Title:
Healthcare laboratory informatics market to cross the billion-dollar benchmark by 2024, U.S. to be a major revenue contributor
Content:
Within the realm of information processing, healthcare laboratory informatics market is rapidly emerging as a renowned business fraternity, of late. Growing demand for integration of clinical data and workflow management solutions has brought tremendous growth opportunities in healthcare laboratory informatics industry across the globe. The widening scope of laboratory informatics solution in healthcare to enable improved regulatory compliance and better diagnosis has further stimulated the industry demand. According to Global Market Insights, Inc., healthcare laboratory informatics market in 2016 was pegged at USD 850 million and is projected to exceed USD 1 billion by 2024 at a CAGR of 9.5% over 2017-2024.
Today, laboratory computing in healthcare with cloud-based solutions have become the de facto prerequisites for efficient clinical service and lab management. Cloud-based big data services such as CaaS, MaaS, PaaS, SaaS, XaaS and LaaS are being put to use in several healthcare organizations to provide easy and quick access to necessary information. The implementation of lab informatics has specifically helped the healthcare industry to cut down cost on infrastructure and IT resources and in turn enable the organizations to be agile and more responsive to business needs. Cloud-based healthcare laboratory informatics market is gaining immense business opportunities as it has effectively provided services via internet combating the locational barriers. Providing alerts to patients about health risks, disease monitoring, and geospatial mapping are few of the service areas presented by cloud computing technology. Apart from cloud-based, on premise solutions have also accounted for a significant healthcare laboratory informatics industry share as this deployment mode provides the organization with full control over data storage.
The global healthcare laboratory informatics industry has indeed witnessed an increasing demand for services and software components. Rising popularity of software as a services (SaaS) has in a way fueled the growth of healthcare laboratory informatics. Services contributed to more than 50% of healthcare laboratory informatics industry share in 2016 and is likely to continue growth trends in the similar fashion over the coming years. Software healthcare laboratory informatics market is further projected to witness exceptional growth driven by the robust technological advancements in healthcare space.
On the product front, laboratory information management systems (LIMS) is witnessing a phenomenal demand from biobanks and biotech companies. In 2016, LIMS healthcare laboratory informatics market contributed to the largest chunk of revenue terrain. Factors such as easy data tracking and less errors have led the LIMS healthcare laboratory informatics industry to witness lucrative growth over its other counterparts including Electronic lab notebooks (ELN), scientific data management systems (SDMS), Chromatography Data System, Corrective Action & Prevention Action (CAPA). As per the statistics, SDMS market is poised to witness lucrative gains at a CAGR of 9% over 2017-2024, owing to its convenient approach of collecting and organizing data for future studies. This healthcare laboratory informatics product works independently of the instrument, model, and manufacturer.
Speaking of the geographical scenario, Asia Pacific healthcare laboratory informatics market, driven by China, is anticipated to witness a robust growth trend over the coming years. The demand is attributed to increasing research and development activities by both the private and public healthcare agencies.
U.S. is another major region contributing to global healthcare laboratory informatics industry, driven by a greater demand for quality diagnosis and check-ups across this region. This has in turn fueled the deployment of laboratory setups for providing cost-effective solutions and technological innovations. Robust growth of IT companies in the region which are providing effective laboratory services will significantly expand the U.S. business.
Biotech and pharmaceutical companies are the two prominent end-use segments of healthcare laboratory informatics industry. About 20% of the overall industry share is held by biotech companies which are further anticipated to record notable growth prospects in the coming years. Heavy research & development activities in such companies have prevailed the use of healthcare laboratory informatics to maintain and manage huge data and enable the convenient accessibility to critical information. Pharmaceutical industry will also observe a rising demand for lab informatics in order to keep track of all the information related to patient’s health and diagnosis.
The market players are rapidly indulging in growth strategies like M&As, geographical expansion, and R&D to sustain their market position in the fiercely competitive terrain. Some of the renowned names in the healthcare laboratory informatics industry include Perkin Elmer, LabVantage, Thermo Fisher, Abbott Informatics.
