Healthcare Laboratory Informatics Market size was valued at USD 1.3 billion in 2017 and is expected to witness more than 8.0% CAGR from 2018 to 2024. Over the years, the escalating growth of healthcare laboratory informatics market has been highly influenced by the surging requirements of laboratories to comply with a plethora of regulations. The healthcare space that has been witnessing a paradigm shift from volume to value-based model is adding a renewed dynamism to the market. The growing volume and complexity of clinical data are necessitating the requirement of advanced HTS (high throughput screening) and UHTS (Ultra high throughput screening) solutions that can efficiently derive meaningful insights. In addition to this, increasing integration of lab automation in contract manufacturing and research organizations have significantly accelerated healthcare laboratory informatics market commercialization.
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The emergence of digitization and big data analytics is providing a major push to healthcare laboratory informatics market size, which is projected to exceed a revenue of USD 2.2 billion by 2024. This is quite evident from the increasing adoption rate of cloud computing technology in the healthcare organizations lately. Cloud computing technology enables customized services via internet such as disease monitoring, providing alerts to patients about the risks, and geospatial mapping. Advancement in virtualization and increasing access to high-speed internet at low cost is allowing healthcare organization to readily adapt these advanced technological solutions, leaving a subsequent impact on healthcare laboratory informatics market dynamics.
The renewed healthcare fraternity where cost effective value-based models have become imperative, the industry giants are vigorously exploiting the potential growth prospects of the market. Strategic acquisitions, geographical expansion, and business partnerships are some of the major strategies adopted by the companies to maintain their position in the global healthcare laboratory informatics industry. Leading companies are also integrating informatics solutions to have a competitive edge in the competitive business landscape. Abbott Informatics, Perkin Elmer, Thermo Fisher, Perkin Elmer, LabVantage, LabWare, Lablynx, and Core Informatics are some of the top companies witnessing a strong ground in the overall healthcare laboratory informatics market.
Based on the product trends, it would not be incorrect to quote that LIMS (Laboratory Information Management Systems) are one of most popularized products of this industry. Indeed, laboratory information management systems based healthcare laboratory informatics market size is anticipated to cross a substantial USD 825.6 million by 2024. The high rate of revenue projection can be irrefutably attributed to the development of advanced designs in a bid to meet the escalating demand from life science companies, biobanks, and numerous other healthcare settings. The fact that LIMS ease data maintenance and reduce data interpretation errors will further help strengthen the revenue landscape of LIMS healthcare laboratory informatics industry.
Regionally, healthcare laboratory informatics market has spread its wings across myriad global geographies, however, Japan, U.S., and Germany remain the most prominent growth grounds for this industry. The expanding healthcare IT industry in these nations remains the common factor for the regional market growth. Germany’s increasing adoption of cost-effective workflow management systems has led the country to achieve a prime position in the overall healthcare laboratory informatics market. Powered by the technological advancements with regards to laboratory informatics solutions and the growing demand for integrated healthcare solutions, Germany healthcare laboratory informatics market size is anticipated to record a CAGR of 7.5% over 2018-2024.
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Laboratories play a pivotal role in the latest healthcare outcome – based business model. Laboratory information coupled with its scientific data integrated solutions have now become vital components in healthcare IT. Despite the fact that healthcare laboratory informatics industry is characterized by some of the major challenges such as unavailability of skilled and trained personnel and instructors that might hamper the industry’s growth path, the rapid pace of technological developments and its imprint in medical space will bring a revolutionary change in the way healthcare laboratory informatics market has been perceived so far.