Global laboratory informatics market is expected to witness growth due to increasing adoption of laboratory automation and growing focus on compliance
Laboratory informatics market is estimated to be valued at USD 3.75 Bn in 2024, exhibiting a CAGR of 8.4% over the forecast period 2024-2031. Furthermore, rapid digitalization of diagnostics and regulatory requirements are expected to drive the market growth.
Market Dynamics:
Increasing adoption of laboratory automation: Global laboratory informatics market growth is driven by growing demand for laboratory automation. Automation helps to streamline workflows, improve productivity and reduce manual errors in laboratories. It allows digitalization of processes like sample tracking, data acquisition and storage. This boosts the need for integrated informatics solutions in laboratories.
Growing focus on regulatory compliance: Stringent regulatory standards and compliance protocols across industries like pharma and biotech have increased demand for laboratory informatics systems. These help organizations comply with standards set by regulatory bodies and maintain records as per guidelines. Laboratory informatics solutions ensure adherence to compliance, provides audit trails and reduces compliance risks.
Major Drivers:
Increasing Focus on Compliance and Regulatory Requirements
Global laboratory informatics market is witnessing significant growth due to rising focus of laboratories on compliance with stringent regulatory guidelines and requirements. Laboratory informatics solutions help ensure compliance by digitizing laboratory processes and workflows. These automate documentation, record-keeping, sample tracking and data management activities to meet regulatory demands. This reduces the risk of non-compliance and helps laboratories maintain high quality standards. Several countries have also implemented new legislation in recent years focusing on laboratory data integrity, validation and governance, and this boosts labs to invest in advanced informatics solutions.
Growing Need for Improved Lab Efficiency and Productivity
Laboratories are under increasing pressure to boost efficiency and productivity amid rising workloads and limited resources. Laboratory informatics platforms address this need by streamlining lab operations, centralizing information access, standardizing workflows and facilitating collaboration. These help reduce turnaround times, errors and unnecessary repetition of tasks. Integrated LIMS, ELN and SDMS solutions offer advanced capabilities like automated sample receipt, real-time inventory management and paperless reporting. This optimizes lab processes, frees up resources and enhances overall outputs. Their ability to digitize, store and share data seamlessly across departments further improves coordination and decision making in laboratories.
Major Restraints:
High Initial Installation and Integration Costs
The high upfront costs associated with purchasing, installing and configuring advanced laboratory informatics platforms can pose challenge, especially for smaller labs and those in price-sensitive regions. These solutions require substantial investments in hardware, software licenses, customization, training and integration with existing lab infrastructure. Maintaining and upgrading such systems requires recurring expenditure, which many labs find prohibitive. This prohibits complete transition to digital platforms and maintains the status quo of using decentralized, rigid legacy systems in some facilities.
Resistance to Change from Traditional Work Practices
Even when cost hurdles are overcome, reluctance to change entrenched traditional practices poses challenge. Many laboratory personnel have decades of experience with conventional manual methods, and are hesitant to adapt to new digital workflows. Effective change management and user training requires substantial time and resources to drive acceptance and adoption of advanced informatics tools. Resistance also arises due to complexity of some solutions and steep learning curves. Overcoming human inertia against altering habitual processes slows large-scale deployment of informatics technologies in certain user segments.
Major Opportunities:
Integration with Artificial Intelligence and Cloud Computing
Growing incorporation of artificial intelligence (AI) and analytics capabilities as well as cloud-based delivery models can offer major opportunities in the laboratory informatics market. Integration of AI can enhance capabilities for predictive maintenance, real-time quality monitoring, automated reporting and machine/deep learning applications. Transitioning solutions to cloud environments unlocks advantages of scalability, flexibility, collaboration and lower upfront costs. This will attract newer customer segments, accelerate product innovation and fuel additional spending on upgraded informatics platforms.
Expanded Adoption in Emerging Markets and Applications
Emerging countries in Asia Pacific and Latin America are witnessing increased lab infrastructure development and stringent regulatory reforms. These dynamics coupled with growing awareness boosts adoption of informatics. Applications outside traditional clinical, analytical and life sciences domains also offer expansion prospects. Forensics, food safety, manufacturing quality control and field-based point-of-care testing represent areas boosts demand. If tailored and priced suitably, laboratory informatics platforms can gain wider usage across new sectors and geographies globally, thus, contributing significantly to market growth.
Link: https://www.coherentmarketinsights.com/market-insight/laboratory-informatics-market-5138
Key Developments:
- In February 2023, STARLIMS Laboratory Information Management System, an ultimate lab information management system project, was launched. This marked a significant milestone for the life sciences division of Waker Bioscience in Shanghai. Renowned for its expertise in Chinese gene therapy risk assessment, Shanghai Waker Bioscience Co., Ltd is a biotechnology company, strategically employed STARLIMS to streamline operations through automation, fulfilling its long-term digitization objectives and regulatory complisance requirements simultaneously.
- In October 2022, LabVantage Solutions, a laboratory information management system (LIMS) provider, announced its merger with Biomax Informatics, a software company, to amplify scientific discovery and product innovation while bolstering customer service offerings.
- In July 2022, LabWare, a laboratory informatics company, announced that Yposkesi has selected its 'LabWare Pharma Solution' LIMS for implementation at its Corbeil-Essonnes site in France. Yposkesi, a leading contract development and manufacturing organization (CDMO) for gene therapy viral vector production in Europe, aims to enhance regulatory compliance and streamline analytical processes.In June 2022, LabVantage Solutions, a laboratory information management system (LIMS) provider, and Holo4Labs, a reality solution company, entered into a global cooperation agreement to integrate LabVantage LIMS with Holo4Labs' mixed reality software. Leveraging VR Microsoft HoloLens 2 goggles, this innovative integration equips lab technicians with holographic overlays, facilitating tasks such as reagent management, sample location identification, and instrument calibration guidance for improved experimental efficiency.
- In May 2022, LabLynx, a laboratory informatics company, introduced the 'CannaQA Standard Edition' LIMS solution, a component of its CannaQA suite that is tailored for startup and emerging cannabis testing labs. This solution is designed to enhance testing workflow efficiency and facilitate rapid turnaround times.
- In April 2022, Scitara, a software company, announced a partnership with PerkinElmer to integrate the PerkinElmer Signals Research Suite informatics platform with laboratory resources via the Scitara Scientific Integration Platform (SIP). This partnership aims to drive digital transformation by establishing a fully interconnected laboratory ecosystem characterized by standardized data integrity, enhanced mobility, user configurability, and system adaptability.
Key Players: Thermo Fisher Scientific, Inc., LabWare, PerkinElmer, Inc., LabVantage Solutions, Inc., LabLynx, Inc., Agilent Technologies, ID Business Solutions Ltd., McKesson Corporation, Waters Corporation, Abbott Informatics, Abbott Informatics (Starlims Corporation),IDBS, LIMS at Work GmbH, Siemens AG, Core Informatics LLC.
