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Global Laboratory Information System Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 3.1 Bn by 2028, Likely to Grow with the CAGR of 5.7% During the Forecast Period.
The global Laboratory Information System market has shown moderate growth and is anticipated to gain traction during the forecast period. Some of the factors fuelling the growth if the global market includes rising occurrences of chronic diseases, inclination towards laboratory automation, R&D initiatives, and popularity of cloud-based laboratory information system.
Rising Cases of Chronic Diseases Is Anticipated To Fuel the Growth of Global Laboratory Information System Market
The global laboratory information system market is majorly driven by the growing number of chronic patients across the globe. The rising chronic diseases have necessitated the demand for advanced laboratory and diagnostic services. According to a study conducted by the World Health Organization, more than 60% of global deaths are caused by chronic diseases including diabetes, chronic respiratory diseases, cancer, and other heart-related diseases. The American Cancer Society also stated that in the United States one in every seven deaths is caused by cancer. The regional and international government is taking various initiatives to minimize the ratio across the globe. These all factors are anticipated to surge the demand for laboratory information systems across the globe and offer the global market an impressive growth.
However, the high cost associated with the installation and maintenance of these systems might hamper the growth of the global market at a minimal extent.
Based on Component, the Services Segment Accounted for Significant Share in Global Market
Based on the component, the services segment led the global market by holding a larger share in 2019. These systems require maintenance services reputedly and indispensable in nature. The end-users majorly depend upon service providers for training, consulting, implementation, and data storage solutions which is fuelling the segment growth.
Standalone Laboratory Information System Dominated the Global Market in 2019
Based on the product, the standalone systems are anticipated to lead the global market throughout the forecast period. These systems are user-friendly and provide the facility to work offline. Moreover, the integrated systems are also expected to witness noteworthy growth in the coming years.
On-Premise Segment Is Expected To Witness Rapid Growth During The Forecast Period
On the basis of deployment type, the on-premise segment occupied the highest share in 2019 which makes it the dominant segment. The on-premise systems allow the enterprises to collaborate with multiple vendors which enables them to customize their services as per their requirement.
The cloud-based segment is expected to witness impressive growth in the coming years. This is mainly due to the advanced features such as operational efficiency, cost optimization, and many other benefits as compared to on-premise deployment.
Hospital Segment Is Anticipated To Grow Rapidly During the Forecast Period
Based on end-user, the hospital segment is projected to witness robust growth during the forecast timespan. The laboratory information systems help in minimizing patient’s waiting for time and diagnostics improvement which is promoting the growth of these systems in the hospital segment.
North America Laboratory Information System to Dominate the Global Market
By geography, North America is anticipated to hold maximum share in global laboratory information system market throughout the forecast period. The growth of North America is propelled by rising cases of cancer patients and significant facilities of pathology procedure reimbursements in the U.S., and Canada. Moreover, the presence of prominent players such as Sunquest Information Systems Inc., Cerner Corporation, and Orchard Software Corporation is expected to poise a positive impact on the regional growth.
On the other hand, in India, China, Brazil, Singapore, Malaysia, and some Middle East countries, the market is still at its initial stage. Although, it is expected to gain momentum in the coming years.
Some of the major companies operating in global laboratory information system market include Schuyler House, Orchard Software Corporation, Comp Pro Med, Inc., Sunquest Information Systems, Inc., EPIC Systems Corporation, Cerner Corporation, SCC Soft Computer, Computer Programs and Systems, Inc., Meditech, and Compugroup Medical AG.
Global Laboratory Information System Market by Component
Global Laboratory Information System Market by Product
- Integrated Laboratory Information system
- Standalone Laboratory System
Global Laboratory Information System Market by Deployment Type
Global Laboratory Information System Market by End-User
- Physician office laboratories
- Independent laboratories
- Hospital laboratories
Global Laboratory Information System Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America