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Report Coverage
The report: “Lab Informatics
Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth
analysis of the following segments of the Lab Informatics Market.
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.
Lab Informatics Market: Market Share (%) by Region, 2020
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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.
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.
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.
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