The healthcare laboratory informatics market is projected to grow exponentially by 2027 owing to surging demand for enhanced scientific data integration solutions across the globe.
Healthcare laboratory informatics forms a vital part of daily laboratory operations that entail the collection and analysis of reliable and high-quality data and results. It refers to the specialized application of information technology (IT) to improve laboratory scientific procedures and the delivery of laboratory information. Notably, technological advancements in the development of software solutions have fueled market uptake in recent years.
Following the COVID-19 outbreak, the global healthcare infrastructure was burdened by the proliferating number of people getting tested for the novel coronavirus. Subsequently, there was an upsurge in the need for effective laboratory informatics to compile information and test reports rapidly and accurately in order to help infected patients get medical attention in time, which has fostered product outlook during the pandemic.
Moreover, to monetize emerging market trends, industry players are adopting various strategic initiatives, thereby enhancing market dynamics. For instance, in September 2021, LabVantage Solutions, a leading laboratory informatics solutions provider, launched LabVantage Enterprise SaaS, which enables custom interfacing with external software systems. It is hosted in a single-tenant cloud environment, which provides an extra layer of flexibility and security.
In another instance, in March 2021, PerkinElmer, a major diagnostics and research company, announced its collaboration with Insightful Science, a key software firm serving the life sciences sector. With the agreement, PerkinElmer combined its Signals platform with Insightful Science’s Geneious Prime software and cloud based SnapGene, both of which aid molecular biologists in achieving molecular cloning and DNA construct design. The unified service offering was purposed to allow customers to access and compare data across experiments and instruments.
The healthcare laboratory informatics market has been segmented on the basis of component, product, end-use, deployment, and region. With respect to product, the market has further been divided into chromatography data system, laboratory information management system, laboratory execution system, scientific data management system, electronic lab notebook, and others. The chromatography data system sub-segment is expected to be valued at over USD 258.6 million by 2027.
Based on deployment, the market has been bifurcated into cloud based and on premise. The on premise sub-segment held above 33.8% market share in 2020 and is slated to expand at a robust pace over 2021-2027.
By component, the healthcare laboratory informatics market has been categorized into software and services. In 2020, the services sub-segment surpassed a valuation of USD 1,479.4 million and is projected to witness optimistic growth through 2027.
In terms of end-use, the market has been segregated into clinical, biotech companies, pharmaceuticals, and others. The biotech companies sub-segment is foreseen to showcase significant growth at around 9.5% CAGR over the review timeline.
From the regional perspective, the Latin America healthcare laboratory informatics market accounted for about 10.3% of the overall industry revenue in 2020 and is predicted to garner profitable gains over the study timeframe. Meanwhile, the Middle East & Africa healthcare laboratory informatics market is anticipated to progress at a CAGR of nearly 8.1% through the forecast period.