Laboratory Information System Market size in 2019 is estimated to be $1.5 billion, growing at a CAGR of 7.3% during the forecast period 2020-2025. The laboratory information system are also referred to as laboratory management system which is a software that records, manages and stores data for clinical laboratories. The laboratory information system is used for schedule testing, track tests, and pass their results to other systems in the supply chain such as enterprise resource planning system. Rising incidence of chronic disease and technological advancement are the major factors driving the growth of the market. Moreover, increasing demand for integrated information system in the healthcare industry and rise in the number of medical procedures further enhance the overall market demand for laboratory information system during the forecast period 2020-2025.
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Product – Segment Analysis
Based on the Product, Laboratory Information System Market is segmented into Standalone, Integrated. The integrated segment is forecast to be the fastest-growing segment and is estimated to grow at a CAGR of 6.5% during the forecast period 2020-2025. This is mainly owing to less human error and provides more accurate information system that improves the overall efficiency of laboratory. Moreover, it saves time and thus offering an efficient data management solutions that are contributing to the growth of this segment.
Delivery Mode – Segment Analysis
Based on the Delivery Mode, Laboratory Information System Market is segmented into Web-based, On-premise, Cloud-based. In 2019, on-premise held the largest share in the laboratory information system market. This is mainly owing to low cost and data securities. Moreover, it provides an internal network that is accessible anytime that are also contributing to the growth of this segment.
Geography – Segment Analysis
North America dominated the laboratory information system market share accounting for 41% of the market in 2019. This is mainly owing to increasing prevalence of diseases, advanced instruments and technologies and increasing healthcare expenditure. According to the World Health Organization, chronic diseases such as heart disease, cancer, diabetes are the leading cause of death. It is estimated that about 60% of people are suffering from chronic diseases so the demand for laboratory services are increasing in the U.S.
However, the Asia-Pacific region is forecast to be the fastest-growing during the forecast period 2020-2025. This is mainly owing to growing geriatric population and growing healthcare facilities.
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Drivers – Laboratory Information System Market
Rising incidence of chronic disease increasing the demand for advanced diagnostic and laboratory services are some factors driving the growth of laboratory information system market. Moreover, government are taking various initiatives for patients with chronic diseases in order to make it cost effective to provide treatment are also set to increase the market growth.
Technological Advancements in laboratory information system and increasing healthcare expenditure are some factors driving the growth of the market. Moreover, growing adoption of various technologies such as IT robotics automation, precision medicine virtual reality and advancement for health related laboratory testing further contributing to the growth of laboratory information system market.
Challenges – Laboratory Information System Market
The high cost of laboratory information system and rising data security and privacy concern are challenging the growth of the market. Moreover, lack of skilled professional and requirements of specialized laboratories are further restraining its market growth during the forecast period 2020-2025.
Laboratory Information System Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Laboratory Information System Market. Laboratory Information System top 10 companies are Orchard Software Corporation, Sunquest Information Systems Inc., Cerner Corporation, Computer Programs and Systems, Inc., CompuGroup Medical AG, Meditech , Comps Pro Med, Inc, LabWare, Inc. , LabSoft, Inc., and Clinlab, Inc.
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