Healthcare Laboratory Informatics Market size is expected to reach USD 6 billion by 2032, as per a new research report announced by Global Market Insights Inc.
Increasing number of affordable informatics solutions and the growing demand for integrating scientific data solutions as the chief drivers of the healthcare laboratory informatics industry. Data integrity becomes a major concern due to the possibility of data manipulation in manual operations and paper records. The need for clinical workflow management systems in laboratories has grown as a result of threats such as incorrect calculations, missing data, and improper use of tools or materials. Additionally, the recent digital transformation of laboratories has increased the need for clinical workflow management solutions.
Easy usage to protect data integration to augment ELN adoption
Healthcare laboratory informatics market share from electronic lab notebook (ELN) segment is projected to expand at more than 8.5% CAGR between 2023 to 2032. ELN streamlines the protection of intellectual property and documentation, makes scientific observations and data linked with testing easier to use, and helps researchers engage in increasingly networked and global activities from discovery through manufacturing, which is slated to positively influence the segment outlook.
Need for secure laboratory informatics system to increase on premise segment share
The on premise segment accounted for over USD 915 million in revenue in 2022 as a result of the organizational needs of end-users for data implementation and maintenance. Additionally, the main security issue with cloud-based systems is data breaches that encourage research companies that work with sensitive data to prefer on premise deployment, which is foreseen to facilitate segment progress.
Browse key industry insights spread across 140 pages with 211 market data tables & 13 figures & charts from the report, “Healthcare Laboratory Informatics Market Size By Product (Laboratory Information Management System (LIMS), Electronic Lab Notebook (ELN), Scientific Data Management System (SDMS), Chromatography Data System (CDS), Laboratory Execution System (LES)), By Deployment (On Premise, Cloud Based), By Component (Services, Software), By End-Use (Biotech Companies, Pharmaceuticals, Clinical), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Wide-ranging utilization and development to push software segment growth
The software component segment is speculated to exceed a valuation of over USD 2 billion till 2032. The broad range of uses, numerous technological advancements, and the growing need for data organization and regulatory-compliant software are set to fuel segment development. The demand for software is also driven by the benefits of advanced software, including customization, improved productivity, and increased visibility, thereby amplifying overall segment value.
Growing demand for user-friendly informatics systems to elevate product adoption by biotech companies
Healthcare laboratory informatics market revenue from the biotech companies segment was valued at USD 675.5 million in revenue in 2022. In order to manage the growing amount of work in high-throughput laboratories, biotechnology firms deploy user-friendly healthcare laboratory informatics solutions that support efficient and easy data management. This is forecast to boost product adoption in biotechnology firms. For instance, the healthcare laboratory information management system (LIMS) from Thermo Scientific Nautilus enables enterprises to keep up with evolving laboratory practices.
High transfer of data among public departments to aid Europe market expansion
Europe healthcare laboratory informatics industry is estimated to record a valuation of more than USD 1 billion by the end of 2032. The region may emerge as a major hub for this industry owing to the surging adoption of LIMS and electronic laboratory notebooks to automatically transmit real-time data back and forth from laboratory instruments. In addition, favorable government initiatives and the deployment of EHR systems in the region are promoting the regional market growth.
Promising system advancements to remain a key growth strategy
Some of the major participants in the healthcare laboratory informatics market profiled in the report include Starlims, Agilent Technologies, Tech Mahindra, and Waters Corporation, among others.
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