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.
Global Laboratory Informatics Market Industry Overview
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.
Impact of COVID-19
During the COVID-19 pandemic, the development of laboratory software and technologies really took off as people were working remotely, and thus digital solutions became a requirement for a productive laboratory. Also, increased laboratory demands for testing, genomics, drug development, and vaccinations also meant they had to become more efficient and provide faster, quicker, and more efficient results. In addition to this, these demands had to be fulfilled with laboratory space restrictions and demanding timelines. Thus, scaling up testing and research could only be solved by using laboratory informatics tools like LIMS and ELN. These tools helped scientists collaborate and work better even in a reduced-capacity working environment.
Many laboratory informatics manufacturers fastened their implementation process to help laboratories better fight the coronavirus. For example, CloudLIMS helped multiple labs set up within less than a week by implementing FDA-approved and preconfigured workflows. The key challenges faced by laboratories testing COVID-19 included rapid configuration of FDA-approved workflows, standardization, and validation of new COVID-19 testing methods, reporting results according to FDA and CDC guidelines, and following the internal regulatory CLIA ISO and HIPAA guidelines.
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
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
• Agilent Technologies, Inc.
• Abbott. (STARLIMS Corporation.)
• BD.
• Bio-Rad Laboratories, Inc.
• Dassault Systèmes (Biovia)
• Danaher. (IDBS)
• Illumina, Inc.
• Merck KGaA
• PerkinElmer, Inc.
• Thermo Fisher Scientific Inc.
• Waters.
Company Type 2: Private Companies
• Accelerated Technology Laboratories, Inc.
• CSols Inc.
• LabVantage Solutions Inc.
• LabWare
• MGI Tech Co., Ltd.
• Benchling.
• LabLynx, Inc.
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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.
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