The advancements in research and development activities across the medical sector are witnessing substantial momentum. Laboratory informatics is emerging on the back of this factor. The need for a specialized application of information technology for the research data to be migrated, interpreted, captured, and processed is gaining substantial momentum. This factor turns out to be a ripe factor for the growth of the laboratory informatics market.
Laboratory automation is garnering great popularity across the horizon of the life sciences sector. It is proving to be of great importance in genetic testing and molecular genomics practices. Hence, this aspect may bring considerable growth prospects for the laboratory informatics market during the forecast period of 2018-2026.
Traditional laboratory reporting is a tedious process and can prove a hindrance in large-scale data collection. Laboratory informatics provides full digitalization and offer intensive scientific data collection that helps the researchers in conducting various surveys and studies. Thus, this advantage may invite extensive growth opportunities for the laboratory informatics market. Here are some other vital advantages of laboratory informatics systems.
Human Error Elimination
The automation of the data and tasks on a single platform reduces laborious manual efforts. The system also reduces the strain on an individual while s/he curates a large amount of data. Hence, this benefit attracts notable attention from the end-users.
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Escalated Revenue Generation
Laboratory informatics systems have several features that maintain data regarding operations, finances, and tests in a systematic manner. These systems also help lab owners to study the latest trends, enable mining of data, and make perfect projections. All these factors assist the lab owners to make the necessary strategic decisions. This, in turn, helps in increasing the turnover of the labs.
Fully Digital Report Delivery
Another significant advantage of a laboratory informatics system is the delivery of reports through email or mobile apps. This aspect eliminates the hassles of logistics and also enables reliability and convenience among business collaborators and patients. This advantage brings tremendous growth prospects for the laboratory informatics market.
COVID-19 Outbreak Brings Extensive Opportunities for Laboratory Informatics Market
The horrendous effect of the novel coronavirus outbreak is visible across the globe. High transmission rates and positive cases are being reported worldwide. For reducing the curve, testing is a necessary aspect. The storage of testing data is also important for many reasons.
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Data collection helps greatly in examining several health issues that can prove to be hazardous when an individual tests positive for the virus. The data can also provide insights into the progression of a chronic illness and how COVID-19 responds to chronic diseases. To enable effective storage of data, manufacturers are coming up with novel laboratory informatics systems specially customized for the novel coronavirus outbreak.
These systems can be installed as a software-as-a-service (SaaS) for swift installation through the cloud, or on-premise. For instance, LabVantage has come up with a customized COVID-19 laboratory informatics system that performs all the necessary functions related to SARS-CoV-2 testing. Hence, such developments bring tremendous growth for the laboratory informatics market.
Some well-established participants in the laboratory informatics market are ID Business Solutions Ltd., Abbott Informatics (Abbott Laboratories), Thermo Fisher Scientific, Inc., LabWare, Inc., LabLynx, Inc., and Waters Corporation.
Escalating integration of laboratory automation across various research and contract manufacturing organizations are inviting extensive growth prospects for the laboratory informatics market. Stringent regulations by regulatory authorities and the advancements in technology are heightening the need for an efficient data-collection and management mechanism. The laboratory informatics system fits seamlessly in this mechanism. Hence, this factor will enhance the growth opportunities across the laboratory informatics market during the forecast period of 2018-2026.
