The laboratory informatics market is projected to reach USD 3.86 billion by 2024 from USD 2.69 billion in 2019, at a CAGR of 7.5% during the forecast period. Growth in this market is mainly driven by the increasing need for laboratory automation, development of integrated lab informatics solutions, increasing need to comply with regulatory standards and growing demand in biobanks/biorepositories. On the other hand, a lack of integration standards and high maintenance and service costs are expected to restrain the growth of this market to a certain extent.
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How cloud-based laboratory informatics is an opportunity?
The emergence of cloud-based services via the Internet has led to significant advances in the laboratory informatics market. Advances in virtualization and improved access to high-speed internet offer faster innovation, often at lower costs. With cloud-based solutions, companies are only required to pay for the software subscription instead of purchasing full licenses, which reduces the maintenance costs related to in-house deployment. Moreover, cloud-based laboratory informatics solutions do not require any upfront capital investments for hardware, reduce the burden on healthcare systems with a minimum requirement of IT staff, and provide rapid and secure data transfer within the organizations.
Pharmaceutical companies are inclined towards employing centralized corporate-based facilities to create a virtual network of contract research, development, and manufacturing organizations (CRDMOs) and academic institutions. The adoption of cloud-based solutions will aid these organizations in dealing with the large volumes of data generated from these activities; it will also help reduce the total cost of ownership of laboratory informatics solutions. Due to benefits such as enhanced data accessibility, cost-effectiveness, and real-time analysis, cloud-based models have emerged as effective solutions for delivering laboratory informatics, thereby offering significant growth opportunities to laboratory informatics vendors.
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How interfacing with diverse laboratory instruments is a challenge?
With the changing nature of procedures, technologies, and screening work in laboratories, it has become increasingly important to streamline laboratory workflows. The changing nature of laboratory work requires automated solutions with greater flexibility and interfacing capabilities. Better interfacing offers flexibility and the ability to rapidly configure multiple application-oriented tasks, which leads to increased productivity and data standardization in organizations. Some laboratories may have decade-old instruments that require a different kind of interface. Delivering informatics solutions that are compatible with diverse laboratory systems is one of the major challenges providers face.
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