Global Laboratory Informatics Market: Introduction
Laboratory informatics is defined as a specialized application of information technology to optimize and extend laboratory operations through a platform of instruments, software, and data management tools. This allows scientific data to be captured, migrated, processed, and interpreted for immediate use, as well as stored, managed, and shared to support future research, development, and lab testing efforts, while maximizing the efficiency of laboratory operations. Laboratory informatics is one of the fastest growing areas of laboratory-related technology. Information management continues to be important, and laboratory informatics focuses on the technology associated with information management process.
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Key Drivers of Global Laboratory Informatics Market
Technological advancements in medical devices
Medical technologies such as better monitoring systems and more comfortable scanning equipment enable patients to spend less time in recovery. Adoption of technology in medical equipment and telehealth has led to automation in surgeries because in some cases, physicians do not even need to be present in the operating room with a patient when the surgery is performed. Consistent evolution of technology, which is applied in health care, has led to the enactment of rules and regulations concerning its usage. This enables the adoption of new methods of administering care.
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Rise in prevalence of diabetes
According to the World Health Organization, the number of people with diabetes rose from 108 million in 1980 to 422 million in 2014. The global prevalence of diabetes among adults over 18 years of age increased from 4.7% in 1980 to 8.5% in 2014. In 2016, an estimated 1.6 million deaths were directly caused by diabetes. Around 2.2 million deaths in 2012 were attributable to high blood glucose. Regular checkup and analysis of blood components and management of insulin can reduce diabetic conditions. Hence, diagnosis of such diseases is expected to drive the global market.
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North America to Account for Major Share of Global Laboratory Informatics Market
North America is projected to account for major share of the global laboratory informatics market during the forecast period. This is attributed to policies supporting the deployment of laboratory information systems, availability of infrastructure, and high digital literacy in the region. The laboratory informatics market in Europe is expected to witness steady growth in the next few years. Increase in number of CROs offering LIMS solutions is likely to fuel the growth of the laboratory informatics market in Asia Pacific.
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Key Players Operating in Global Laboratory Informatics Market
The global laboratory informatics market is highly consolidated owing to the presence of small number of key players.
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