Lab Informatics Market size is $4.31Bn in 2019, growing at a CAGR of 6.24% during the forecast period 2020-2025. Laboratory informatics is a term that covers the usage of a variety of technology tools for data collection and analysis in a laboratory setting. This includes programs that use data analysis to benefit current research as well as store data that can be used in future projects. It is the specialized branch of information technology for the optimization of laboratory operations and is the application of computers and information systems to information management in the pathology laboratory. Effective information management is crucial to the success of pathologists and laboratories. It is a platform of instruments, software that helps in allowing scientific data that can be processed, captured and interpreted for immediate use and also managing, storing and sharing for supporting future research and development.
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By Product Type – Segment Analysis
In 2019, Laboratory Information Management System (LIMS) segment dominated the Lab Informatics Market in terms of revenue is estimated to grow at a CAGR of 5.24% owing towards the increasing adoption of LIMS in hospital & research labs and the rising application scope for workflow management, patient health information tracking, billing, patient engagement and quality assurance. It manages the flow of samples and associated data to improve lab efficiency and helps standardize workflows, tests and procedures, while providing accurate controls of the process. Instruments may be integrated into the LIMS to automate collection of test data, ensuring they are properly calibrated and operated by trained staff only. It is comprehensive, and sample centric software tool used for centralizing lab’s operational workflows. It is used by many commercial and private organizations like pharmaceuticals, R&D, manufacturing, beverages and food abetting towards the market’s growth.
Geography – Segment Analysis
In 2019, the North America region dominated Lab Informatics Market in terms of revenue with a market share of 38% owing towards favorable government policies for reimbursement in countries in the region. This growth can be attributed towards the increasing research & development initiatives and government support for the improvement of the healthcare sector. It is owing to the higher adoption of digital healthcare in the country. The rising demand for quality diagnosis with need for improvement in the efficiency of laboratories, minimum errors and rising incorporation of laboratories with information systems drives the market in this region is key factors in the growth of the Lab Informatics market. Asia Pacific is estimated to record the fastest growth rate during the forecast period 2020-2025.
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Drivers – Lab Informatics Market
The increased workload, cost constraints, and advancements in technologies, the nature of pathology is rapidly changing, as per the need of the market and the increase in adoption of laboratory information management systems as it helps in hospital-based labs for reducing the incidence of diagnostic errors and also helps in managing high data volumes and increasing adoption of bio-repositories and bio-banks and many research institutes is anticipated to drive the markets growth.
Challenges – Lab Informatics Market
The lack of trained professionals and a lack of integration standards in laboratory information are hampering the market’s growth. The associations such as SiLA (Standardization in Lab Automation) and the International Consortium for Innovation and quality in pharmaceutical development are making significant attempts to introduce new interfaces and data management standards to facilitate the integration of these systems is restraining factors for the Lab Informatics Market.
Lab Informatics Industry Outlook
Product Launches was the key strategy of the players in the Lab Informatics Industry. Lab Informatics top 10 companies include Thermo Fisher Scientific Inc., LabVantage Solutions, Inc., LabWare, Abbott Informatics, LabLynx, Inc., Waters, Agilent Technologies, Inc., Autoscribe Informatics, Dassault Systemes, LABWORKS LLC, KineMatik, Accelerated Technology Laboratories and PerkinElmer Inc.
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