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.
By Product Type:
Laboratory Information Management Systems (LIMS) Dominated the Pharma & Biotechnology Sector
Based on the Product Type, the China Laboratory Informatics Market bifurcates into:
Among these segments, Laboratory Information Management Systems (LIMS) acquired the largest share in the pharma & biotechnology sector of the market in the previous few years. The storage of research data for compliance & validation is the prime purpose of LIMS adoption across the pharma & biotech sectors of the country. Due to the surging amount of data produced in modern laboratories, consumers are shifting from traditional data recording methods to LIMS as it helps record a large volume of data. Additionally, LIMS also aids in the proper management of samples, test results, and associated data, which, in turn, improves the overall efficiency & productivity of laboratories.
However, the penetration of LIMS in other industry verticals is expected to remain dormant due to budget constraints, perceived complexity in installation, and integration with the existing architecture. The customer expectations from LIMS providers in China include extremely user-friendly & easy to configure, multi-laboratory and location management, unlimited screen creations, quick dashboard creation, etc.
Further, China possesses the massive potential for LIMS yet remains the challenging geography for the lab informatics providers due to data storage regulations, language barriers, and the rising need for customization, states MarkNtel Advisors in their research report, “China Laboratory Informatics Market Analysis, 2021.”
Pharma and Biotechnology Acquired the Largest Share of China Laboratory Informatics Market
China is amongst few of the largest healthcare markets worldwide due to the massive demography, aging population, frequent epidemics, etc. According to a report by the China Pharmaceutical Industry Research and Development Association and the China Association of Enterprises with Foreign Investment, the number of medical innovations in China, coupled with their global contributions from 2015 to 2020, has entered into the world's second echelon.
Favorable government policies, lower R&D costs, and technological innovations are the prime factors that drive the pharma and biotech industry in China. Further, with the surging integration of technology for cost-cutting & driving innovation, laboratory informatics installation is soaring across pharmaceutical & biotechnology centers in China.
Surging IT Integration & Automation to Drive the Market
The cloud is becoming the norm for laboratory informatics software. Due to the enlarging patient counts, there is an amplified need for more data storage in laboratories. Informatics providers integrate with companies for cloud solutions & SaaS strategy, and nearly all of the new players in the market provide their technology as SaaS.
With burgeoning IT spending in China, the adoption of laboratory informatics is significantly increasing. Moreover, according to an industrial report, China's expenditure on information technology (IT) is likely to witness 10% year-on-year growth and reach around USD346.1 billion by the end of 2021.
Data Localization Might Hinder the Market Growth
In China, data centers that store & connect users' data are ‘isolated’ from global networks. Though cloud users outside of China can communicate, it requires them to work in partnership with their China-based associates & use separate user accounts.
Data centers in China are not connected internationally. The presence of local laws & regulations in China creates unique challenges & important deliberations for businesses migrating & managing cloud technology in the country. Thus, data localization in China might restrain the market growth during 2021-26 as international players require partnering with Chinese companies for trade.
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 Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The China Laboratory Informatics Market is forecast to grow at a CAGR of more than 10% during 2021-26.
A. Lab Vantage, LabLynx, Autoscribe, Perkin Elmer, Thermofisher Scientific, Beijing LabWare Sci & Tech Co., Agilent Technologies (Beijing), Abbott Laboratories, Waters Corporation, and McKesson Corporation are a few leading players in the China Laboratory Informatics Market.
A. Pharma & Biotechnology is projected to attain the highest CAGR and maintain its significant market share during the forecast period.
A. IT integration in specialty care centers, rising investments in the healthcare infrastructure, such as specialized hospitals & care centers, and expansion of China's chemical industry are the prime factors that would drive the market through 2026.
A. Last year, the COVID-19 pandemic positively affected the China Laboratory Informatics Market, owing to the surging demand for advanced research & vaccine development. The same trend is likely to be followed in the coming years, which would create lucrative growth opportunities for the market players.