Lab Informatics Market Size Estimated to Reach $5.6 Billion by 2026
Lab Informatics Market size is estimated to reach $5.6 billion by 2026, growing at a CAGR of 9.8% during the forecast period 2021-2026. Lab Informatics or Laboratory informatics is the specially designed utilization of information technology targeted towards perfecting and enhancing laboratory procedures. Termed sometimes as chromatography data management system (CDMS), a chromatography data system (CDS) is a set of committed data-accumulation instruments that interface and/or integrate with the apparatus of a laboratory’s chromatography. Chromatography Data Systems is a product type of the Lab Informatics Market. Laboratory Information Management System (LIMS) is another product type of the Lab Informatics Market. A laboratory information management system (LIMS) is software planned to make labs that process huge quantities of samples for research and development (R&D), manufacturing, and clinical research more productive. Laboratories have extensively accepted next-generation sequencing (NGS) technologies for molecular diagnostics in clinical oncology owing to the increasing diversity of diagnostic, prognostic, and therapeutic genomic markers that need evaluation in the context of different malignancies during the past few years. Bioinformatics and lab informatics frequently work in coordination in research activities.
The increasing comprehensive effectiveness of laboratories is set to drive the Lab Informatics Market owing to the great precision, administration of the laboratory data, and advancement in the laboratory workflow accomplished through the utilization of lab informatics tools like laboratory information management systems. The heightening utilization of lab informatics solutions, the rising demand in biobanks/biorepositories and academic research institutes, and the boost in the count of diagnoses are set to propel the growth of the Lab Informatics Market during the forecast period 2021-2026. This represents the Lab Informatics Industry Outlook.
Lab Informatics Market Segment Analysis – By Product Type:
The Lab Informatics Market based on product type can be further segmented into Laboratory Information Management System (LIMS), Chromatography Data Systems (CDS), Enterprise Content Management (ECM), Scientific Data Management Systems (SDMS), Laboratory Execution Systems (LES), Electronic Lab Notebooks (ELN), Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS). The Laboratory Information Management System (LIMS) Segment held the largest market share in 2020. This growth is owing to the increased impetus provided to laboratory automation amidst the Novel Coronavirus (COVID-19) pandemic and quicker authorization of laboratory information management systems from food and drug administration (FDA) owing to the ability to declare outcomes.
Furthermore, the Chromatography Data Systems (CDS) segment is estimated to grow with the fastest CAGR of 10.4% during the forecast period 2021-2026 owing to the heightening application of chromatography data systems in laboratories. Chromeleon 7.3 CDS developed by Thermo Fischer Scientific Inc., assists chromatography and mass spectrometry procedures all through the business from research to routine quality testing to linking people, instruments, and enterprise data management software. These kinds of product innovations are driving the growth of the Chromatography Data Systems (CDS) segment during the forecast period 2021-2026.
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Lab Informatics Market Segment Analysis – By Deployment Mode:
The Lab Informatics Market based on deployment mode can be further segmented into On-Premise, Web-Hosted, and Cloud-Based. The Cloud-Based Segment held the largest market share in 2020. This growth is owing to its increased capacity to store huge amounts of data remotely to permit free space on instruments and expedite data retrieval as per client requirements. Cloud-Based technology includes three services namely Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS). The cloud-based analytics software is available as SaaS-based services. IBM provides its Watson Analytic services on the SaaS platform. Firms like Core Informatics and LabVantage Solutions, Inc., are providing cloud-based services for laboratory information management systems (LIMS).
Furthermore, the Cloud-Based segment is estimated to continue to grow with the fastest CAGR of 10.7% during the forecast period 2021-2026 owing to the advantages offered by cloud-based systems for lab informatics software like laboratory information management system software inclusive of real-time data tracking, remote access to data, and an effortless ecosystem.
Lab Informatics Market Segment Analysis – By Geography:
The Lab Informatics Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Lab Informatics Market) held the largest share with 35% of the overall market in 2020. The growth of this region is owing to the greater acceptance of digital healthcare including laboratories equipped with laboratory information management systems and the soaring concentration of key players like Abbott Laboratories in the region. The well-developed healthcare industry, the policies backing the deployment of laboratory information systems, the accessibility of infrastructure with great digital literacy, and superior reimbursement amenities are further propelling the growth of the Lab Informatics Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2021-2026. This growth is owing to factors like increased technological advancement involving the rising application of laboratory information management systems and scientific data management systems resulting in enhanced effectiveness and quality which is fuelling the progress of the Lab Informatics Market in the Asia-Pacific region
Lab Informatics Market Drivers
The Heightening Requirement For Laboratory Automation Amidst The Novel Coronavirus Pandemic Is Projected To Drive The Growth Of Lab Informatics Market:
The requirement for a specially-designed application of information technology for the research data to be migrated, elucidated, captured, and processed is acquiring considerable impetus. This determinant is fuelling the growth of the laboratory informatics market Laboratory automation is gaining immense recognition in the life sciences sector amidst the Novel Coronavirus Pandemic. It is becoming vital in genetic testing and molecular genomics routines. Conventional laboratory reporting is a laborious procedure and can act as an impediment to massive data accumulation efforts. Laboratory informatics offers complete digitalization and exhaustive scientific data accumulation that assists the researchers in conducting different surveys and studies. The automation of the data and tasks on one platform decreases tedious manual exercises. The system also decreases the strain on a person while s/he curates a huge quantity of data. This advantage, therefore, draws the attention of the end-users. Laboratory Information Management Systems make the work in a laboratory much simpler. Laboratory automation is therefore set to drive the growth of the Lab Informatics Market during the forecast period 2021-2026.
Technological Innovations Are Expected To Boost The Demand Of Lab Informatics Market:
Technological innovations are driving the growth of the Lab Informatics market. Different kinds of laboratory information management systems are now available in the market which makes life in a laboratory much more effortless than the conventional laboratories without automation. Thermo Fischer Scientific Inc., a key player in the Lab Informatics Market has developed different laboratory information management system software like Thermo Scientific™ SampleManager LIMS™ Software and Thermo Scientific™ Core LIMS™ Software which offer different features that render them useful in the laboratory. The Thermo Scientific SampleManager LIMS software suite provides laboratory management, data management, Scientific Data Management System (SDMS), Electronic Lab Notebook (ELN), and process execution/procedural ELN (LES) abilities in one solution. Laboratories across all industries, inclusive of pharmaceutical, food and beverage, oil and gas, petrochemical, water and environmental, manufacturing, and contract testing depend on SampleManager LIMS software to unleash the potential of their laboratory data. These kinds of technological innovations are driving the growth of the Lab Informatics Market during the forecast period 2021-2026.
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Lab Informatics Market Challenges
Inadequate Integration Standards For Laboratory Informatics Is Hampering The Growth Of The Lab Informatics Market:
There is a dearth of integration standards for Lab Informatics. Although there is a consortium for Standardization in Lab Automation (SiLA), which builds and launches novel device and data interface standards permitting accelerated integration of lab Automation hardware and data management system and greatly skilled specialists of member companies participate in SiLA’s technical workgroups, more efforts are still required. This issue is hampering the growth of the Lab Informatics Market.
Lab Informatics Market Landscape:
Innovative product launches and reforms, technological advancements, acquisitions, collaborations, and considerable spending in R&D are key strategies adopted by players in the Lab Informatics Market. Key companies of this market include:
Thermo Fisher Scientific Inc.
Abbott Laboratories (Abbott Informatics Corporation)
Agilent Technologies
Cerner Corporation
Mckessen Corporation
LabWare
LabVantage Solutions
LabLynx, Inc.
Autoscribe Informatics
LABWORKS LLC.
Acquisitions/Product Launches:
Since the rise of SARS-CoV-2, public health laboratories and researchers have been building surveillance techniques utilizing wastewater to curb the spread of COVID-19. The effort has assisted in the recognition of asymptomatic carriers on college campuses to supervise regional spread amidst communities and capture emerging mutations in advance of possible future outbreaks. To back these endeavors, Thermo Fisher Scientific introduced the MagMAX Wastewater Ultra Nucleic Acid Isolation Kit in October 2021.In April 2021, Thermo Fisher Scientific Inc. declared the kick-off of the Thermo Scientific AerosolSense Sampler, a novel surveillance solution planned to deliver quick and greatly trustworthy insight into the existence of in-air pathogens, including SARS-CoV-2.
Key Takeaways
Geographically, North America Lab Informatics Market accounted for the highest revenue share in 2020 and it is poised to dominate the market over the period 2021-2026 owing to the large outbreak of the Coronavirus (COVID-19) pandemic in the U.S. which required the healthcare providers to concentrate more on the digital information systems to monitor the total tests administered and other procedures. This is fuelling the application and acceptance of laboratory information management systems and biorepositories that is set to drive the lab informatics market in the North American region.
Lab Informatics Market growth is being driven by the boost in technological advancements like the growing integration of laboratory information management systems into biobanking which permits efficient management and monitoring of data quality. However, the dearth of trained and skilled professionals is one of the major factors hampering the growth of the Lab Informatics Market.
Lab Informatics Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Lab Informatics Market report.
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