Global Healthcare Laboratory Informatics Market Growth, Trends and Regional Forecast 2021-2027
Consistent deployment of data integration solutions, that offer the easy addition of several existing data clusters with newer ones, will significantly boost healthcare laboratory informatics market outlook in the coming years. There is a rising need to offer real-time, accurate, and complete results, as well as a futuristic business view with expanding big-data platforms across enterprises.
There is a higher rate of data generation and integration among laboratory instruments and an increasing focus on continuous transfer of data between a wide range of communication devices. This leads to multiple technological progressions, expanding the need for laboratory informatics. As per reports, global healthcare laboratory informatics market size will reach an annual estimation in revenues of close to USD 2.2 billion by 2024.
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Annual revenue from laboratory information management systems (LIMS), considering their high adoption rate, is projected to hit a CAGR of 8.2% through 2024. This can be owed to numerous benefits of using the health informatics program in minimizing the time and costs associated with data management and handling. Data integrity and standardization are some of the other advantages offered by LIMS across laboratories.
The healthcare laboratory informatics market is likely to gain traction across clinical laboratories, bringing revenues close to USD 496 million yearly by 2024. This is considering the inclining necessity for regulatory compliance in China, India, and Eastern Europe and across several developing economies. There is also a rising demand for compatible and affordable software platforms like SaaS-based cloud LIMS.
On-premise deployed health informatics solutions are likely to account more than USD 700.4 million in global share by 2024 as they offer robust solutions to securely track the sample and aliquot lineage for tracing cell lines. The systems enable physically monitoring the hardware besides regulating it with internal network security practices while rendering laboratories with customization options and superior access to data.
Healthcare laboratories informatics software industry share is projected to register a CAGR of close to 7.8% in the coming years due to the mounting adoption of the systems to align with the organizational necessities. The growth can be also attributed to the consistent need for data organization as well as the shifting preference for regulatory-compliant software, taking into account the customization benefits, enhanced workflow, and data visibility.
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Japan has been a hub to health informatics technology, and the regional market is estimated to reach a 9% CAGR over the next few years. This is due to the high adoption of LIMS that is fully integrated and in compliance with the prerequisites of various research and life sciences industries.
China healthcare laboratory informatics market is anticipated to record USD 129.1 million in global remuneration by 2024, considering the spiking household incomes and geriatric population. The regulation of government healthcare policies and initiatives is paving way for improved tiered health care system, reformation of public hospitals, health insurance as well as restricted use of unwanted drugs.
Healthcare laboratory informatics companies are working on innovative products, acquisitions, and mergers to gain a competitive edge while offering healthcare remedies. For instance, LabVantage Solutions has implemented a LIMS solution for in-house COVID-19 testing centers to help infected patients to safely and quickly undergo tests for the novel virus. The software is well equipped to rapidly schedule and collect samples to test, track, and report the results.
Abbott, Infosys, LabLynx, Inc, LabWare, PerkinElmer, Inc., ID Business Solutions Ltd., Tech Mahindra, Agilent Technologies, Csols Inc., Genologics, Thermo Fisher Scientific, Waters Corporation, Agaram Technologies Pvt Ltd, and AgileBio LLC are some of the other global firms in the business.
Partial Chapter of the Table of Content
Chapter 2. Executive Summary
2.1. Healthcare laboratory informatics market industry 360o synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Deployment trends
2.1.4. Component trends
2.1.5. End-user trends
2.1.6. Regional trends
Chapter 3. Healthcare Laboratory Informatics Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Rising demand of scientific data integration solutions
3.3.1.2. Increasing need for clinical workflow management
3.3.1.3. Increasing availability of cost-effective informatics solutions
3.3.1.4. Technological advancements in software solutions
3.3.2. Industry pitfalls & challenges
3.3.2.1. Dearth of integration standards
3.3.2.2. Lack of skilled professionals
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By deployment
3.4.3. By component
3.4.4. By end-user
3.5. Technology landscape
3.6. Regulatory landscape
3.6.1. U.S.
3.6.2. Europe
3.7. Porter’s analysis
3.8. Competitive landscape, 2017
3.8.1. Strategy dashboard
3.9. PESTEL analysis
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