China. Hence, the COVID-19 pandemic positively impacted the Laboratory Informatics Market growth.