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Healthcare Laboratory Informatics Market 2018-2024| Key Players: Thermo Fisher Scientific, PerkinElmer, Inc., LabWare, Core Informatics, Infosys, Waters Corporation

03-08-2019 02:11 PM CET | Health & Medicine

Press release from: Global Market Insights, Inc

Healthcare Laboratory Informatics Market

Healthcare Laboratory Informatics Market

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.

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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.

Germany healthcare laboratory informatics market will grow at 7.5% CAGR across the projected timeframe. Growth is attributable to demand for cost effective workflow management systems and technological evolution related to laboratory informatics solutions. The major factor promoting the development of the laboratory informatics market is increasing adoption by biobanks for LIMS solutions along with the rising demand for integrated healthcare solutions over the forecasted period.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• 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

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.

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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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.

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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