The laboratory computing market is expected to register a CAGR of 8.02% during the forecast period, with revenue of approximately $2,817.11 million in 2020 and approximately $4.475 million in 2026.
New York, June 27, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Laboratory Informatics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – https://www.reportlinker.com/p06187415/?utm_source=GNW
Augmented reality (AR), artificial intelligence (AI) and virtual reality (VR) solutions are expected to make a substantial contribution as they respond to the COVID-19 pandemic and address ever-changing challenges. Due to the outbreak of an epidemic, the existing situation may inspire pharmaceutical suppliers and healthcare institutions to improve their R&D investments in AI, as a core technology to enable various initiatives.
COVID-19 has the biggest impact on the market as the pandemic has forced the government and agencies to develop and launch the COVID-19 vaccine to manage the severity in cases. For example, the demand for an example of an optimized approach, the US Food and Drug Administration ICH-Good Clinical Practice R2, has been modified to reflect clinical drug development and accelerated risk tracking and monitoring during trials and has been shown to be an important tool. is to track the status of drug development in COVID -19.
Moreover, the factors driving the market include high accuracy and efficiency of results, increasing applications of laboratory informatics solutions and increasing number of diagnoses.
With increased workloads, cost constraints and technological advancements, the nature of pathology is rapidly changing depending on the needs of the market. New laboratory systems are manufactured with the best technologies to meet the current global demand. New approaches to laboratory information management are now required to meet the evolving demands of the healthcare system. The primary concern for clinicians is the accuracy of the information they receive from various sources. However, the 2018 World Health Organization stated that approximately 5% of patients in developed countries experience diagnostic errors each year and approximately 7% of abnormal test results are not delivered to patients. To avoid these diagnostic errors and to provide better service, clinics and labs implement various tools such as laboratory information systems (LIS) and LIMS.
In addition, the laboratory information systems provide flexibility in terms of user interface, as the Abbott Healthcare LIMS platform STARLIMS can be operated through a mobile application using such tools, laboratory operations including the diagnostic tests have become much simpler. The management of the laboratory data and the progress in the laboratory workflow is achieved using laboratory informatics tools and high accuracy is provided. Therefore, laboratory informatics ultimately improves the overall efficiency of the laboratories.
The LIMS improves data sampling involving different labs and helps integrate research information. According to an article published by Gorden Feller in July 2020, it was reported that SciCord offers an electronic lab notebook (ELN)/LIMS solution that is a digital replacement for paper notebooks, and that there was a 30% increase in productivity in the adoption. adopted by more than 6,000 scientists. Moreover, the increasing efforts of clinicians and pathologists to deliver the best and error-free results are contributing to the increasing demand for laboratory informatics products and services, further impacting the market in a positive way.
However, the lack of integration standards for laboratory informatics and the lack of skilled professionals is hampering the overall market growth.
Key Market Trends
Laboratory information management system is expected to maintain its largest market share in the product
The COVID 19 has put a strain on testing procedures, taking time and innovation into consideration to combat the pandemic situation. Thus, the traditional laboratory procedures are necessary to upgrade in terms of managing the whole operations. This may influence the demand of the LIMS. The LIMS has shown potential ways to quickly gain approval in the FDA’s regulatory workflow due to its ability to report results. Under FDA and CDC guidelines, the CloudLIMS has already helped multiple labs in less than a week using FDA-approved pre-configured workflows.
Since time is a key factor in pandemics to manage increasing cases, LIMS platforms are robust to track and monitor the laboratory information. As well as lab benefit solutions, companies have developed LabVantage COVID-19 LIMS. This platform helps manage and accelerate lab workflow in less than four weeks thanks to its built-in capabilities.
In addition, the laboratory information management system is believed to have the largest market size in the product segment of the laboratory informatics market.
A Laboratory Information Management System (LIMS) enables efficient management of the flow of samples and associated data to improve laboratory efficiency. LIMS are usually intended for labs with recurring workflows, such as quality control labs. The LIM system contains a special data structure and the processes of the laboratory (workflow) must already be defined in a certain format. LIMS products have lost market share to electronic lab notebooks (ELN) and lab execution systems (LES) in recent years. This trend can be seen in the revenue growth of LES suppliers and the investments of major LIMS providers in ELN and LES. Some of the key players in the researched market, such as LabVantage Solutions Inc., have invested heavily to develop comprehensive and highly integrated LES and ELN capabilities.
In addition, laboratory information management systems are increasingly integrated into biobanking. These systems enable 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 its biorepository by supporting automation, data management and regulatory requirements. They also improve data sampling and the integration of research information, making access to data easier. Moreover, market players are focusing on launching new LIMS around the world to increase their presence in the market. In July 2019, Abbott announced the launch of 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 dominates the market and is expected to do the same over the forecast period
The United States is the most affected country in the world by COVID. In the COVID-19 pandemic, the need to share data across platforms and with patients has become essential. Data from diagnostic centers to hospitals to confirmed positive patients should flow as freely as possible without sacrificing privacy or other essential elements of ethical care and research. That’s why healthcare providers in the United States are turning to digital information systems to keep track of total tests taken, treatment results, changing case definitions, and many other processes to streamline. Thus, it is more likely that the COVID-19 outbreak will increase the use and adoption of laboratory informatics systems now and in the future.
North America currently dominates the laboratory computing market and is expected to continue for a few more years. This region is expected to increase its market share in the future thanks to the established healthcare sector and better reimbursement facilities in the region. The United States holds the majority of the market in the North American region due to the greater adoption of digital healthcare in the country and increasing investment by the companies there.
In addition, in the United States, the geriatric population is growing at a rapid rate, and these populations are associated with various diseases. For example, the increasing number of lifestyle disorders may ultimately increase the demand for laboratory tests. These laboratory systems help improve efficiency.
Several companies are launching products, services and initiatives related to laboratory informatics. For example, in 2019 Abbot launched a laboratory information management system, STARLIMS Quality Manufacturing Solution QM 12.0. Additionally, in March 2020, Ovation.io announced an initiative to double its COVID-19 testing capacity in the United States. In this initiative, the company is providing cloud technology to help labs serve patients and collect public health data. This gives clinicians quick access to results and reports, leading to faster diagnosis and treatment.
Competitive landscape
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 such as Abbott Laboratories (Abbott Informatics Corporation), Agilent Technologies, McKesson Corporation, and Thermo Fischer Scientific Inc. have significant shares in the market.
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