Market Research Report
Laboratory Informatics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Published by||Mordor Intelligence Pvt Ltd||Product code||708595|
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|Laboratory Informatics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
|Published: May 13, 2021||Content info: 116 Pages||
The laboratory informatics market is projected to register a CAGR of 8.02% during the forecast period, with a revenue of approximately USD 2817.11 million in 2020 and expected to reach approximately USD 4,475 million in 2026.
Augmented Reality (AR), Artificial Intelligence (AI), and Virtual Reality (VR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives.
The COVID 19 has the highest impact on the market as the pandemic has forced the government and agencies to develop and launch COVID 19 vaccine, to control the severity in cases thus the demand for optimized approach Example, United States Food and Drug Administration ICH-Good Clinical Practice R2 has amended as per clinical drug development and fast-tracking and monitoring risk during trials and found to be important tool in COVID 19 drug development status tracking.
Moreover, Factors that are driving the market include high accuracy and efficiency of results, increasing applications of lab informatics solutions, and increasing number of diagnoses.
Owing to the increased workload, cost constraints, and advancements in technologies, the nature of pathology is rapidly changing, as per the need of the market. New laboratory systems are manufactured with the best technologies to alleviate the current global demand. New approaches for managing laboratory information are now required to fulfill the changing requirements of the healthcare system. The primary concern for clinicians is the accuracy of the information that they get through various resources. However, it was stated by the World Health Organization 2018 that around 5% of the patients face diagnostic errors each year in the developed countries, and about 7% of the abnormal test results are not delivered to the patients. Thus, to avoid these diagnostic errors and to provide better services, clinics and laboratories are implementing various tools, such as laboratory information systems (LIS) and LIMS.
The LIMS helps to improve the sampling of data that involves different laboratories, and also aids in integrating research information, according to article published by Gorden feller in July 2020, reported that SciCord, offers an electronic lab notebook (ELN)/LIMS solution is a digital replacements for paper notebooks, and there was 30% increase in productivity in adoption which was adopted by more than 6,000 scientists. In addition, the rising efforts of the clinicians and pathologists to provide the best and error-free results are contributing to the increasing demand for laboratory informatics products and services, which is further influencing the market in positive manner.
However, the lack of integration standards for laboratory informatics and lack of skilled professionals are restraining the overall market growth.
Laboratory Information Management System is Expected to hold its Highest Market Share in the Product
The COVID 19 has raised pressure on testing procedures, taking time and innovation in consideration to combat with the pandemic situation, Thus the traditional laboratory procedures are required to upgrade in terms of managing the entire operations this will influence the demand of the LIMS. The LIMS has shown possible ways to get fast approval in regulatory workflow from the FDA, due to its capabilities of reporting results. As per FDA and CDC guidelines, the CloudLIMS has already helped multiple labs less than a week using FDA-approved, preconfigured workflows.
As time is a key factor in pandemic to control rising cases, thus LIMS platform are robust to track and monitor the laboratory information. Companies like lab advantage solutions have developed LabVantage COVID-19 LIMS. This platform helps in managing and accelerating the laboratory workflow in less than four weeks through its inbuilt capabilities.
Moreover, in the product segment of the laboratory informatics market, laboratory information management system is believed to have the largest market size.
A Laboratory Information Management System (LIMS) enables efficient management of flow of samples and associated data to improve lab efficiency. LIMS are usually intended for the laboratories having recurring workflows, such as quality control laboratories. LIM system contains a special data structure, and the processes of the laboratory (workflow) should already be established in a certain format. LIMS products have been losing market share to electronic lab notebooks (ELN) and laboratory execution system (LES) in the recent years. This trend can be observed in the sales growth of LES vendors and in the investment of large LIMS providers in the field of ELN and LES. Some of the major players in the market studied, such as LabVantage Solutions Inc., have invested heavily, in order to develop comprehensive and highly integrated LES and ELN capabilities.
Moreover, Laboratory information management systems are being increasingly integrated in biobanking. These systems allows effective management and tracking of data quality, end-user billing, patient demographics, and security. For example, CloudLIMS is a purpose-built, scalable, SaaS, in the cloud LIMS and grows with your biorepository by supporting automation, data management, and regulatory requirements. They also improve data sampling and research information integration, thereby making data access easier. Additionally, market players are focusing on the launch of new LIMS across Globe to enhance their market presence. in July 2019, Abbott announced the launched a laboratory information management system (LIMS), STARLIMS Quality Manufacturing Solution QM 12.0 designed for the global manufacturing and R&D sectors including biotech/pharmaceuticals, petrochemicals and chemicals.
North America Domainates the Market and is Expected to do the Same in the Forecasted Period
The United States is the most COVID-affected country across the world. In the COVID-19 pandemic, the need for data sharing across various platforms and with patients has become essential. Data from diagnostic centers to hospitals to confirmed positive patients must flow as freely as possible without sacrificing privacy or other essential elements of ethical care and research. Hence in the United States healthcare providers are focusing on digital Information systems to keep a track of the total tests administered, treatment results, evolving case definitions, and to streamline many other processes. Thus, the COVID-19 outbreak is more likely to increase the utilization and adoption of laboratory informatics systems now and in the future as well.
North America currently dominates the market for laboratory informatics and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the well-established healthcare industry and better reimbursement facilities in the region. The United States holds the majority of the market in the North American region, due to the higher adoption of digital healthcare in the country and the rising investments done by the companies over there.
Furthermore in United States, the geriatric population is growing at a high rate and these population are associated with several diseases. Thus the increasing number of lifestyle disorders will ultimately grow the demand of laboratory tests. These laboratory systems helps in improve efficiencies
Several companies are launching products, services and initiatives associated with laboratory informatics. For example, in 2019 Abbot has launched laboratory information management system, STARLIMS Quality Manufacturing Solution QM 12.0. In addition, In MARCH 2020, Ovation.io has announced an initiatives for double the COVID testing capacity across the United States. In this initiative the company is delivering cloud technology to help labs serve patients and can gather public health data. Hence this permits the clinicians to quickly access results and reports, leading to faster diagnosis and treatment.
The laboratory informatics market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. Companies, like Abbott Laboratories (Abbott Informatics Corporation), Agilent Technologies, McKesson Corporation, Thermo Fischer Scientific Inc., hold substantial shares in the market.