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), COVID-19 Impact Analysis, Regional Outlook, Product Potential, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Oct 2021  |  Report ID: GMI1789  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 130   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Healthcare Laboratory Informatics Market size was valued at over USD 2.2 billion in 2020 and is expected to witness more than 9.1% CAGR between 2021 and 2027. Growing demand for data integration is one of the major factors responsible for the increasing market growth. In addition, as pharmaceutical and biotechnological industries are spending millions of dollars on R&D activities, the amount of data generated is abundant. Therefore, usage of informatic solutions by pharma and biotech companies to manage high volume data is poised to boost the market expansion of healthcare laboratory informatics.
 

Healthcare Laboratory Informatics Market Overview

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The COVID-19 outbreak is encouraging the adoption of healthcare laboratory informatics solutions. Laboratory information management system (LIMS), in particular, is largely gaining momentum to provide timely, reliable information to optimize care delivery for COVID-19 and other patients. Also, various healthcare laboratory informatics market players and regulatory bodies are rapidly developing artificial intelligence and data analytics in healthcare to conduct research on the virus.
 

Rising demand of scientific data integration solution will upsurge the healthcare laboratory informatics market progression

Increasing volume of data is being collected within the scientific and life science community. Numerous experiments and research generate large volume of data that has to be stored and used for drawing a conclusion of the research. For instance, according to the International Data Corporation (IDC) report, the volume of healthcare data in 2013 was 153 exabytes and is anticipated to be 2,314 exabytes in 2020. Thus, use of data integration solutions such as electronic health record and scientific data management among others to manage high volume data and complex data models will augment the industry growth. Further, increasing requirement for laboratory automation, increasing accessibility to cost-effective informatics solutions and technological advancements is projected to escalate demand for healthcare laboratory informatic solutions.
 

Dearth of integration standards may slow down the healthcare laboratory informatics market demand

Integration of data is a challenging task and majority of the companies have difficulties in data integration. The healthcare executives believe that lack of data standards are the significant obstacles to improving patient matching. The patient matching is a major problem in healthcare and a major barrier in achieving full interoperability. Since, the difference between patient’s data and their medical history may lead to missed diagnosis or treatment and endanger patient safety.
 

Advantages associated with LIMS will foster the segment growth

Healthcare Laboratory Informatics Market Size

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Laboratory information management system (LIMS) segment in the healthcare laboratory informatics market crossed USD 821.5 million in 2020 and will reach USD 1.55 billion by 2027. High segment progression is attributed to the advantages associated with LIMS. Laboratory information management system manages the flow of work and information through a laboratory. It is comprehensive and sample centric software tool used for centralizing lab's operational workflows. It is used by many commercial and private organizations such as pharmaceuticals, R&D, manufacturing, beverages and food.
 

Growing adoption of cloud-based service in healthcare sector will stimulate the market revenue

The cloud-based solutions in the healthcare laboratory informatics market captured USD 1.49 billion in 2020. Cloud-based solution is on the rise in healthcare as hospital administrators, physicians, and patients demand access to information, cost efficiency, and security. Cloud services will continue to play an important role, as healthcare laboratory informatics organizations are inclining towards critical business applications. Also, it enables organizations to be more responsive towards needs of business. This increases the demand for cloud-based services in the healthcare sector, thereby supplementing the segment size. Moreover, it also saves cost on infrastructure, deployment time, and IT resources during healthcare laboratory informatics solutions implementation, thereby supporting the industry expansion in the coming years.
 

Service segment will dominate the market

Services segment dominated more than 65.4% of the healthcare laboratory informatics market share in 2020 led by the growing demand for cost-effective, secure and reliable services. The services delivering laboratory efficiencies that improve quality standards, increase productivity and facilitate regulatory compliance is estimated to influence the industry value. Further, rising demand for cost efficiency, access to information, and security among various healthcare settings might impact the segment demand during the forecast timeline.
 

Pharmaceutical companies will enhance the healthcare laboratory informatics market expansion

The pharmaceutical companies segment captured 37% of revenue share in 2020. Pharma companies are required to manage massive amounts of data to store important information. For instance, Astellas stored 50 TB data to the cloud to provide data scientists and marketing experts with online access to clinical, pharma, and real-world data. Such huge amounts of data are difficult and, sometimes impossible to manage and store on premise. Thus, usage of informatic solution by pharmaceutical companies can potentially increase the demand and impel the industry revenue. Additionally, the charges of cloud storage services depend on usage and are priced at a significantly lower rate than traditional storage, thus driving the industry demand during the forecast timeframe.
 

Increasing usage of informatics solutions among life science companies in North America to fuel the market growth

Global Healthcare Laboratory Informatics Market

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North America healthcare laboratory informatics market size was USD 931.4 million in 2020 on account of the increasing demand among life sciences companies to comply with regulations has promoted the integration of healthcare laboratory informatics systems. Also, the acceptance of novel technologies coupled with the acts for patient’s safety and well-organized data management in the healthcare laboratories in this region to boost the industry progression.
 

Growth strategies of market players are focused on increasing the customer base

Few of the notable companies operating in the healthcare laboratory informatics market are Starlims, Agilent Technologies, Benchling, Inc., LabLynx, Inc., LabVantage Solutions, Inc., LabWare, PerkinElmer, Inc., Tech Mahindra, Thermo Fisher Scientific and Waters Corporation. These market leaders adopt strategies such as novel product launch, mergers and acquisitions to spur business in healthcare laboratory informatics.
 

Recent industry developments:

  • In July 2021, Abbott sold STARLIMS SDMS (Scientific Data Management System) V12.2 to Francisco Partners. This strategy is set to enhance Starlims’s portfolio and will help in company’s next phase growth.
     
  • In March 2021, Labvantage launched Labvantage Analytics, a full-featured, self-service advanced analytics solution that lets users easily explore, analyze, and visualize LIMS, enterprise, and external data to gain actionable business insights. This product launch is slated to add value to its business portfolio as well as support company in generating revenue.
     

The healthcare laboratory informatics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Product

  • Laboratory information management system (LIMS)
  • Electronic lab notebook (ELN)
  • Scientific data management system (SDMS)
  • Chromatography data system (CDS)
  • Laboratory execution system (LES)
  • Others

Market, By Deployment

  • On premise
  • Cloud based

Market, By Component

  • Service
  • Software

Market, By End-use

  • Biotech companies
  • Pharmaceuticals
  • Clinical
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • South Africa
    • Saudi Arabia

 

Frequently Asked Questions (FAQ) :

The global market size of healthcare laboratory informatics was over USD 2.3 billion in 2020 and will grow at a rate of around 9.1% up to 2027 owing to the rising need for data integration and higher R&D spending by pharmaceutical and biotechnological companies.
Services and software are two of the well-known and revenue-generating components of laboratory health informatics.
The market share from cloud-based healthcare laboratory informatics solutions exceeded USD 1.49 billion in 2020 as they are increasingly used by hospital administrators, physicians, and patients to access information, cost efficiency, and security.
The overall market remuneration from LIMS (laboratory information management system) products is anticipated to cross USD 1.55 billion by 2027 driven by rising incursion in commercial and private organizations, including pharmaceuticals, R&D, manufacturing, beverages, and food.
North America healthcare laboratory informatics industry had reached around USD 931.4 million in 2020 and will grow with the higher adoption of novel technologies and the growing emphasis on well-organized data management in the healthcare laboratories.

Premium Report Details

  • Published Date: Oct 2021
  • Pages: 130
  • Tables: 211
  • Charts / Figures: 15
  • Companies covered: 10
  • Countries covered: 15

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