The Worldwide Laboratory Informatics Industry is Anticipated to Reach $12.6 Billion by 2032: Reduced Human Error and Increased Efficiency is Driving Growth
2022-12-13
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DUBLIN, Dec. 13, 2022 /PRNewswire/ -- The "Laboratory Informatics Market - A Global Market and Regional Analysis: Focus on Type, Offering, Component, Deployment, End User, and Region Analysis - Analysis and Forecast, 2022-2032" report has been added to
ResearchAndMarkets.com's offering.
The global laboratory informatics market was valued at $4,341.2 million in 2021 and is anticipated to reach $12,677.0 million by 2032, witnessing a CAGR of 10.27% during the forecast period 2022-2032.
The growth in the global laboratory informatics market is expected to be driven by the increased efficiency of laboratories due to their usage and better data management. Additionally, it saves time and money.
Market Lifecycle Stage
Laboratory informatics plays an essential role in laboratories fulfilling quality standards, eliminating transcribing mistakes, shortening the time it takes from specimen receipt to results reporting, and improving patient outcomes. Over the last decade, technical developments in laboratory equipment have resulted in increasing specimen numbers, as well as a growing need for and dependence on laboratory data to support clinical and public health demands.
These advancements indicated that paper-based record keeping and results reporting were impractical and could not serve the laboratory's commercial demands. As a result, there has been a significant increase in the need for laboratory informatics adoption at all levels. This expanded usage of laboratory informatics has enabled end customers to describe particular system requirements, prompting suppliers to design more appealing and practical products and feasible laboratory informatics choices.
Impact
The presence of major instrument providers of laboratory informatics has a major impact on the market. For instance, in June 2020, Agilent Technologies, Inc. and Thermo Fisher Scientific Inc.'s expanded multivendor control approach to laboratory informatics enables clients to pick the finest hardware and software for their needs. This execution of its mutual compatibility principle would allow customers of Agilent Technologies and Thermo Fisher Scientific to select a chromatography data system from either company Agilent OpenLab CDS or Thermo Fisher Chromeleon to manage analytical instruments from both companies.
Companies such as IDBS (Danaher.) partnered with Synthace in December 2021 in order to provide IDBS Polar users with cutting-edge data infrastructure for high-throughput process development (HTPD) studies. Synthace's cloud-based automation platform works in tandem with Polar's HTPD to accelerate bioprocess development by enabling better decision-making through more reliable data sets, comprehensive data analysis, and modern enterprise data management, allowing the team to adopt a faster throughput approach and significantly reduce timelines. This combined solution allows users to scale safely to hundreds of automated, parallelized experiments per month.
Recent Developments in the Global Laboratory Informatics Market
In February 2022, Agilent Technologies, Inc. acquired advanced artificial intelligence (AI) technology developed by Virtual Control. With this acquisition, the company incorporated ACIES software into the industry's premier gas chromatography and mass spectrometry (GS/MS) platform, which boosted productivity, efficiency, and throughput in laboratories worldwide.
In October 2021, PerkinElmer, Inc. introduced Signals Research Suite, a complete cloud-based solution hosted on Amazon Web Services. The suite is a secure informatics platform that provides pharmaceutical and industrial companies with comprehensive, end-to-end scientific data and workflow management.
In July 2021, Abbott's STARLIMS Corporation upgraded to Technology Platform v12.2. Functionality and upgrades have been improved, and all of the features from prior versions of ELN are available in HTML5: Standard Operating Procedures (SOP) document viewer. The new HTML5 design enhanced start-up efficiency, integration, and usability.
In August 2020, Thermo Fisher Scientific expanded SampleManager LIMS software deployment model choices which enabled laboratories with end-to-end support for software deployment in the Amazon Web Services (AWS) cloud. The customers of LIMS software can use the system's enhanced functionality and integration capabilities without investing considerable resources in the setup and continuing administration of a cloud environment.
Demand - Drivers and Limitations
Following are the demand drivers for the global laboratory informatics market:
Reduced Human Error and Increased Efficiency
Time Savings and Increased Revenue
Increasing Implementation of Laboratory Informatics in All Industries
The market is expected to face some limitations too due to the following challenges:
Slow Speed of Implementation
Trained Professionals Needed
Data Migration Highly Error-Prone and Time Consuming
How can this report add value to an organization?
Product/Innovation Strategy: The report considers both software and services-based companies. The industry is seeing constant development and product launches with new and innovative upgrades. Additionally, emerging technologies like AI and ML are also expected to be integrated into laboratory informatics systems soon, which is expected to further boost the market growth.
Growth/Marketing Strategy: The key components in laboratory informatics are the software and consulting services. The cost of software depends on the number of integrations you want the software with. However, the consulting charges usually surpass the cost of instruments, and consulting services are necessary to ensure the purchase of the right type of instruments and their correct integration and placements.
Competitive Strategy: The key players in the global laboratory informatics market have been analyzed and profiled in the study, consisting of both software-based and service-based companies, as well as a few emerging companies. Moreover, a detailed competitive benchmarking of the players operating in the global laboratory informatics market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts, analyzing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
Company Type 1: Public Companies
BD.
Dassault Systemes (Biovia)
Danaher. (IDBS)
Merck KGaA
Waters.
Company Type 2: Private Companies
CSols Inc.
LabWare
LabLynx, Inc.
Key Topics Covered:
2 Industry Analysis
3 Market Dynamics
3.1 Overview
3.1.1 Market Drivers
3.1.1.1 Reduced Human Error and Increased Efficiency
3.1.1.2 Time Savings and Increased Revenue
3.1.1.3 Increasing Implementation of Laboratory Informatics in All Industries
3.1.2 Market Challenges
3.1.2.1 Slow Speed of Implementation
3.1.2.2 Trained Professionals Needed
3.1.2.3 Data Migration Highly Error-Prone and Time Consuming
3.1.3 Market Opportunities
3.1.3.1 Usage of AI and ML
3.1.3.2 Decreasing Cost Due to Increasing Use of Cloud-Based Systems
3.1.3.3 Platforms Instead of Standalone Software
4 Competitive Landscape
4.1 Overview
4.2.1 Mergers and Acquisitions
4.2.2 Synergistic Activities
4.2.3 Business Expansion and Funding
4.3 Business Strategies
4.3.1 Product Launches/Upgradation
4.4 Supply Chain Analysis
4.4.1 Key Entities in Supply Chain
4.5 Market Share Analysis (by Company)
4.6 Growth Share Analysis
4.6.1 Growth Share Analysis (by Type)
4.6.2 Growth Share Analysis (by End User)
5 Global Laboratory Informatics Market (by Type), ($Million), 2021-2032
5.1 Overview
5.2 Laboratory Information Management Systems (LIMS)
5.3 Electronic Lab Notebooks (ELN)
5.4 Chromatography Data Systems (CDS)
5.5 Electronic Data Capture (EDC)
5.6 Clinical Data Management Systems (CDMS)
5.7 Laboratory Execution Systems (LES)
5.8 Enterprise Content Management (ECM)
5.9 Scientific Data Management Systems (SDMS)
5.1 Quality Management Systems (QMS)
6 Global Laboratory Informatics Market (by Offering), ($Million), 2021-2032
6.1 Overview
6.2 Standalone
6.3 Platform
6.4 Other Offerings (Add-On)
7 Global Laboratory Informatics Market (by Component), $Million, 2021-2032
7.1 Overview
7.2 Software
8 Global Laboratory Informatics Markets (by Deployment), $Million, 2021-2032
8.1 Overview
8.2 On-Premises
8.3 Cloud-Based
8.3.1 SaaS
8.4 Remotely Hosted
9 Global Laboratory Informatics Market (by End User), $Million, 2020-2032
9.1 Overview
9.2 Pharma and Biotechnology
9.3 Biobanks and Biorepositories
9.4 Molecular Diagnostics and Clinical Research Labs
9.5 Contract Research Organizations (CROs)
9.6 Academia
9.7 Food and Beverage
9.8 Chemical Industry
9.9 Petrochemical Refinery and Oil and Gas Industry
10 Global Laboratory Informatics Market (by Region), $Million, 2021-2032
For more information about this report visit https://www.researchandmarkets.com/r/p8k1qa
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