Healthcare Laboratory Informatics Market Introduction
Healthcare laboratory informatics is an information technology-based application employed in various healthcare organizations to optimize and make efficient the laboratory operations. The primary objective of implementing healthcare laboratory informatics is to maximize the efficiency of a wide range of laboratory operations, which are often performed manually, leaving a scope for error. Healthcare laboratory informatics provide healthcare organizations a platform of data management tools, software, and instruments to acquire, process, migrate, and interpret healthcare-related information and data.
Healthcare laboratory informatics also enable end-users to manage, store, and share the same data across the organization which can be incorporated in lab testing efforts and future research and development. With the increasing applications of informatics systems, services, and software in various industrial sectors, stakeholders are anticipating positive growth prospects of the healthcare laboratory informatics market. Increasing demand for information management systems, such as laboratory information management systems, in the healthcare industry is expected to fuel growth of the healthcare laboratory informatics market in the upcoming years.
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Healthcare Laboratory Informatics Market – Notable Developments
Agilent Technologies, Abbott, Infosys, AgileBio LLC, Agaram Technologies Pvt Ltd, CSols Inc., LabLynx, Inc., ID Business Solutions Ltd., LabVantage Solutions, Inc., Genologics, LabWare, PerkinElmer, Inc., Thermo Fisher Scientific, Tech Mahindra, and Waters Corporation are among the leading players in the healthcare laboratory informatics market.
- Abbott Informatics, a subsidiary of Abbott Laboratories that develops web-based healthcare laboratory informatics, announced the launch of the company’s laboratory information management system (LIMS) platform – STARLIMS Solution CL 11.0, in October 2018. To capitalize on the key investments made by laboratories in the life science industry, the company has launched the new healthcare laboratory informatics system that features intuitive, user-friendly enhancements for streamlining sample management in the fields of biorepository, pre-clinical and clinical research, and molecular and academic research. The company also announced that the STARLIMS Solution CL 11.0 can also help end-users to accession and interface with third party instruments, to ultimately to increase lab productivity, efficiency, and flexibility, and to simplify working with new software platforms for healthcare laboratory informatics.
- Agilent Technologies, a leading players in the healthcare laboratory informatics market, announced in May 2018 that it has entered a definitive agreement to acquire Genohm SA – a developer of on-premise and cloud-based software solutions for healthcare laboratory informatics. The company aims to leverage Genohm’s foothold in the genomics space to support its strategy to offer improved healthcare laboratory informatics and management solutions for its genomic customers.
- Tech Mahindra, a leading information technology company in the healthcare laboratory informatics market, announced in August 2018 that it will acquire 100% share of Inter-Informatics spol. s.r.o., a design engineering firm based in the Czech Republic, for Euro 5.4 million (about Rs. 80 million). With this acquisition, the company is shifting its focus from healthcare to its three primary lines of business – aerospace, machinery and rail.
Healthcare Laboratory Informatics Market Dynamics
Inclination toward Data Integration in Healthcare will Boost Growth of the Healthcare Laboratory Informatics Market
The penetration of electronic medical record (EMR) systems has been significantly high in the healthcare sector, however, it failed to provide useful and actionable insights to the end-user, thereby, remaining underutilized for most end-users. Growing needs for data integration for various processes, such as identification of unique patients, understanding patients’ social circumstances that influence health behaviors, and creating inventory of health providers, are influencing in the healthcare sector and triggering demand for efficient healthcare laboratory informatics.
A majority of healthcare leaders recognize data as a new currency, and demand a way to adopt a holistic approach to data handling, which is creating lucrative opportunities for healthcare laboratory informatics market players. Rapidly growing healthcare industry is boosting the volume of data collected by end-users in the life science and scientific community. Furthermore, increasing investments by biotechnological and pharmaceutical companies in research and development lead to multiplying the amount of data generated. This is expected to create numerous lucrative opportunities for players in the healthcare laboratory informatics market in the upcoming years.
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Automation – An Emerging Trend in the Healthcare Laboratory Informatics Market
The healthcare laboratory informatics market is undergoing major technological transformations as the global healthcare sector is witnessing a paradigm shift from a volume-based model to a value-based business model. With the increasing growth of the healthcare sector, the rise in complexity and volume of clinical date has necessitated advanced healthcare laboratory informatics systems that can efficiently derive meaningful insights for end-users. Thereby, leading vendors in the healthcare laboratory informatics market are increasing the integration of automation technologies to accelerate the commercialization of the market.
Furthermore, the rapidly transforming healthcare fraternity is creating positive environment for digital services and high-tech information management systems to reduce the workload for healthcare professional and operational costs. A mounting number of end-users, including hospitals, pharmaceutical companies, clinical laboratories, and research organizations, are aiming to become a part of a connected healthcare network. Thereby, increasing adoption of advanced technologies and automation in healthcare laboratory informatics is expected to emerge as a popular market trend in the upcoming years.
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