#LaboratoryInformaticsMarkettrends

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Laboratory Informatics Market: Information by Product (Laboratory Information Management Systems (LIMS)), Delivery Mode, Component, End-Use,and Region —Forecast till 2029

Rapid technological advancement has made laboratory equipment less static and more interactive, enabling vast networks of interconnected laboratory instruments, computers, and telecommunication equipment to record, analyze, and distribute data. It also enables researchers to spend less time gathering data and waiting for information to arrive from one place to another. Laboratory informatics allows laboratories to remain competitive by providing reliable, robust, and scalable data management systems.

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Shifting preference towards personalized medicine, rising research in cancer genomics, and growing requirements for patient involvement drive the market growth. Rising incidences of diagnostic errors are subsequently driving the demand for laboratory informatics. The World Health Organization (WHO)estimates that around 5% of patients in developing countries face diagnostic errors every year.  

The laboratory informatics market was valued at USD 2,650 million in 2019 and is expected to grow with a CAGR of 7.6% during the forecast period.

Laboratory automation is emerging as an essential approach, minimizing manual interference in laboratory processes. The automation of routine laboratory procedures, with the aid of dedicated workstations and system instruments software, increases laboratory efficiency and enables researchers to concentrate on important tasks and avoid human errors. Stringent regulations imposed on automation of laboratory procedures ensure optimum efficiency with error-free results, further driving the market growth.

As per the report in the Journal of Lab Automation, the error incidences in fully automated, semi-automated, and manual operations vary between 1–5%, 1–10 %, and 10–30%, respectively. Rising adoption of digital workstations, automated analyzers, and complete laboratory automation (TLA) enables the laboratory staff to be reassigned tasks and add higher value to the operations. Additionally, the surge in the data generated by laboratory systems is subsequently increasing the demand for effective methods to process, analyze, and share data, further driving the market growth.

Rising Demand for Fully Integrated Services to Drive the Laboratory Information Management Systems Segment

The laboratory information management systems (LIMS) segment is projected to dominate the market during the forecast period. The system offers master data management, sample lifecycle analysis, reliability research, system and security administration, schedules, inventory, equipment, logistics and storage space, and analytical workflow. Rising demand for fully integrated services in life sciences and research industries to reduce data processing errors drive the segment growth.

Cloud-Based Segment to Grow at a Fastest Rate

The cloud-based segment is projected to grow at the fastest rate on account of advancement in virtualization and the availability of high-speed internet. Cloud-based laboratory informatics eliminates the need for heavy capital investments in infrastructure and enables fast and safe data transfer within the organizations, further driving the segment growth.

Pharmaceuticals are developing a virtual network with contract research, production, and manufacturing organizations (CRDMOs) and academic institutions using centralized corporate-based facilities. The adoption of cloud-based technologies will enable these organizations to manage the massive amounts of produced data at economical costs. The integration of cloud-based models with laboratory informatics is projected to enhance data accessibility and provide real-time analysis at competitive prices, further driving the segment growth.

Lack of Resources and Expertise to Drive the Services Segment Growth

The services segment holds the largest market share due to the rising outsourcing of LIMS solutions. Currently, several pharmaceutical research laboratories lack the resources and expertise for analytics implementation, subsequently rising the outsourcing activities. TheCROs offers social media analytics, production procedure, preventive maintenance, predictive analytics for the failure of medical devices, and benchmarking solutions, further driving the segment growth

Life Sciences Industry Segment to Witness the Fastest Growth

The life sciences industry segment is projected to witness the fastest growth on account of rising demand for laboratory informatics to develop new products, boost product quality, and operational performance. Rising technical developments in the healthcare sector are subsequently increasing the adoption of laboratory informatics for patient interaction, management, billing, patient safety information monitoring, and quality assurance.

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Laboratory Informatics Market Intelligence with Competitive Landscape By 2023

Industry Outlook and Trend Analysis: The Laboratory Informatics Market was worth USD 1.97 billion in 2014 and is expected to reach approximately USD 3.51 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 6.63% during the forecast period. Browse Full Report @ https://www.crystalmarketresearch.com/report/laboratory-informatics-market .

Rising demand for laboratory automation is anticipated to boost the adoption in coming years. Information produced by labs has drastically ascended in recent decades attributable to rising innovative progressions in molecular genomics and genetic testing practices. Additionally, the switch of inclination toward personalized prescription, cancer genomics studies, and expanding requirement of patient engagement is anticipated to upsurge the interest for lab automation systems.

Regional Outlook and Trend Analysis: North America local market represented the biggest income share in 2016. The significant factors adding to the development of this district are the approaches supporting the sending of laboratory information systems and accessibility of foundation with high computerized proficiency. Also, the prospering healthcare cost combined with the heightening pressure to bend the cost curve brought about expanded appropriation of LIMS in this district.

Product Outlook and Trend Analysis: Laboratory Information Management Systems (LIMS) captured the prevailing share in 2016. These systems incorporate reporting of sample lifecycle, system & security administration, inventory, storage capacity & logistics, master data management, schedules, instruments and analytical workflow. The demand for completely coordinated services in life sciences and research sectors to reduce data management errors and qualitative analysis of research data is anticipated to boost the fragment development in coming years.

Delivery Mode Outlook and Trend Analysis: Cloud-based lab informatics solutions represented the biggest income share and are foreseen to keep up its predominance all through the figure time frame. Cloud-based technology helps in putting away a lot of information remotely to permit free space on devices and encourage information recovery as per customer needs. The technology contains three administrations including Software as a Service (SaaS), Platform as a Service (PaaS), and Platform as a Service (PaaS).

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Component Outlook and Trend Analysis: Services section enrolled the biggest income share in 2015 and is expected to keep up its position. Rise in outsourcing of LIMS solutions is contributing toward its development. As expansive pharmaceutical research labs need assets and skill set required for organization of investigation, these administrations are outsourced by them. Software section is anticipated to reflect lucrative development because of the accessibility of mechanically advanced programming, for example, SaaS, which offers compelling data administration answers for labs.

The Laboratory Informatics Market is segmented as follows-

By Product: Electronic Lab Notebooks (ELN) Laboratory Execution Systems (LES) Chromatography Data Systems (CDS) Laboratory Information Management Systems (LIMS) Scientific Data Management Systems (SDMS) Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS) Enterprise Content Management (ECM)

By Delivery Mode: Web-hosted On-premise Cloud-based

Competitive insights: The leading players in the market are Labvantage, LabWare, Waters Corporation, PerkinElmer, Agilent Technologies, McKesson Corporation, Abbott, LabLynx, Core Informatics and Thermo Fisher Scientific. The market is exceptionally divided with numerous market players.

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