Lab Informatics Market Current Trends and Future Opportunity

[Healthcare News]

Market growth influenced due to following factors-

• Increasing need for laboratory automation.
• Development of integrated lab informatics solutions.
• Increasing need to comply with regulatory standards and growing demand in biobanks/biorepositories.

Global market size-

According to research report the laboratory informatics market is estimated to reach $3.8 billion by 2024, at a CAGR of 7.5% during the forecast period. 

Leading Players-

The prominent players in the healthcare laboratory informatics market are Thermo Fisher Scientific Inc. (US), LabVantage Solutions, Inc. (US), LabWare (US), Abbott Informatics (US), LabLynx, Inc. (US), Waters (US), Agilent Technologies, Inc. (US), Autoscribe Informatics (US), Dassault Systèmes (Paris, France), LABWORKS LLC (US), KineMatik (Ireland), Accelerated Technology Laboratories (ATL) (US), and PerkinElmer Inc. (US).

Top Market Segments-

Based on components, the healthcare laboratory informatics market is segmented into services and software. The services segment dominated this market in 2018. The large share of the services segment can be attributed to the growing technological advancements in solution offerings by various vendors, increasing adoption of cloud-based solutions, growing need for consulting services, and the recurring nature of services.

On the basis of deployment model, the lab informatics market is segmented into on-premise, cloud-based, and remotely hosted models. The cloud-based models segment is expected to grow at the highest CAGR during the forecast period. Factors such as on-demand self-serving analytics, no upfront capital investment for hardware, extreme capacity flexibility, and a pay-as-you-go pricing model will boost the demand for cloud-based laboratory informatics solutions in the coming years.

Opportunity: Growing popularity of cloud-based laboratory informatics

The emergence of cloud-based services via the Internet has led to significant advances in the laboratory informatics market. Advances in virtualization and improved access to high-speed internet offer faster innovation, often at lower costs. With cloud-based solutions, companies are only required to pay for the software subscription instead of purchasing full licenses, which reduces the maintenance costs related to in-house deployment. Moreover, cloud-based laboratory informatics solutions do not require any upfront capital investments for hardware, reduce the burden on healthcare systems with a minimum requirement of IT staff, and provide rapid and secure data transfer within the organizations.

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