Healthcare Laboratory Informatics Market Size By Product (LIMS, ELN, SDMS, CDS, LES), 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, Germany, UK, France, China, Japan, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Development, Price Trend, Competitive Landscape & Forecast, 2017 – 2024
Published Date: June 2017 | 120 Pages | Report ID: GMI1789 Report Format: PDF
Healthcare Laboratory Informatics Market size was valued at over USD 850 million in 2016 and expects gains at over 9.5% by 2024.
U.S. Healthcare Laboratory Informatics Market Share, By End Use, 2013-2024 (USD Million)
Increasing volume of clinical data with growing demand for data integration solutions will drive the global healthcare laboratory informatics market size. Rising need for clinical workflow management and availability of cost-effective solutions should further boost industry growth.
Growing application of lab automation in academic research organizations, and contract manufacturing will stimulate business growth. Surge in technological developments with the rising demand for software and services should accelerate the healthcare laboratory informatics market growth.
Cloud and big data services can be used to track diseases; map prevalence geospatially and alert the population about the risks. Healthcare laboratory informatics should allow users to automatically input data, store and archive information, track samples, and easily generate reports. Healthcare institutions can adopt the services and infrastructure essential to support these services by utilizing low cost cloud computing.
Inadequate number of data scientists may hinder the business growth over the forecast timeline. Furthermore, dearth of data integration standards across the industry should restrain the business growth. Lack of training modules and program instructors to train sufficient operators may impede industry growth.
Healthcare Laboratory Informatics Market, By Product
Laboratory Information Management Systems (LIMS) accounted for the largest revenue share in 2016 due to its growing acceptance among biobanks for integrated healthcare solutions. Rising level of sophistication should further accelerate business growth.
Electronic Lab Notebooks (ELN) should foresee significant growth over the forecast years owing to its increasing implementation in the academic community. Researchers increasingly collaborate and share activities from discovery to manufacturing, streamlines the protection of intellectual property and documentation, and make scientific observations easier to search and use.
Scientific Data Management Systems (SDMS) is expected to grow at over 9% CAGR due to ease of collecting and organizing data in a central repository, retrieving and sharing for future studies. It works independently of the model, instrument and the manufacturer.
Healthcare Laboratory Informatics Market, By Deployment
Cloud based healthcare laboratory informatics market share should witness substantial growth owing to increasing national efforts to reduce healthcare by several countries. It empowers organizations to be more agile and responsive to business needs while saving on infrastructure, deployment time, and IT resources while implementing laboratory informatics solutions.
On premise solutions will contribute to a noteworthy revenue share as it gives organization full control over the data stored in the application. It also allows outsource management to a service integrator.
Healthcare Laboratory Informatics Market, By Component
Healthcare laboratory informatics services occupied larger revenue share in 2016 and expected to continue similar growth trend over the forecast timeframe. Increasing demand for software as a Service, low internal IT resource requirement and rapid deployment should drive the segment growth.
Software should manifest robust growth over forecast years. It allows analyst to interact with their instruments and report quality lab results. Widespread adoption of technologically evolved software solutions should further stimulate business growth.
Healthcare Laboratory Informatics Market, By End Use
Biotech companies held more than 20% of the industry share, and are set to witness significant growth over the forecast years. Increasing R&D in high-throughput laboratories by biotech companies should develop user-friendly laboratory informatics solutions.
Pharmaceutical industry is projected to witness robust growth over the forecast years due to rising demand among companies to manage massive amount of data and store important information at significantly lower rate.
Healthcare Laboratory Informatics Market, By Region
U.S. healthcare laboratory informatics market will drive the regional industry share. Favorable government initiatives and growing number of IT companies providing laboratory services should drive business growth. Increasing demand for quality diagnosis and rising number of laboratory setups should boost the industry growth.
Germany healthcare laboratory informatics market contributed to majority of regional revenue share in 2016, owing to the rising demand for cost effective workflow management systems, technological innovation in laboratory solutions and increasing awareness regarding early diagnosis and care.
Competitive Market Share
Some of the prominent healthcare laboratory informatics market players include Abbott Informatics, Perkin Elmer, Thermo Fisher, and LabVantage. Other noteable players include LabWare, Core informatics, Lablynx, Agilent Technologies, ID Business solutions, Waters Corporation, CloudLIMS and Calsoft Labs.
Key strategies adopted by the companies include mergers and acquisitions, geographical expansion, strategic collaborations and agreements. Companies are integrating technologies and methods to gain a competitive advantage in the current business environment. Integration of informatics solutions with a variety of enterprise systems is particularly relevant in current market scenario.
Healthcare Laboratory Informatics Industry Background
The healthcare laboratory informatics market has witnessed a tremendous growth over the past few years. Biobanks play an important role in the research information network, and need an advanced system to manage online request management, bio-specimen locations, data security and compliance, instrument integration, client billing and patient demographics. Increasing R&D in pharmaceutical and biotech companies will continue to drive the healthcare laboratory informatics industry. Increasing use of cloud by small labs to compete with larger companies will intensify the industry competitiveness.
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