Enterprise Laboratory Informatics Market to Record an Exponential CAGR by 2026
Enterprise Laboratory Informatics is the technological application used for storage of laboratories data and analysis. As the amount of data generated in the manufacturing, research and healthcare laboratories are huge and the conventional method for storing, integration and analysis become tough. With the adoption of enterprise laboratory informatics the storage, integration and analysis of these data’s can be done without complexity. There are six main steps to be considered for building an efficient laboratory informatics system- acquire, manage, integrate, analyze, present and dispose.
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The enterprise laboratory informatics can be used in life sciences, healthcare, manufacturing, finance, legal, research & development among other domains where significant amount of data is stored and analyzed. The global enterprise laboratory informatics will see a considerable growth with the trend of latest technology integration to the existing enterprise laboratory informatics method and its efficiency compared with the conventional methods of data management and analysis.
Considering the market dynamics of the global enterprise laboratory informatics market, the market drivers identified are the demand for smooth flow of information’s and analysis in the clinical and life science research laboratories. In terms of healthcare, according to the PPACA (Patient Protection and Affordable Care Act) has made compulsory use of enterprise laboratory informatics in order to avoid transcription errors in storing the patient data’s hence ensuring safety to the patients.
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Apart from above factors the use of enterprise laboratory informatics reduces the manpower costs in laboratories and laboratory managing costs. There are some challenges associated with the enterprise laboratory informatics system initial setup cost being one of the factor that might pose as a restraint for global enterprise laboratory informatics market.
Based on the geographic regions, global enterprise laboratory informatics market is segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa. The North America market for enterprise laboratory informatics dominates the global market with largest market share among the aforementioned regions. The adoption of new technologies in the region along with the acts for patient safety and efficient data management in the healthcare laboratories in the region attributes to the growth of the market in the region.
Western Europe market for enterprise laboratory informatics trails behind the North American market. With increasing healthcare infrastructure and IT developments in the regions like Latin America, Asia-Pacific and Eastern Europe provides opportunity for the enterprise laboratory informatics market in the region. Overall, the global market for laboratory informatics with register a healthy growth rate by the end of forecast period.
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Some of the major players identified in the global enterprise laboratory informatics market includes, Arxspan, DASSAULT SYSTÈMES, LabArchives, LLC, Core Informatics, Thermo Fisher Scientific Inc., and LabWare among others.