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Market Research Report

Laboratory Informatics Market - Segmented by Product, Component, Delivery Mode (On Premise, Web Based, Cloud Based), and Geography - Growth, Trends, and Forecast (2018 - 2023)

Published by Mordor Intelligence LLP Product code 708595
Published Content info 143 Pages
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Laboratory Informatics Market - Segmented by Product, Component, Delivery Mode (On Premise, Web Based, Cloud Based), and Geography - Growth, Trends, and Forecast (2018 - 2023)
Published: January 1, 2019 Content info: 143 Pages

The global Laboratory Informatics market is expected to register a CAGR of 6.2% during the forecast period, 2018 to 2023. Laboratory Informatics is the specialized application of information with the help of a platform of instruments, software and data management tools, which allows scientific data to be captured, migrated, processed and interpreted for immediate use and for the future use.

High Accuracy and Efficiency of Results

Owing to the increased workload, cost constraints, and advancements in the technology, the nature of pathology is rapidly changing as per the need of the market. To meet the rising needs of today's world, laboratory systems are being created with the best technologies. New approaches of managing laboratory information are now required to fulfil the changing demand of the healthcare system. The major concern for the clinicians is the accuracy of the information that they get through various resources. It was stated by World health Organization that around 5% of the patients face diagnostic errors each year in the developed nations and around 7% of the abnormal test results are not delivered to the patient. To avoid the diagnostic errors and provide better services, clinics and laboratories are nor implementing the various tools such as Laboratory Information System (LIS), LIMS etc. With the help of such tools, the laboratory operations including the diagnostic tests have become easier. Management of the laboratory data and progress in the laboratory workflow is achieved with the help of laboratory informatics tools. Hence, laboratory informatics ultimately improvises the overall efficiency of the laboratories. Rising efforts of the clinicians and pathologists to provide the best and error free results is contributing to the rising demand of the Laboratory informatics products and services that is influencing the market in positive manner.

Lack of Skilled Professionals

As per the survey of Healthcare Information and Management Systems Society (HIMSS), scarcity of the skilled healthcare IT labors and professionals is the major point of concern in the healthcare industry. Developed nations are also facing the challenge of lack of skilled labors. The US healthcare industry is facing the shortage of skilled labors in the healthcare IT sector even though the country has well established industry and people have higher adoptability to the novel technologies. This lack of the skilled labors is ultimately affecting the market of Laboratory Information System (LIS). The labors who lack system and data integration knowledge cannot operate the LIS softwares. For the end users of LIS, it is very difficult to find a person who can handle the softwares with ease. Therefore, it becomes one of the major challenges for end users to implement LIS in the point of care. Developing countries like India are growing rapidly in terms of population but the healthcare facilities provided are not up to the mark. To implement services like LIS in India, scarcity of tech friendly labors becomes the major factor that restricts the end users from using LIS. This affects the overall market of LIS. The high cost of LIS softwares is another factor that is hindering the growth of the market.

The United States is expected to dominate the Laboratory Informatics Solutions Market in North America Region

The market studied is believed to grow in the forecast period in United States due to the rising need to manage clinical data and increased R&D expenditure across the country.

Key Developments in the Market

  • Aug 2018: Agilent Technologies Inc. had announced that it has completed its acquisition of the Agilent-related business from Young In Scientific Co. Ltd. and its affiliates ("YI Scientific").

Major Players: Abbott Informatics Corporation, Agilent Technologies, Cerner Corporation, Core Informatics, LLC, LabLynx, Inc., LabVantage Solutions, Inc., LabWare Inc., McKesson Corporation, PerkinElmer, Inc., and Thermo Fisher Scientific, Inc., among others.

Reasons to Purchase the Report:

  • Current and future Laboratory Informatics market outlook in the developed and emerging markets
  • Analyzing various perspectives of the market with the help of Porter's five forces analysis
  • The segment that is expected to dominate the market
  • Regions that are expected to witness fastest growth during the forecast period
  • Identify the latest developments, market shares and strategies employed by the major market players.
  • 3-month analyst support along with the Market Estimate sheet (in Excel).

Customization of the Laboratory Informatics Market Report:

  • This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Table of Contents
Product Code: 64409

Table of Contents

1. Introduction

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Deliverables
  • 1.4 Study Assumptions

2. Research Methodology

3. Executive Summary

4. Key Inferences

5. Market Overview

  • 5.1 Current Market Scenario
  • 5.2 Porter's Five Forces Analysis
    • 5.2.1 Bargaining Power of Suppliers
    • 5.2.2 Bargaining Power of Consumers
    • 5.2.3 Threat of New Entrants
    • 5.2.4 Threat of Substitute Product and Services
    • 5.2.5 Degree of Competition

6. Market Dynamics

  • 6.1 Drivers
    • 6.1.1 High Accuracy and Efficiency of Results
    • 6.1.2 Increasing Applications of Lab Informatics Solutions
    • 6.1.3 Increasing Number of Diagnoses
  • 6.2 Restraints
    • 6.2.1 Lack of integration standards for laboratory informatics
    • 6.2.2 Lack of Skilled Professionals
  • 6.3 Opportunities
  • 6.4 Challenges

7. Market Segmentation

  • 7.1 By Product
    • 7.1.1 Laboratory Information Management System (LIMS)
    • 7.1.2 Electronic Lab Notebooks (ELN)
    • 7.1.3 Enterprise Content Management (ECM)
    • 7.1.4 Laboratory Execution System (LES)
    • 7.1.5 Chromatography Data System (CDS)
    • 7.1.6 Scientific Data Management System (SDMS)
    • 7.1.7 Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
  • 7.2 By Component
    • 7.2.1 Services
    • 7.2.2 Software
  • 7.3 By Delivery Mode
    • 7.3.1 On Premise
    • 7.3.2 Web Hosted
    • 7.3.3 Cloud Based
  • 7.4 By Geography
    • 7.4.1 North America
      • United States
      • Canada
      • Mexico
    • 7.4.2 Europe
      • United Kingdom
      • Germany
      • France
      • Italy
      • Spain
      • Rest of Europe
    • 7.4.3 Asia-Pacific
      • China
      • Japan
      • India
      • Australia & New Zealand
      • South Korea
      • Rest of Asia-Pacific
    • 7.4.4 Middle East & Africa
      • GCC
      • South Africa
      • Rest of MEA
    • 7.4.5 South America
      • Brazil
      • Argentina
      • Rest of South America

8. Company Profiles & Competitive Landscape

  • 8.1 Abbott Informatics Corporation
  • 8.2 Agilent Technologies
  • 8.3 Cerner Corporation
  • 8.4 Core Informatics, LLC
  • 8.5 LabLynx, Inc.
  • 8.6 LabVantage Solutions, Inc.
  • 8.7 LabWare Inc.
  • 8.8 McKesson Corporation
  • 8.9 PerkinElmer, Inc.
  • 8.10 Thermo Fisher Scientific, Inc.

List Not Exhaustive

9. Future of the Market

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