In Depth Analysis on Healthcare Laboratory Informatics Market 2019| Key Players: Thermo Fisher Scientific, PerkinElmer, Inc., LabWare, Core Informatics

The Healthcare Laboratory Informatics Market is set to exceed USD 2.2 billion by 2024; according to a new research report by Global Market Insights.

Industry manufacturers are shifting from paper-based processes to electronically executed manufacturing operations in order to increase production quality and efficiency. Configurable solutions that manage plant production process, quality and maintenance activities are delivering desired results. The introduction of cloud-based solutions will improve configurable abilities for specific lab needs, reduce costs, and stimulate market growth during the forecast period.

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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.

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.

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

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.

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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.

Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.

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This release was published on openPR.