Healthcare Laboratory Informatics Market - By Product (Laboratory Information Management System, Electronic Lab Notebook, Scientific Data Management System), By Deployment (On Premise, Cloud Based), By Component, By End-Use & Forecast, 2023-2032

Healthcare Laboratory Informatics Market - By Product (Laboratory Information Management System, Electronic Lab Notebook, Scientific Data Management System), By Deployment (On Premise, Cloud Based), By Component, By End-Use & Forecast, 2023-2032

Healthcare Laboratory Informatics Market Size

Healthcare Laboratory Informatics Market size accounted for over USD 2.5 billion in 2022. Driven by increasing R&D initiatives in the field, the industry is expected to grow at more than 8.5% CAGR from 2023 to 2032.
 

Significant technological advancements in software solutions are slated to foster market share in the coming years. Rapid digitization of healthcare systems necessitates the development of high-tech information management systems to reduce the workload for healthcare professionals and operating costs. Constant efforts by leading players to introduce new services and solutions are benefitting the industry outlook.
 

The high need for scientific data integration solutions is projected to drive healthcare laboratory informatics market expansion. Large amounts of data produced by several experiments and research investigations require proper storage and analysis tools. Data integration solutions are vital for the efficient processing of the obtained data and for coming to a satisfactory conclusion. Thus, the usage of data integration solutions, including electronic health records and scientific data management is speculated to further augment market outreach.
 

Dearth of integration standards may restrain industry progression

Insufficient integration standards are restraining market growth. Most businesses struggle with data integration since it is a difficult undertaking. The terminologies and data formats used in the fields of science and life sciences are not standardized. Any IT system replacement comes with a number of challenges, such as high costs and training staff. Nonetheless, industry stakeholders’ gradual shift from manual, paper-based processes to electronically executed manufacturing operations to increase production quality and efficiency is likely to aid business trends.
 

Healthcare Laboratory Informatics Market Analysis

In terms of product, healthcare laboratory informatics market is categorized into electronic lab notebook (ELN), laboratory information management system (LIMS), scientific data management system (SDMS), laboratory execution system (LES), chromatography data system (CDS), and others. Chromatography data system (CDS) segment valuation is projected to exceed USD 386.5 million by 2032. This system can be linked to LIMS and other tools to cater to a variety of laboratory requirements and allows organizations to save the cost of deploying and validating several lab-based or instrument-centric software solutions, which is set to impel segmental expansion.
 

With respect to deployment, industry is divided into on premise and cloud based. The healthcare laboratory informatics market share from the cloud-based segment is speculated to expand at more than 9% CAGR over 2023-2032. The rising use of cloud services in various healthcare settings and the pharmaceutical sector is anticipated to boost product utilization. Cloud-based solutions are increasingly being used in the healthcare industry as hospital administrators, doctors, and patients seek information availability, cost-effectiveness, and security. Furthermore, rapid technology adoption and growing healthcare costs in various nations have amplified the demand for cloud services.
 

Based on component, healthcare laboratory informatics market is classified into services, software, and others. The services segment held over 65.5% market share in 2022. The demand for affordable, secure, and dependable services is facilitating segment growth. The industry share is expected to increase as a result of the growing need for customer-driven, hands-on services that enable laboratory efficiencies that raise quality standards, boost output, and simplify regulatory compliance.
 

In terms of end-use, healthcare laboratory informatics market is segregated into pharmaceuticals, biotech companies, clinical, and others. The pharmaceuticals segment is expected to grow at more than 8.5% CAGR through 2032. Pharma businesses manage enormous amounts of data to keep track of crucial information. These research investigations and R&D projects produce a vast amount of data that needs efficient administration systems, which is foreseen to accelerate the use of informatics solutions by pharmaceutical companies.
 

Asia Pacific healthcare laboratory informatics market is slated to grow at around 9.5% CAGR from 2023 to 2032, the report claims. The APAC region is witnessing the continuous implementation of cutting-edge medical technologies to provide patients with the best healthcare options. Additionally, favorable government initiatives to establish a tiered healthcare system, upgrade public hospitals, lessen drug abuse, and health insurance are likely to support APAC market demand.
 

Healthcare Laboratory Informatics Market Share

• Starlims
• Benchling, Inc.
• Agilent Technologies
• LabLynx, Inc.
• LabWare
• LabVantage Solutions, Inc.
• PerkinElmer, Inc.
• Thermo Fisher Scientific
• Tech Mahindra
• Waters Corporation

are some of the major players in the global market. These firms generally indulge in strategic partnerships and alliances with leading healthcare providers to remain ahead in the competitive landscape.
 

Impact of COVID-19 Pandemic

COVID-19 pandemic had a positive impact on the healthcare laboratory informatics industry. To initiate research on the virus, several industry participants and regulatory organizations are rapidly developing artificial intelligence and data analytics in healthcare. To cite an instance, in July 2020, the Department of Energy (DOE), the Department of Veterans Affairs, and the Department of Health & Human Services (HHS) launched a big data analytics initiative for coordinating and sharing information related to the COVID-19 pandemic. Thus, advancements in solutions to conduct research during the pandemic and the growing use of healthcare laboratory informatics technologies have encouraged market growth.
 

The healthcare laboratory informatics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments

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By Product

• Laboratory information management system (LIMS)
• Electronic lab notebook (ELN)
• Scientific data management system (SDMS)
• Chromatography data system (CDS)
• Laboratory execution system (LES)
• Others

By Deployment

• On premise
• Cloud based

By Component

• Service
• Software

By End-use

• Biotech companies
• Pharmaceuticals
• Clinical
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • South Africa
  • Saudi Arabia