Healthcare Laboratory Informatics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Healthcare Laboratory Informatics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : October, 2020 | Healthcare IT | PPT format

Report Digest


Healthcare Laboratory Informatics Market Introduction

Healthcare laboratory informatics is an information technology-based application employed in various healthcare organizations to optimize and make efficient the laboratory operations. The primary objective of implementing healthcare laboratory informatics is to maximize the efficiency of a wide range of laboratory operations, which are often performed manually, leaving a scope for error. Healthcare laboratory informatics provide healthcare organizations a platform of data management tools, software, and instruments to acquire, process, migrate, and interpret healthcare-related information and data.

Healthcare laboratory informatics also enable end-users to manage, store, and share the same data across the organization which can be incorporated in lab testing efforts and future research and development. With the increasing applications of informatics systems, services, and software in various industrial sectors, stakeholders are anticipating positive growth prospects of the healthcare laboratory informatics market. Increasing demand for information management systems, such as laboratory information management systems, in the healthcare industry is expected to fuel growth of the healthcare laboratory informatics market in the upcoming years. 

Healthcare Laboratory Informatics Market – Notable Developments

  • Abbott Informatics, a subsidiary of Abbott Laboratories that develops web-based healthcare laboratory informatics, announced the launch of the company’s laboratory information management system (LIMS) platform – STARLIMS Solution CL 11.0, in October 2018. To capitalize on the key investments made by laboratories in the life science industry, the company has launched the new healthcare laboratory informatics system that features intuitive, user-friendly enhancements for streamlining sample management in the fields of biorepository, pre-clinical and clinical research, and molecular and academic research. The company also announced that the STARLIMS Solution CL 11.0 can also help end-users to accession and interface with third party instruments, to ultimately to increase lab productivity, efficiency, and flexibility, and to simplify working with new software platforms for healthcare laboratory informatics.
  • Agilent Technologies, a leading players in the healthcare laboratory informatics market, announced in May 2018 that it has entered a definitive agreement to acquire Genohm SA – a developer of on-premise and cloud-based software solutions for healthcare laboratory informatics. The company aims to leverage Genohm’s foothold in the genomics space to support its strategy to offer improved healthcare laboratory informatics and management solutions for its genomic customers.
  • Tech Mahindra, a leading information technology company in the healthcare laboratory informatics market, announced in August 2018 that it will acquire 100% share of Inter-Informatics spol. s.r.o., a design engineering firm based in the Czech Republic, for Euro 5.4 million (about Rs. 80 million). With this acquisition, the company is shifting its focus from healthcare to its three primary lines of business – aerospace, machinery and rail. 

Some of the most prominent competitors operating in the competitive landscape of global healthcare laboratory informatics market include –

  • Agilent Technologies
  • Abbott
  • Infosys
  • AgileBio LLC
  • Agaram Technologies Pvt Ltd
  • CSols Inc.
  • LabLynx, Inc.
  • ID Business Solutions Ltd.
  • LabVantage Solutions, Inc.
  • Genologics
  • LabWare
  • PerkinElmer, Inc.
  • Thermo Fisher Scientific
  • Tech Mahindra
  • Waters Corporation

Healthcare Laboratory Informatics Market Dynamics

Inclination toward Data Integration in Healthcare will Boost Growth of the Healthcare Laboratory Informatics Market

The penetration of electronic medical record (EMR) systems has been significantly high in the healthcare sector, however, it failed to provide useful and actionable insights to the end-user, thereby, remaining underutilized for most end-users. Growing needs for data integration for various processes, such as identification of unique patients, understanding patients’ social circumstances that influence health behaviors, and creating inventory of health providers, are influencing in the healthcare sector and triggering demand for efficient healthcare laboratory informatics.

A majority of healthcare leaders recognize data as a new currency, and demand a way to adopt a holistic approach to data handling, which is creating lucrative opportunities for healthcare laboratory informatics market players. Rapidly growing healthcare industry is boosting the volume of data collected by end-users in the life science and scientific community. Furthermore, increasing investments by biotechnological and pharmaceutical companies in research and development lead to multiplying the amount of data generated. This is expected to create numerous lucrative opportunities for players in the healthcare laboratory informatics market in the upcoming years.

Automation – An Emerging Trend in the Healthcare Laboratory Informatics Market

The healthcare laboratory informatics market is undergoing major technological transformations as the global healthcare sector is witnessing a paradigm shift from a volume-based model to a value-based business model. With the increasing growth of the healthcare sector, the rise in complexity and volume of clinical date has necessitated advanced healthcare laboratory informatics systems that can efficiently derive meaningful insights for end-users. Thereby, leading vendors in the healthcare laboratory informatics market are increasing the integration of automation technologies to accelerate the commercialization of the market.

Furthermore, the rapidly transforming healthcare fraternity is creating positive environment for digital services and high-tech information management systems to reduce the workload for healthcare professional and operational costs. A mounting number of end-users, including hospitals, pharmaceutical companies, clinical laboratories, and research organizations, are aiming to become a part of a connected healthcare network. Thereby, increasing adoption of advanced technologies and automation in healthcare laboratory informatics is expected to emerge as a popular market trend in the upcoming years. 

Healthcare Laboratory Informatics Market Segmentation

Based on the product types, the healthcare laboratory informatics market is segmented into,

  • Electronic Lab Notebook
  • Laboratory Information Management System
  • Laboratory Execution System
  • Chromatography Data System
  • Scientific Data Management System

Based on the components used in healthcare laboratory informatics, the healthcare laboratory informatics market is segmented into

  • Hosted Healthcare Laboratory Informatics
  • Services-based Healthcare Laboratory Informatics
  • Software-based Healthcare Laboratory Informatics

Based on its deployment, the healthcare laboratory informatics market is segmented into,

  • Cloud Based Healthcare Laboratory Informatics
  • On Premise Healthcare Laboratory Informatics

Based on its end-users, the healthcare laboratory informatics market is segmented into

  • Pharmaceuticals Companies
  • Biotech Companies
  • Hospitals & Clinics

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?