In the future years, a rise in demand for laboratory automation is likely to boost demand in the global laboratory informatics market in the near future. Because of technical developments in molecular genomics and genetic testing procedures, the amount of data created by laboratories has increased substantially in the recent times. In addition to that, the trend toward increased patient involvement requirements, cancer genomics research, and personalized medicine are all likely to drive up demand for lab automation systems.
Laboratories are essential in the life sciences and medical research industries for both production and research. A laboratory’s primary objective is to provide high-quality, trustworthy experimental findings that meets with industry regulatory standards. The fast creation of enormous volumes of data from different elements of research and development, quality assurance, as well as manufacturing has resulted from technological advancements mixed with rigorous regulatory requirements and increasing commercial demands.
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Furthermore, due to the related benefits, laboratory information systems have attracted acceptance in contract research organizations (CROs), university research institutes, and biobanks. This factor is likely to foster growth of the global laboratory informatics market in the years to come. Process optimization, paperless information management, reduced throughput time, improved regulatory compliance and intellectual property rights protection minimizes labor costs, provide faster and more effective data analytics, and improve data quality by eliminating errors. These are all advantages of using these systems, which is likely to bolster growth of the global laboratory informatics market in the near future.
Use of Automation and Robotics in Healthcare is Expected to Drive Innovation in the Market
In addition to that, the growing regulatory load for the adoption of lab automation systems is projected to provide attractive development possibilities for the global laboratory informatics market. Robotics and process automation are being more widely used in healthcare, making procedures more reproducible and repeatable. In order to save time, it is now feasible to set up, conduct, and analyze experiments in less time. The growing use of high-throughput technologies has allowed for more efficient assessment of experimental data, which has improved overall efficiency of laboratories.
Patients might spend less time recovering because to advancements in medical technology such as improved monitoring systems and more comfortable scanning equipment. Automation in operations has resulted from the use of technology in medical equipment and telemedicine, since in certain circumstances, clinicians may not even need to be there physically in the operating theatre with a patient while the procedure is conducted. Because of the constant growth of technology used in health care, laws and regulations governing its use have been enacted. This allows for the introduction of innovative care delivery techniques.
The Covid-19 outbreak has brought the healthcare industry into the limelight. Throughout this pandemic, scarcity of key medical supplies has had a significant influence on the laboratory informatics business. Almost half of the world’s laboratories have been shut down, with only a few remaining operational fully. As a result, government policies such as stay-at-home directives, social distance norms, mobility limitations, and supply chain interruptions have caused a logistical challenge for businesses, resulting in product shortages on-premises across the globe.
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Presence of Infrastructure with High Digital Literacy to Drive Growth in the North America Market
North America led the global laboratory informatics market in 2020, accounting for one of the largest shares in the market. The presence of infrastructure with high digital literacy, as well as legislation enabling the implementation of laboratory information systems, are two significant elements driving to the progress of the region. Furthermore, the rising expense of healthcare, along with the increasing demand to bend the cost curve, has resulted in greater adoption of laboratory informatics in this region. In addition to that, the existence of well-established pharmaceutical businesses, as well as the rising need to reduce operating expenses associated with data storage and analysis, is significant contributing factors.