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Pharma Tech Outlook | Friday, March 11, 2022
A new market study published by Global Industry Analysts Inc. released its report titled "Laboratory Informatics - Global Market Trajectory & Analytics." It presents perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace.
FREMONT, CA: Advancements in integrated laboratory informatics solutions, growing demand for laboratory automation, the rising necessity for biorepositories and biobanks, increasing demand from academic research institutes and contract research organizations (CROs), and the increasing need to adhere to regulatory standards are expected to drive growth in the global market. The rise of laboratory informatics is fueled by the introduction of big data analytics and digital technology. Healthcare service providers are now incorporating laboratory informatics systems, owing to their capacity to generate reliable data. This supports them in lowering diagnostic mistakes and increasing patient outcomes. Companies can provide interactive and speedier laboratory informatics solutions to end-users because of continual technical improvements. End users can improve operational efficiency and reduce human errors thanks to the introduction of digital platforms, automated workstations, and system instruments software. Standardization in Lab Automation (SiLA) and the International Consortium for Innovation and Quality in Pharmaceutical Development (ICIQPD) is attempting to establish new data management standards and interfaces to enable the integration of laboratory informatics solutions.
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Despite the COVID-19 controversy, the global market for laboratory Informatics, which was forecast to be worth USD 3.3 billion in 2022, is expected to increase to USD4.5 billion by 2026, with a CAGR of 7.8 percent throughout the analysis period. One of the report's segments, Laboratory Information Management Systems, is expected to grow at an 8.9 percent CAGR to reach USD2.5 billion by the end of the analysis period. After a detailed examination of the pandemic's commercial ramifications and the resulting economic crisis, the Electronic Lab Notebooks segment's growth is revised to a revised 7.3 percent CAGR for the next seven years. The global Laboratory Informatics market is now dominated by this category, which holds a 21.3 percent share. Laboratory Information Management Systems are in high demand due to the growing emphasis on eliminating data processing errors and the growing popularity of integrated services (LIMS). The market for advanced electronic lab notebooks (ELN) systems is predicted to develop rapidly because of increased adoption in analytical chemistry labs.
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