New York, USA, June 25, 2023 (GLOBE NEWSWIRE) -- Laboratory Informatics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Laboratory Informatics Market Information by Product, Component, Deployment Model And Regions - Forecast till 2030”, the market value is expected to grow at a CAGR (Compound Annual Growth Rate) of about 7.89% to reach USD 3.87 billion by the end of 2030.
Market Scope:
Due to increasing workloads, tighter budgets, and technological advancements, the laboratory informatics market is demanding changes in the very nature of pathology itself. New laboratory systems, employing the most cutting-edge technology, are being developed to fulfill the current demand. New methods for organizing laboratory data are required to keep up with the demands of the healthcare system. The credibility of the data they collect is a top priority for clinicians.
In addition, the user interface of laboratory information systems can be tailored to suit individual needs. Diagnostic tests and other laboratory procedures benefit greatly from the availability of such equipment. The usage of laboratory informatics solutions allows for highly precise management of laboratory data and tracking of laboratory process progression. Therefore, laboratory informatics improves lab productivity.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 3.87 Billion |
| CAGR | 7.89% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Product, Component And Deployment Model |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Expanding R&D in medicine are likely to drive the laboratory informatics market growth |
| Rising applications of lab informatics solutions and an increase in the number of diagnoses. |
Laboratory Informatics Market Competitive Outlooks:
Below are the key companies that offer lab informatics in the global market:
- Accelerated Technology Laboratories
- Autoscribe Limited
- Dassault Systèmes
- Kinematik
- Labvantage Solutions Inc.
- Labworks LLC
- Perkinelmer Inc.
- Waters
- Abbott Laboratories
- Agilent Technologies Inc.
- Cerner Corporation
- IDBS
- Lablynx Inc.
- Labware
- McKesson Corporation
- Thermo Fisher Scientific Inc.
Laboratory Informatics Market Trends:
Market Drivers
The expanded use of cloud-based platforms by CROs, the demand for individualized treatment plans, the emergence of new markets, the arrival of new regulatory approvals, and the continuation of rising investment in medical research and development are all factors that could contribute to this growth. Over the next few years, demand for automated lab systems is likely to rise. In the last few decades, technological developments in molecular genomics and genetic testing procedures have led to a substantial increase in the amount of data collected by laboratories. Demand for lab automation systems is also predicted to rise due to the growing interest in customized treatment, the rising number of cancer genomics studies, and the expanding needs for patient interaction.
Market Restraints
The potential expansion of the laboratory informatics market is threatened by a number of problems. shortage of integration standards for laboratory informatics and a shortage of qualified employees are impeding overall sector growth. The growth of the laboratory informatics business may be stymied over the next years by the associated high costs of both maintenance and servicing.
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COVID-19 Analysis:
The healthcare industry is now front and center due to the Coronavirus outbreak. As a result of the epidemic, there has been a widespread shortage of essential medical supplies. About one-fifth of the world's research facilities were closed, leaving only about one-fifth operational. As a result, shortages of the product have emerged in markets around the world due to logistical issues brought about by government measures including stay-at-home orders, social distancing conventions, mobility restrictions, and disruptions to supply chains. As a result of the epidemic, pharmaceutical corporations and healthcare institutes have increased their research and development spending on artificial intelligence.
Since the pandemic has driven government and agencies to create and launch the vaccine to limit the severity of infections, the vaccine has the most commercial influence. Clinical laboratories have had to adapt to meet the unprecedented demand for COVID-19 testing around the world. This includes developing, standardizing, and validating new methods for testing and administering large volumes of patient specimens and test data, as well as ensuring the timely and accurate reporting of test results. A LIMS serves a crucial role in helping clinical laboratories keep up with the growing demand for COVID-19 tests, which prompted their introduction.
Laboratory Informatics Market Segmentation:
By Component
Software segment is poised to record substantial growth over the review period.
By Product
Laboratory Information Management Systems (LIMS) is slated to rise at a notable CAGR over the forecast period.
By Deployment model
On-premise models segment is projected to expand at a proliferated rate over the review period.
By End-user
CROs segment is expected to record significant growth over the review period.
Laboratory Informatics Market Regional Analysis:
North America is expected to maintain its dominant position in the laboratory informatics market throughout the forecast period. This is because of the excellent medical infrastructure and reimbursement options available there. The United States has the largest share of the regional market because of the widespread adoption of digital healthcare in the country and the rising investments made by businesses.
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In 2018, the European Union was predicted to have the second largest market for laboratory informatics. Advances in technology and the availability of funds for study and innovation will both contribute to the expansion of healthcare laboratory information systems. The medical laboratory informatics business in Europe was dominated by Germany due to the country's advanced automation of laboratory systems.
Throughout the laboratory informatics forecast, Asia Pacific is expected to experience remarkable growth in medical informatics due to greater market participation and increased healthcare finance.
However, due to slow economic development in the region, Africa and the Middle East made up the least share of the market.
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