The global Healthcare Laboratory Information market accounted for US$ 1.98 Bn in 2020 with a considerable CAGR of 8.7% during the forecast period of 2021 to 2028.
Healthcare laboratory information is used to effectively manage associated data and samples to increase efficiency and productivity. The unprecedented rise ofcovid-19 pandemic has involved enormous amounts of lab testing that has eventually increased the workload on lab personnel to maintain a massive amount of data. Healthcare laboratory information has made it easy for healthcare professionals to automate workflows, integrate instruments, manage samples, and associate information of patient’s tests. From record books to spreadsheets, conventional methods of data recording are lacking to maintain the requirements of a modern laboratory. Healthcare lab information can make the process of storing and analyzing complex data samples simple and easy.
Growing adoption of automation in laboratories, strict regulatory requirements, and rising R&D expenditure in healthcare settings are the primary factors driving the global healthcare laboratory information market growth. In addition, the growing demand for clinical workflow management and the increasing need for scientific data integration solutions are key healthcare laboratory information market trends. However, complex integration standards and lack of skilled personnel are the factors that might restraint the market from growing. Moreover, surging demand from emerging economies and the rising trend of cloud-based laboratory information management systems will contribute to profitable opportunities for the market in the coming years.
Growing adoption of automation in laboratories
Laboratory automation is considered one of the most notable discoveries in the recent past of laboratory diagnostics. The application of automation in the laboratory enables to perform numerous tests by analytical instruments with little interference from a professional. Another advantage of laboratory automation is that laboratories can process more workload with minimum involvement of manpower. In addition, automation minimizes the chances of errors in test results that generally occur during manual analysis. Furthermore, automation in healthcare labs improves safety by using automated systems to store and handle harmful test samples. Thus, the growing adoption of automation in labs is witnessed due to its lower costs, high throughput, improved accuracy, reduced experimental errors, and a safer environment.
Every minute, an exponential volume of healthcare data is generated and extracted for valuable insights. Currently, about 30% of the world’s data volume is being generated by the healthcare industry. It is projected that the CAGR of healthcare data will achieve more than 30% till 2025.
|Market||Healthcare Laboratory Information Market|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Product Type, By End-Use, By Component, By Deployment Model and By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||
Abbott, Agaram Technologies Pvt Ltd, AgileBio LLC, Agilent Technologies, Benchling, Inc., CSols Inc., Genologics, LabLynx, Inc., ID Business Solutions Ltd., Infosys, LabVantage Solutions, Inc., LabWare, PerkinElmer, Inc., Starlims, Tech Mahindra, Thermo Fisher Scientific, and Waters Corporation
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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The global healthcare laboratory information market is segmented based on product type, deployment model, component, end-user, and region. Based on the product types segment, the market classifies as laboratory information management system (LIMS), electronic lab notebook (ELN), scientific data management system (SDMS), laboratory execution systems (LES), electronic data capture (EDC) & clinical data management systems (CDMS), chromatography data system (CDS), laboratory execution system (LES), and enterprise content management (ECM). Among product types, the laboratory information management system (LIMS) sub-segment dominated the market with more than half of the global share in 2020. The high growth in the segment is credited to its demand in pharmaceutical companies, R&D activities, food & beverages, etc. Also, LIMS manages the workflow and information through a laboratory.
By deployment model, the segmentation bifurcates into on-premise and cloud-based. The cloud-based deployment model is in demand as they save infrastructure cost, deployment time, and other significant resources during the implementation of healthcare laboratory information solutions. Component segment is further categorized into software and services. Moreover, the end-use segment is further sub-segmented into pharmaceutical and biotechnology labs, CROs, biobanks/biorepositories, molecular diagnostics & clinical research laboratories, academic research institutes, and other end-users. Among them, the pharmaceutical and biotechnology labs segment generated the highest revenue in the year 2020 owing to the surging amount of healthcare data, higher productivity, and growing demand for research & development activities in pharmaceutical and biotechnology laboratories.
North America region is expected to lead global healthcare laboratory information market during the projected period of 2021 to 2028
Among all the regions, North America generated the highest revenues in 2020, accounting for around half of the total market share. This is attributed to the growing support from government organizations, presence of advanced healthcare facilities, and rising investments in LIMS technology. Besides, growing R&D spending and easy availability of LIMS products & services are also likely to boost the North American market growth. Europe stood for the second position in the regional market, owing to the growing focus on innovations through R&D. However, the Asia-Pacific region is likely to register the fastest CAGR throughout the forecast period on account of the increasing prevalence of various diseases leading to growing need for laboratory tests. Moreover, the rising population in the region and growing emphasis on improving the efficiency of laboratories propel the APAC healthcare laboratory information market.
This section of the report pinpoints various key vendors of the market. Some of the key players offered in the report include Abbott, Agaram Technologies Pvt Ltd, AgileBio LLC, Agilent Technologies, Benchling, Inc., CSols Inc., Genologics, LabLynx, Inc., ID Business Solutions Ltd., Infosys, LabVantage Solutions, Inc., LabWare, PerkinElmer, Inc., Starlims, Tech Mahindra, Thermo Fisher Scientific, and Waters Corporation.
Market by Product Type
Market by End-Use
Market by Component
Market by Deployment Model
Market By Geography
The estimated value of global Healthcare Laboratory Information market in 2020 was accounted to be US $ 1.98 Bn and during the analysis period of 2021 to 2028 is 8.7%
The prominent players of the global Healthcare Laboratory Information market involve Abbott, Agaram Technologies Pvt Ltd, AgileBio LLC, Agilent Technologies, Benchling, Inc., CSols Inc., Genologics, LabLynx, Inc., ID Business Solutions Ltd., Infosys and others
North America dominated and Asia Pacific region exhibited the fastest growing CAGR
Growing adoption of automation in laboratories, rising R&D expenditure in healthcare settings, and surging demand from emerging economies are the prominent factors that fuel the growth of global healthcare laboratory information market