Global Laboratory Informatics Market Size

Laboratory Informatics Market Analysis

The Global Laboratory Informatics Market size is estimated at USD 3.82 billion in 2024, and is expected to reach USD 5.77 billion by 2029, growing at a CAGR of 8.31% during the forecast period (2024-2029).

Augmented reality (AR), artificial intelligence (AI), and virtual reality (VR) solutions are anticipated to contribute substantially, while responding to the COVID-19 pandemic and address continuously evolving challenges. Due to the epidemic outbreak, the existing situation may inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives.

COVID-19 has the highest impact on the market as the pandemic has forced the government and agencies to develop and launch the COVID-19 vaccine to control the severity in cases. Thus, the demand for an optimized approach example, the United States Food and Drug Administration ICH-Good Clinical Practice R2, has been amended as per clinical drug development and fast-tracking and monitoring risk during trials and found to be an important tool in COVID-19 drug development status tracking.

Moreover, factors driving the market include high accuracy and efficiency of results, increasing applications of lab informatics solutions, and the 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, according to an article 'Making Healthcare Safer III: A Critical Analysis of Existing and Emerging Patient Safety Practices' published in March 2020, the prevalence of diagnostic error is 5% in adults being affected in the outpatient environment and 6 to 17% in hospital admission. 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.

Moreover, The laboratory information systems provide flexibility in terms of user interface like Abbott Healthcare LIMS platform STARLIMS can be operated through mobile application with the help of such tools, laboratory operations, including the diagnostic tests, have become much easier. The management of the laboratory data and progress in the laboratory workflow is achieved with the help of laboratory informatics tools, and high accuracy is provided. Hence, laboratory informatics ultimately improves the overall efficiency of the laboratories.

The LIMS improves the sampling of data that involves different laboratories and aids in integrating 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 is a digital replacement for paper notebooks, and there was a 30% increase in productivity in adoption, which was adopted by more than 6,000 scientists. Additionally, the rising efforts of 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 a positive manner.

However, the lack of integration standards for laboratory informatics and the lack of skilled professionals are restraining the overall market growth.