Industry Insights on Healthcare Laboratory Informatics Market 2018| Key Players: Thermo Fisher Scientific, PerkinElmer, Inc., LabWare, Core Informatics, Infosys, Waters Corporation

The Healthcare Laboratory Informatics Market will exceed USD 1.8 billion by 2024; as per a new research report by Global Market Insights, Inc.

Adoption of technologically advanced software solutions and use of laboratory information management systems allow better diagnosis and improve regulatory compliance. Innovations such as high throughput screening (HTS) technology, ultrahigh throughput screening (UHTS) instruments and cloud based solutions will further stimulate industry growth. However, industry growth may be hindered by lack of trained professionals, increasing competitiveness and lack of integration standards.

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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.

Services contributed to over 50% of industry share owing to its increasing acceptance due to low capital and resource requirement. Growing popularity of could services has fueled the use of software as a services(SaaS) over the coming years. Clinics will witness significant growth over the coming years. Growing use of laboratory informatics for patient health information tracking, patient engagement, and quality assurance is expected to fuel the business growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• IDBS
• Agilent Technologies
• LabVantage Solutions, Inc
• LabLynx, Inc. (LabLynx LIMS)
• AgileBio
• CloudLIMS
• Agaram Technologies
• CSols Inc.
• Tech Mahindra
• Thermo Fisher Scientific
• PerkinElmer, Inc.
• LabWare
• Agilent Technologies
• AgileBio
• Core Informatics
• Infosys
• Waters Corporation
• ALTEN Calsoft Labs

Laboratory Information Management Systems (LIMS) will witness lucrative growth due to lesser errors and easy data tracking. However, the growing demand in research industries and life sciences to reduce the number of errors in qualitative analysis and data management should drive the segment growth. Cloud-based solutions will exhibit significant growth due to its increasing adoption by healthcare organizations. Cloud-based big data services such as SaaS, PaaS, IaaS, CaaS, XaaS, and Maas are being introduced in many healthcare organizations to provide quick access to information at low cost.

U.S. healthcare laboratory informatics market should witness significant growth over the forecast years. Favorable government initiatives and boom in health IT will stimulate business growth. Furthermore, rising demand for quality diagnosis with minimum errors and integration of laboratories with information systems will fuel the industry growth. Germany held the largest regional revenue share in 2016 due to technological advances in healthcare IT and the growing demand for cost effective workflow management systems.

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Laboratory Informatics Market in Healthcare by Product
o Laboratory Information Management System (LIMS)
o Electronic Lab Notebook (ELN)
o Scientific Data Management System (SDMS)
o Chromatography Data System (CDS)
o Laboratory Execution System (LES)

Laboratory Informatics Market in Healthcare by Deployment
o On premise
o Cloud based

Laboratory Informatics Market in Healthcare by Component
o Services
o Software

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