Global Healthcare Laboratory Informatics Market to Cross USD 2.2 Billion By 2024

May 05, 2020

According to the research report titled ‘Healthcare Laboratory Informatics Market Size By Product, By Deployment, By Component, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, worldwide healthcare laboratory informatics market is expected to surpass USD 2.2 billion by the year 2024.

Rising integration of big data analytics in laboratory instruments along with ever-increasing generation of data are major factors driving the growth of healthcare laboratory informatics industry. Growing demand for continuous data transfer among various communication devices and advancements in laboratory informatics are also complementing the industry outlook. Widespread adoption of scientific data integration solutions in numerous healthcare verticals and need for real-time results that offer accurate, complete & futuristic business perspective are further aiding the market expansion.

As per product type, LIMS (laboratory information management system) segment is presumed to expand with a CAGR of 8.2% through 2024. LIMS is known to reduce cost & time for data management while delivering standardized and reliable data.

As per deployment type, on-premise segment is expected to generate a revenue of USD 700.4 million by the year 2024. On-premise healthcare laboratory informatics solutions enable physical monitoring of hardware and provides better accessibility to information as well as personalization options.

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Citing the end-use landscape, market share from clinical laboratories segment is predicted to be worth USD 496 million by the year 2024. Mandatory regulatory compliance in regions such as Eastern Europe, India and China is favoring the adoption of compatible and cost-effective platforms including SaaS based LIMS across clinical laboratories.

Considering the geographical landscape, healthcare laboratory informatics industry in China is poised to amass USD 129.1 million by the year 2024. Factors such as favorable healthcare directives, rising geriatric population and escalating disposable income are favoring the market outlook in China.

Meanwhile, Japan healthcare laboratory informatics market is reckoned to grow with a CAGR of 9% during 2018-2024, on account of surging incorporation of advanced laboratory information management system which is a prerequisite in research & life science industry.  

The eminent companies in global healthcare laboratory informatics industry are Waters Corp., Thermo Fisher Scientific, Tech Mahindra, PerkinElmer Inc., LabWare, LabVantage Solutions Inc., LabLynx Inc., Infosys, ID Business Solutions Ltd., Genologics, CSols Inc., Agilent Technologies, AgileBio LLC, Agaram Technologies Pvt. Ltd. and Abbott.