$2.2 Bn by 2024: Know Why The Healthcare Laboratory Informatics Market is Growing continuously
Sellbyville, DE -- (SBWIRE) -- 04/30/2019 -- Global Healthcare Laboratory Informatics Market is set to exceed USD 2.2 billion by 2024; according to a new research report by Global Market Insights. Growing demand for data integration is one of the major factors responsible for the growth of the market growth. Increasing volume of data is being collected within the scientific and life science community. As pharmaceutical and biotechnological industries are spending millions of dollars on research and development activities, the amount of data generated is abundant. Appropriate processing and landing to a successful conclusion form collected data requires data integration solutions. Large volume of data collection and increasing need for real-time results will drive business growth in the future.
Increasing need for clinical workflow management will boost market growth during the foreseeable future. Manual processes and paper records enable more opportunities for manipulating the data and hence managing data integrity is a challenge. Increasing adoption of EHR systems in outpatient clinics and hospitals will fuel the product demand. It can support the way information is used to provide safe and high-quality patient care, that will positively drive the market worth.
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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.
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.
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Some of the prominent players involved in healthcare laboratory informatics market are Abbott Informatics, Agaram Technologies Pvt Ltd, AgileBio LLC, Agilent Technologies, CSols Inc., Genologics, ID Business Solutions Ltd., Infosys, 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.
Chapter 1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
18.104.22.168. Paid sources
22.214.171.124. Unpaid sources
Chapter 2. Executive Summary
2.1. Healthcare laboratory informatics market industry 360o synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Deployment trends
2.1.4. Component trends
2.1.5. End-user trends
2.1.6. Regional trends
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Chapter 3. Healthcare Laboratory Informatics Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces
3.3.1. Growth drivers
126.96.36.199. Rising demand of scientific data integration solutions
188.8.131.52. Increasing need for clinical workflow management
184.108.40.206. Increasing availability of cost-effective informatics solutions
220.127.116.11. Technological advancements in software solutions
3.3.2. Industry pitfalls & challenges
18.104.22.168. Dearth of integration standards
22.214.171.124. Lack of skilled professionals
TABLE 1. Healthcare laboratory informatics industry 3600 synopsis, 2013 – 2024
TABLE 2. Global healthcare laboratory informatics market, 2013 – 2017 (USD Million)
TABLE 3. Global healthcare laboratory informatics market, 2018 – 2024 (USD Million)
TABLE 4. Global healthcare laboratory informatics market, by product, 2013 - 2017 (USD Million)
TABLE 5. Global healthcare laboratory informatics market, by product, 2018 - 2024 (USD Million)
TABLE 6. Global healthcare laboratory informatics market, by deployment, 2013 - 2017 (USD Million)
TABLE 7. Global healthcare laboratory informatics market, by deployment, 2018 - 2024 (USD Million)
TABLE 8. Global healthcare laboratory informatics market, by component, 2013 - 2017 (USD Million)
TABLE 9. Global healthcare laboratory informatics market, by component, 2018 - 2024 (USD Million)
TABLE 10. Global healthcare laboratory informatics market, by end-use, 2013 - 2017 (USD Million)