Healthcare Laboratory Informatics Market size worth over $4.2bn by 2027
Published Date: October 6, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Healthcare Laboratory Informatics Market size is set to surpass USD 4.2 billion by 2027, according to a new research report by Global Market Insights Inc.
Market growth is attributed to the companies shifting from manual, paper-based processes to electronically executed manufacturing operations in order to increase production quality and efficiency. Also, technological advancements in sequencing and data analysis will enable faster and real-time result generation, thereby propelling the market expansion. Further, growing influence of healthcare informatics that provide improved convenience for formulating business strategies is expected to drive the market progression of healthcare laboratory informatics.
Technological advancements in software solution to boost the adoption rate
Growing expectation of continuous data transfer between a variety of communication devices globally highlight the importance of technological advancements in the development of healthcare laboratory informatics. Advances in genetic and molecular testing are occurring at rapid pace, encouraged by government regulations and shift to a value-based system emphasize on the need for integration and business analytics. In addition to this, laboratory pathologists and professionals are finding new opportunities to be involved in best test selection, reporting of value-added test interpretations and development of testing cascades. However, dearth of integration solution may hamper the overall industry growth of healthcare laboratory informatics.
Wide array of application associated with electronic lab notebook will augment the segment growth
The electronic lab notebook is estimated to reach USD 800.5 million by 2027. Electronic laboratory notebooks (ELNs) are becoming an important part of major pharma industries laboratory operation. It replaces the paper-based laboratory notebook used to store experimental information. ELN helps researchers to collaborate in increasingly networked and global activities from discovery to manufacturing. This streamlines the protection of intellectual property and documentation, and make scientific observations and data associated with experimentation easier to use and search.
On premise segment to showcase lucrative market demand
The on-premise solutions segment captured 33.8% of the market share in 2020. On-premise solution is the traditional mode of software implementation. The end-users purchase the software based on their organizational needs and determine how it will be implemented and maintained. Also, in an on-premises environment, resources are deployed in-house and within an enterprise’s infrastructure. Thus, the solution helps and is responsible to maintain all the data related to their specific premises only.
Browse key industry insights spread across 130 pages with 211 market data tables & 15 figures & charts from the report, “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” in detail along with the table of contents:
Wide array of applications and various technological advances in software will spur the segment expansion
The software segment is anticipated to cross USD 1.4 billion by 2027 owing to wide array of applications and various technological advances. Also, advantages associated with advanced software such as customization-enables, improved workflow and enhanced visibility will further escalate demand for software segment. Moreover, growing consumer expectations across multiple industries for systems that aligns with organizational needs is slated to stimulate the industry expansion.
Biotechnology companies to implement user-friendly laboratory informatics solutions to foster the market revenue
Biotechnology companies will witness 9.5% growth rate through 2027. Increasing amount of work in high-throughput laboratories compels biotechnology companies to implement user-friendly healthcare laboratory informatics solutions. Such solutions include plate handling functionality, while remaining flexible in system configuration and meet industry needs.
Integration of LIMS with hospital information systems is an imminent trend in the European region
Europe healthcare laboratory informatics market is predicted to attain a CAGR of 8.9% during 2021 to 2027. European market lies in integrating the LIMS with the electronic laboratory notebooks to automatically transfer back and forth the data from laboratory instruments in real time. Integration of LIMS with hospital information systems is also an imminent trend in the region. Further, government services coupled with acceptance of EHR systems in the region further accelerate the regional growth.
Companies launch various new product to strengthen their business portfolio and revenue
Some of the prominent players involved in the market are Starlims, Agilent Technologies, Benchling, Inc., LabLynx, Inc., LabVantage Solutions, Inc., LabWare, PerkinElmer, Inc., Tech Mahindra, Thermo Fisher Scientific and Waters Corporation. These firms adopt strategic initiatives including new product launch, mergers and acquisitions and geographical expansion.
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