Automation to drive the laboratory informatics market
Over the years, the escalating growth of healthcare laboratory informatics market has been highly influenced by the surging requirements of laboratories to comply with a plethora of regulations.
The healthcare space that has been witnessing a paradigm shift from volume to value-based model is adding a renewed dynamism to the market. The growing volume and complexity of clinical data are necessitating the requirement of advanced HTS (high throughput screening) and UHTS (Ultra high throughput screening) solutions that can efficiently derive meaningful insights. In addition to this, increasing integration of lab automation in contract manufacturing and research organizations have significantly accelerated healthcare laboratory informatics market commercialization.
The emergence of digitization and big data analytics is providing a major push to the healthcare laboratory informatics market outlook, which is projected to exceed a revenue of USD 1.8 billion by 2024, with 9.5% CAGR projection.
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 healthcare laboratory informatics 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, LIMS (Laboratory Information Management Systems) dominated the global share in 2016. The prime trigger that is enhancing the LIMS based healthcare laboratory informatics market share is its increasing deployment in biobanks. Increasing proliferation of integrated healthcare solutions that require advanced systems to manage a chain of services such as online request management, data security, regulatory compliance, client billing, and patient demographics have significantly increased healthcare laboratory informatics market demand. Other than LIMS, scientific data management systems are also expected to chart an appreciable growth in the years ahead, with a CAGR projection of 9% over 2017-2024.
Overall, healthcare laboratory informatics market share from services observed a notable surge in 2016, covering almost half of the overall volume. The trend is likely to continue in the same line over the coming years, subject to its low internal IT resource requirement and comparatively lower capital investment. Software based market will also witness substantial growth, driven by the increasing demand for technologically evolved scientific data integrated software solutions in clinics and hospitals. Having said that, it is imperative to note that clinics will cover a major portion of the healthcare laboratory industry share in the coming seven years. Growing incorporations of laboratory informatics for health information tacking and quality assurance is further fueling the overall industry trend.
Regionally, healthcare laboratory informatics market has spread its wings mainly across China, U.S., and Germany. The expanding healthcare IT industry in these nations remains the common ground for the regional market growth. Germany’s increasing adoption of cost-effective workflow management system has led the country to achieve a global domination in the overall healthcare laboratory informatics market in 2016. China market will also carve a positive growth chart in the years ahead subject to the ongoing research investments undertaken by both private and public agencies along with spreading healthcare awareness.
Laboratories play a pivotal role in the latest healthcare outcome – based business model. Laboratory information coupled with its scientific data integrated solutions have now become a vital component in the healthcare IT. Despite the fact that healthcare laboratory informatics industry is characterized by some of the major challenges such as unavailability of skilled and trained personnel and instructors that might hamper the industry’s growth path, yet the rapid pace of technological developments and its imprint in medical space will bring a revolutionary change in the way healthcare laboratory informatics market has been perceived so far.