Healthcare Laboratory Informatics Market Size By Product (Laboratory Information Management System, Electronic Lab Notebook, Scientific Data Management System, Chromatography Data System, Laboratory Execution System), By Deployment (On Premise, Cloud Based), By Component (Services, Software), By End-Use (Biotech Companies, Pharmaceuticals, Clinical), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, China, India, Australia, Japan, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2018 - 2024
Healthcare Laboratory Informatics Market will exceed USD 2.2 billion by 2024; as per a new research report.
Increasing data generation and higher integration among laboratory instruments will drive market growth. Implementation of big data enabled data science platforms to grow across the enterprise in all industries and verticals. Growing expectation of continuous data transfer between a variety of communication devices globally highlight the importance of technological advancements in the development of laboratory informatics.
Rising demand for scientific data integration solution across various healthcare verticals will drive healthcare laboratory informatics business growth in the future. Data integration solution combines various existing data clusters, and also adds new data clusters easily. With increasing need for real-time results that are accurate, complete, and provide futuristic business view, the adoption of healthcare laboratory informatics will increase, thereby fostering market growth.
Laboratory information management systems (LIMS) segment will show significant growth of 8.2% CAGR during the forecast period due to high adoption rate. Increasing preference is attributable to various advantages associated with LIMS including reduction in time and cost for data management and handling. Other advantages such as data integrity and standardization major factors for segmental growth in the future.
On premise solutions market will reach USD 700.4 million by 2024. On premise data solutions allows companies for secure tracking of sample and aliquot lineage for tracing cell lines. Also, the can physically monitor hardware and subject it to internal network security practices, thereby giving laboratories superior accessibility to data and provides customization options. Aforementioned will favor segmental growth in upcoming years.
Software segment will witness remarkable growth of 7.8% CAGR in the forecast period. Escalating demand for data organization and rising inclination towards regulatory-compliant software owing to customized software, improved workflows and data visibility will fuel the software market. Growing need for system that aligns with organizational needs will propel the business size.
Clinical laboratories market is estimated to reach USD 496.0 million by 2024. Growth is attributed to increased need for regulatory compliance in developing markets such as China, India, and Eastern Europe. Growing demand for a cost-effective and compatible platforms such as SaaS based cloud LIMS will render positive impact on business growth during the forecast timeframe.
Japan healthcare laboratory informatics market will witness robust growth at 9.0% CAGR during the projected timeframe. The demand for fully integrated laboratory information management systems platforms is growing across the country. This is in accordance with the prerequisites of research and life sciences industries, thereby favoring business growth across the projected timeframe.
China healthcare laboratory informatics market is forecasted to reach USD 129.1 million by 2024. China healthcare laboratory informatics systems market is fueled by increasing disposable income, rising geriatric population, and favorable government healthcare policies. Government’s initiatives to promote a tiered health care system, reform public hospitals, reduce unwanted drug usage, and health insurance will promote business growth in the future.
Prominent industries involved in healthcare laboratory informatics market are Abbott, Agaram Technologies Pvt Ltd, AgileBio LLC, Agilent Technologies, CSols Inc., Genologics, ID Business Solutions Ltd., Infosys, LabLynx, Inc., LabVantage Solutions, Inc., LabWare, PerkinElmer, Inc., Tech Mahindra, Thermo Fisher Scientific and Waters Corporation. These prominent business players focus on new product launch, strategic acquisitions and mergers to strengthen market position.
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