Laboratory Informatics Market Size to Reach USD 4.21 Billion in 2028 | High Need for Diagnostics and Rising Need for Cost-Effective Management Systems and Solutions for Laboratory Informatics are Some Factors Driving Industry Demand, says Emergen Research
VANCOUVER, B.C., Oct. 14, 2021 /PRNewswire/ -- The global laboratory informatics market size was USD 2.54 Billion in 2020. Increasing adoption of advanced technologies in the healthcare sector for genomic procedures and genetic testing is one of the major factors expected to drive market revenue growth. In addition, development of customized medications and treatment is resulting in need for various clinical tests, which is boosting market revenue growth to a significant extent.
Drivers: Increasing Demand for Automation in Laboratories
Automation of laboratories are considered an effective solution to manage during shortage of skilled professionals and to reduce manual intervention in testing and management of patient information. Automation helps to improve productivity and allows researchers to focus on more core tasks, reduces rate of errors, and enhances accuracy of results. Additionally, automation of laboratory workflow enables generation of high-quality data and proper documentation.
Restraints: Lack of Proper Standards
Lack of proper standards in various countries and dearth of skilled professionals are factors that could hamper market revenue growth. No proper integration standards could result in low adoption rates of lab informatics. Moreover, high cost of maintenance and services could hamper market revenue growth to a certain extent.
The global laboratory informatics market size is expected to reach USD 4.21 Billion at a revenue CAGR of 6.5% in 2028, attributed to rising adoption of various advanced technologies such as Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), and cloud computing, among others. In addition, adoption of advanced medical technologies such as more efficient monitoring systems and more comfortable scanning equipment has been proven to enable patients to recover in comparatively less time. Consistent developments in technology has also led to enactment of regulations concerning applications and deployment.
COVID-19 Direct Impact
Outbreak of COVID-19 is supporting revenue growth of the global laboratory informatics market. The pandemic has shifted focus of government agencies towards development of vaccine to control severity of outbreaks and due to unprecedented testing across the globe, healthcare institutions are required to scale up to meet requirements as per urgency. Rising demand for COVID-19 testing in clinical laboratories is expected to continue to support market revenue growth, currently, as well as in future, as newer and more resilient variants emerge.
Current Trends and Innovations
Development of cloud-based services has contributed significantly to market growth in the recent past. Access to high-speed Internet and advancements in virtualization at lower cost is driving demand for cloud-based services. A majority of companies prefer to pay for software subscriptions instead of purchasing licenses, as it reduces in-house maintenance costs. Additionally, companies/users prefer to save on hardware and deployment and maintenance costs, as well as understand that the need for would entail requirement of a minimum number of IT personnel which results in more secure and faster transfer of data within the organization and lower chances of data breaches.
North America laboratory informatics market accounted for major revenue share in 2020, and is expected to continue with its dominance over the forecast period, due to presence of favorable policies supporting installation of laboratory informatics and availability of well-developed infrastructure, coupled with rapid digitalization. Moreover, presence of well-established pharmaceutical companies, along with rising requirement to lower operational costs are factors driving market revenue growth in the region.
In July 2020, SciCord provided a replacement of paper notebooks in the form of electronic lab notebook (ELN) to avoid occurrence of errors. ELN was adopted by more than 6000 scientists and rising efforts of pathologist and clinicians to offer error-free results is creating higher demand for laboratory informatics solutions.
Some Key Highlights in the Report
The pharmaceutical & biotechnology segment accounted for largest revenue share in the global market during the forecast period, due to growing need to manage large data volumes to store vital patient information. In addition, advancements in technology is resulting in increasing number of clinical trials, which is expected to drive revenue growth of the segment.
Contract Research Organizations (CROs) segment accounted for second-largest revenue share in the global market in 2020. CROs play a crucial role in release of innovative products and safety testing across various industries such as water and environmental safety, food safety, and pharmaceutical research. Additionally, robust data volumes and Laboratory Information Management Systems (LIMS) help CROs to enable each step of lab procedure be documented and maintained. It also streamlines workflows and complies with regulatory guidelines and eliminates the need to maintain information manually.
Among the deployment segments, on-premises segment accounted for comparatively larger revenue share in 2020, due to rising demand for installations of software and solutions on computers within the organization. On-premise implementation of software offers companies easy access to information stored in application. Fintech companies and government sector need to comply with the legislative standards for data transmission and storage. This factor is expected to boost revenue growth of the segment in the near future.
Companies profiled in the global market report include Agilent Technologies Inc., Dassault Systèmes SE, LabLynx Inc., Thermo Fisher Scientific Inc., LabVantage Solutions Inc., Cerner Corporation, McKesson Corporation, PerkinElmer Inc., Accelerated Technology Laboratories Inc., and Waters Corporation.
Regional Outlook (Revenue, USD Billion; 2018–2028)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest Of MEA
Explore Related Reports from Emergen Research:
The global clinical perinatal software market size was valued at USD 212.6 Million in 2019 and is forecasted to reach USD 393.3 Million by 2027 at a CAGR of 7.9%. The clinical perinatal software market is observing high demand attributed to its increasing application in workflow management, fetal monitor data services, and patient documentation.
The Global GERD Drugs and Devices Market size was valued at USD 5.10 Billion in 2019 and is anticipated to reach USD 6.14 Billion by 2027 at a CAGR of 2.3%. The market is driven by the rise in the awareness level about GERD and the growing trend for self-medication.
The Global Oncology Informatics Market size was valued at USD 4.62 Billion in 2019 and is anticipated to reach USD 8.01 Billion by 2027 at a CAGR of 7.1%. An increase in the awareness of the different types of treatment options for oncology will drive the demand for the oncology informatics market.
The global MRI systems market size was valued at USD 6,097.8 Million in 2019 and is forecasted to reach USD 8,249.3 Million by 2027 at a CAGR of 3.8%. The magnetic resonance imaging systems market is observing high demand attributed to its rising usage in neurological, musculoskeletal, vascular, spine, cardiac, abdominal, and breast cancer.
The global immunotherapy drugs market size was USD 154.40 Billion in 2019 and is expected to reach USD 365.57 Billion by 2027, at a CAGR of 12.1% during the forecast period. The global immunotherapy drugs market is anticipated to expand substantially in the near future, owing to the increasing cancer incidence across the globe.
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.