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Healthcare laboratory informatics market to Exhibit A profitable Growth Of 8.0%

Author : Rahul Sankrityayan | Published Date : 2019-04-09 

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. 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.

Increasing volume of data and its real-time integration and collection will drive demand for healthcare laboratory informatics solution. Technological advancements in sequencing and data analysis will enable faster and real-time result generation, thereby propelling market growth. Growing influence of healthcare informatics that provide improved convenience for formulating business strategies will drive healthcare laboratory informatics market.

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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  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.

Regionally, healthcare laboratory informatics market has spread its wings across myriad global geographies, however, Japan, U.S., and Germany remain the most prominent growth grounds for this industry. The expanding healthcare IT industry in these nations remains the common factor for the regional market growth. Germany’s increasing adoption of cost-effective workflow management systems has led the country to achieve a prime position in the overall market. 

Powered by the technological advancements with regards to laboratory informatics solutions and the growing demand for integrated healthcare solutions, Germany market size is anticipated to record a CAGR of 7.5% over 2018-2024.

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Healthcare lab informatics Market, by Product

Laboratory Information Management System (LIMS)
Electronic Lab Notebook (ELN)
Scientific Data Management System (SDMS)
Chromatography Data System (CDS)
Laboratory Execution System (LES)

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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