Healthcare Laboratory Informatics Market Industry Analysis| Top Companies: Infosys, Abbott, Agaram Technologies (P) Ltd, AgileBio, Agilent Technologies, CSols Inc., GenoLogics Life Sciences Software Inc, an Illumina company, ID Business Solutions Pvt Ltd

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.
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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Laboratory information management system (LIMS) market is estimated to reach USD 825.6 million by 2024. High growth rate is due to associated advantages of LIMS. It is comprehensive, and sample centric software tool used for centralizing lab's operational workflows. It is used by many commercial and private organizations like pharmaceuticals, R&D, manufacturing, beverages and food. Various advantages of laboratory information management system and continuous technological improvements will augment the business growth in the upcoming future.

Electronic lab notebook market will expand at 8.3% CAGR across the projected timeframe. High growth is due to various technological advances and growing adoption rate. It replaces the paper-based laboratory notebook used to store experimental information. Wide array of applications across various healthcare settings will augment segmental growth Moreover, It is a secure system that gathers information from various sources, allows for annotation, and packages it in a legally acceptable document which can be mined, searched, and collaborated. Such factors will favor segmental growth in recent years.

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Cloud based solutions accounted for revenue of USD 856.7 million in 2017. High growth is due to rising adoption of cloud-based solutions across the healthcare sector. enables organizations to be more responsive towards needs of business that will favor segmental growth. Moreover, it also saves cost on infrastructure, deployment time, and IT resources during healthcare laboratory informatics solutions implementation, thereby favoring segmental growth in the future.

On premise market will grow at a remarkable rate of 6.6% throughout the projected timeframe. On premise solutions give organization full control of the data stored in the application, thereby leading to segmental growth. It is crucial for financial institutions and government agencies, who must fulfil regulatory requirements for data transfer and storage. Aforementioned will positively influence market growth in the upcoming period.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
 Infosys
 Abbott
 Agaram Technologies (P) Ltd
 AgileBio
 Agilent Technologies
 CSols Inc.
 GenoLogics Life Sciences Software Inc
 an Illumina company
 ID Business Solutions Pvt Ltd

Services segment will dominate the healthcare laboratory informatics market with market share of 65.4% in 2017 owing to growing demand for cost-effective, secure and reliable services. Increasing need of customer driven, hands-on and services delivering laboratory efficiencies that improve quality standards, increase productivity and facilitate regulatory compliance will boost industry growth. Increasing demand for cost efficiency, access to information, and security among various healthcare settings will favor segmental growth in the future.

Software market will grow at a remarkable rate of 7.8% throughout the projected timeframe. Mounting need for data organization and regulatory-compliant software owing to improved workflows, customized software and data visibility will fuel the software market size. Growing consumer expectations across multiple industries for system that aligns with organizational needs will propel the business size in the upcoming period.
Pharmaceuticals business accounted for largest revenue in 2017, will reach USD 834.5 million by 2024. Market growth is attributable to increasing need for management of massive data volumes to store important information. Huge amounts of data are difficult and, sometimes impossible to manage and store manually. Moreover, the charges of cloud storage services depend on usage and are priced at a significantly lower rate than traditional storage, thus favoring segmental growth in the future.

Biotech companies’ market will grow at a remarkable rate of 8.6% across the forecast timeframe. The segmental growth is attributable to Increasing amount of work in high-throughput laboratories and implementation of user-friendly laboratory informatics solutions. Most biotechnology laboratories also require the LIMS to integrate older CSV file and ASCII transfers along with modern XML schemes. This will positively influence market growth in the upcoming period.

U.S. healthcare laboratory informatics market is forecasted to expand with a CAGR of 8.0% during the projection years. Pairing of advanced analytics with interactive visualization methods is a new technology which helps to improve healthcare will foster business growth. Increasing government initiatives and major companies in the IT sector and laboratory services will spur regional growth. Moreover, escalating demand for quality diagnosis with need for improvement in the efficiency of laboratories, minimum errors and rising incorporation of laboratories with information systems will boost the market growth in foreseeable years.

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India market is forecasted to expand at a CAGR of 9.4% across the forecast timeframe. Cloud-based laboratory informatics systems market and potential in India offer a wide range of growth opportunities for laboratory informatics systems market will fuel regional growth. Indian laboratories are upgrading to totally computerized and fully automated systems that, favorable government policies and growing per-capita income will boost industry growth.

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