Laboratory informatics is an application of information technology aimed at optimizing and extending laboratory operations. One of the most common reasons for deploying a laboratory informatics solutions is its ability to integrate with lab instruments and enterprise systems for better data management and efficiency. Laboratory informatics is a term that covers the use of variety of technology tools for data collection and analysis in a laboratory setting. Requirement for skilled informatics in laboratory has quickly grown, and effective information management is crucial to the success of laboratories. Therefore, there is an increasing demand for laboratory informatics solutions across the globe.
The global laboratory informatics market is estimated to account for US$ 3,279.0 Mn in terms of value by the end of 2022.
Increasing number of diagnoses worldwide is expected to propel the growth of the laboratory informatics market. For instance, the increasing prevalence of chronic diseases, such as cancer, diabetes and cardiovascular diseases, is creating a need for high throughput diagnostics for the analysis of biological data obtained from tests that require lab informatics solutions. According to the World Health Organization (WHO), chronic diseases, such as heart disease, cancer, and diabetes are the leading causes of death and disability worldwide. Cardiovascular diseases are the leading cause of death globally. The number of deaths from heart disease increased by more than 2 million since 2000, to nearly 9 million in 2019.
Increasing adoption or use of laboratory informatics solutions is expected to provide significant growth opportunities for players in the global laboratory informatics market. For instance, in February 2022, Biosero launched Green Button Go software suite which includes automated workflows ranging from a single workstation to operations that span multiple laboratories. This infusion has a variety of applications such as controlling and scheduling multiple instruments and devices in the laboratory from a single interface. The technology uses the automation by running various algorithms and codes to store and give the results.
High maintenance and service cost and lack of skilled professionals are major factors expected to hamper the growth of the laboratory informatics market. For instance, the cost of a laboratory information system ranges between US$ 4,000 and 100,000, while annual operating cost ranges from US$ 1000 to US$ 5000; comprise cost related to software license, training the healthcare personal, maintenance, and service cost. Moreover, there is a huge lack of expertise in the area because of the shortage of skilled personals, which in turn is expected to restrain growth of the laboratory informatics market.
Global Laboratory Informatics Market - Impact of Coronavirus (Covid-19) Pandemic
To combat the outbreak of COVID-19, pharma and biotech companies, various diagnostic labs, testing facilities, and researchers are conducting COVID-19 research to adopt more advanced technologies and solutions over traditional methods to improve workflow. Diagnostic labs and research laboratories need to handle multiple steps (such as sample handling, test management, packaging and shipment, and inventory control). Moreover, research laboratories developing COVID-19 treatments or vaccines need an effective end-to-end solution to improve the quality, rapidity, and productivity of the vaccine manufacturing process. This in turn is expected to aid in the growth of the laboratory informatics market.
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The global laboratory informatics market was valued at US$ 3,031.4 Mn in 2021 and is forecast to reach a value of US$ 5,268.7 Mn by 2028 at a CAGR of 8.2% between 2022 and 2028.
Among delivery mode segment Web-hosted segment held dominant position in the global laboratory informatics market in 2021, accounting for 49.6% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Major players operating in the global laboratory informatics market include PerkinElmer Inc., LabWare Inc., LabVantage Solutions Inc., LabLynx Inc., Waters Corporation, Thermo Fisher Scientific Inc., Mckesson Corporation, Cerner Corporation, Agilent Technologies, and Abbott Laboratories (Abbott Informatics Corporation), among others.
In February 2019, LabVantage Solutions announced the launch of LabVantage 8.4, the latest version of its laboratory information management solution. This version has new and updated features that accelerate laboratory effectiveness and efficiency along with making the work of staff and managers easy.
In December 2019, Agilent Technologies teamed up with MGI Tech. The collaboration was aimed at establishing cooperation in high throughput sequencing for providing a more efficient and reliable high throughput sequencing solution.
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