Key takeaways of the market:
Demand for integrated systems is growing, with hospitals and clinical laboratories expanding their footprint by launching franchise chains. The integrated systems segment is projected to witness revenue growth at a CAGR of 7.2% during 2016 – 2024.
Cloud-based systems provide a very cost-effective alternative to conventional systems used by healthcare providers. Market for cloud-based LIMS is expected to reach 339.8 million by 2024. Barriers with respect to security and compliance are gradually coming down leading to a growing demand for cloud-based scalable LIMS systems.
As data analytics and big data are marking its way in the healthcare arena, the LIMS service segment is projected to expand at a CAGR of 8% during the forecast period. Data security and monitoring, customer relationship management, and patient engagement are services witnessing increasing traction from healthcare providers.