The increase in data generation coupled with higher integration among laboratory instruments is projected to boost the global healthcare laboratory informatics market revenue.
The increase in data generation coupled with higher integration among laboratory instruments is projected to boost the global healthcare laboratory informatics market revenue. As per estimates, the industry size expected to surpass USD 2.2 billion by 2024. The demand for data integration solutions that combine numerous existing data clusters and can seamlessly add new data clusters, has been on a steady rise across various healthcare verticals, which will further propel the revenue scope of this industry.
Technological innovations play a major role in the development of laboratory informatics, as is obvious from the increase in expectations of continuous data transfer amid numerous communication devices. The industry is also expected to witness expansion due to the escalating need for real-time results that are complete, accurate, and give a futuristic business view.
Increasing adoption of LIMS to boost the worldwide healthcare laboratory informatics market share
The laboratory information management systems (LIMS) segment is anticipated to expand at an 8.2% CAGR through 2024 owing to the high adoption rate of these systems. The penetration of LIMS is driven by various advantages like the reduction of cost and time for data management and handling coupled with data integrity and standardization.
Ability to provide superior access to data to drive the on-premise healthcare laboratory informatics industry expansion
On-premise solutions help companies in secure tracking of samples along with aliquot lineage for tracing cell lines. On account of the same, on-premise segment may hit a valuation of USD 700.4 million by 2024. On-premise deployment also helps to physically monitor hardware along with subjecting it to internal network security practices that gives laboratories superior accessibility to data while providing customization options.
To access sample pages of this report titled, “Healthcare Laboratory Informatics Market Size By Product (Laboratory Information Management System, Electronic Lab Notebook, Scientific Data Management System, Chromatography Data System, Laboratory Execution System), By Deployment (On Premise, Cloud Based), By Component (Services, Software), By End-Use (Biotech Companies, Pharmaceuticals, Clinical), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents, please click on the link below:
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Rising need to align the system with organizational requirements to fuel software healthcare laboratory informatics industry share
The worldwide healthcare laboratory informatics industry size from software segment is poised to grow at 7.8% CAGR through 2024 owing to the increasing necessity for systems that complement the organizational needs. Furthermore, the segment augmentation is positively impacted by the increasing demand for data organization along with preference towards regulatory-compliant software due to improved workflows, customized software, and data visibility.
Increasing number of clinical labs to render a positive growth trajectory to the market size
The escalating demand for clinical laboratories will positively impact the global healthcare laboratory informatics industry growth.
Owing to the need for regulatory compliance in developing markets like India, China, and Eastern Europe, the clinical laboratories segment revenue is projected to reach USD 496.0 million by 2024. The rising demand for an affordable and compatible platform like SaaS based cloud LIMS will fuel the market expansion.
Favorable government initiatives to augment the China healthcare laboratory informatics market size
The global healthcare laboratory informatics industry growth in China is expected to reach USD 129.1 million by 2024 propelled by the rising geriatric population and increasing disposable income. Additionally, government healthcare policies and initiatives to reform public hospitals promote a tiered health care system, decrease unwanted drug usage and health insurance will favor the segment penetration.
Japan’s healthcare laboratory informatics market is also anticipated to grow at 9.0% CAGR through 2024 driven by the prerequisites of research and life science industries.
In a nutshell, the global healthcare laboratory informatics market outlook is poised for a remarkable transformation owing to the increase in the number of clinical laboratories, strict regulatory compliance, and the dire need for data integration. As the aforementioned trends continue to define the growth graph of this business space, healthcare laboratory informatics industry share is expected to soar in the years ahead.
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