Laboratory Information System Market is expected to grow at a CAGR of 9.3 percent over the forecast period
MAXIMIZE MARKET RESEARCH PRIVATE LIMITED
Updated 9 min read
MAXIMIZE MARKET RESEARCH PRIVATE LIMITED
Laboratory Information System Market covers the segment based on Product, Component, Delivery mode and End User. Integrated LIS segment in the Laboratory Information System Market is expected to dominate the Laboratory Information System Market size over the forecast period.
Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Healthcare market research firm, has published competitive intelligence and market research report on “Laboratory Information System Market“. The Laboratory Information System market size was valued at USD 1.80 Bn in 2021. The total Laboratory Information System Market revenue is expected to grow at a CAGR of 9.3 percent from 2022 to 2029, reaching USD 3.67 Bn during the forecast period.
Market Size in 2021
USD 1.80 Bn
Market Size in 2029
USD 3.67 Bn
CAGR
9.3 percent (2022-2029)
Forecast Period
2022-2029
Base Year
2021
Number of Pages
260
No. of Tables
125
No. of Charts and Figures
132
Segment Covered
By Product, Component, Delivery Mode, and End-Users
Regional Scope
North America, Europe, Asia Pacific, Middle East and Africa, South America
Laboratory Information System Market Scope and Research Methodology
The report provides an in-depth analysis of the current framework of the Laboratory Information System Market including its major characteristics. The Laboratory Information System Market growth drivers, growth opportunities, restraints, and challenges are provided in the report with the forecast period of 2022-2029. All the necessary and essential market figures are provided in the report to help the new entrant analyze the Laboratory Information System Market.
Bottom Up approach was used to estimate the Laboratory Information System Market size of various segments and sub-segments. Secondary research was used to collect information for the extensive, market-oriented, and commercial analysis of the Laboratory Information System Market. The sources used to obtain key information about major Laboratory Information System Market players, market development and technology perspectives were investors’ presentations, press releases, expert interviews, SEC filings, and annual reports. Primary research was conducted to validate the qualitative and quantitative information collected through secondary research from the Laboratory Information System Market. The report is equipped with a competitive analysis of the Laboratory Information System Market players. The Laboratory Information System Market was analyzed by region, revenue, financial status, portfolio, technological advancement adopted, social, social medial presence, and mergers and acquisitions.
Laboratory Information System Market Overview
Laboratory Information System Market is a software that processes, stores and manages data from medical processes and tests. Laboratory Information System is used by physicians and lab technicians to coordinate varieties of inpatient and outpatient medical testing. Laboratory Information System is related to a Laboratory Information Management System but there are differences between the two software types.
Demand for Lab Automation to influence the Laboratory Information System Market growth
Increased demand for lab automation and advancements in R&D activities in pharmaceutical and biotechnological laboratories are expected to influence the Laboratory Information System Market growth. Human errors are reduced by the lab automation while performing tasks such as pipetting and moving plates. Advanced healthcare facilities in hospitals is major factor influencing the Laboratory Information System Market growth. Need to control diagnostic errors, rise in chronic disease, and use of Laboratory Information System to enhance laboratory clinical workflow efficiency is expected to influence the Laboratory Information System Market growth. Adoption of cloud-based services for advancements in the Laboratory Information System industry is expected to contribute to the Laboratory Information System market growth.
Lack of integration standards for Laboratory Information System with various issues related to integration and implementation is expected to restrain the Laboratory Information System Market growth.
North America region to dominate the regional Laboratory Information System Market over the forecast period
North American region held the largest Laboratory Information System Market share around 40 percent in 2021. Well-established healthcare IT sector and government initiatives makes laboratory services more affordable. Advanced infrastructure and increased demand for digitalized technologies in North America is expected to boost the regional Laboratory Information System Market growth.
The European region held 40 percent while Asia-Pacific region held 20 percent of total Laboratory Information System Market in 2021. The regions are expected to continue to grow over the forecast period due to advanced IT sectors present in the region.
Based on Product, Integrated LIS segment to dominate the regional Laboratory Information System Market over the forecast period
Integrated LIS segment in the Laboratory Information System Market held the largest market share of 68 percent and dominated the regional market over the forecast period. Benefits such as automated laboratory administration, lower risk of mistakes, instrument &equipment integration and greater overall efficiency are factors expected to result in the Laboratory Information System Market growth. Need for manual order input, reduced human mistakes and time saving are the advantages of integrated LIS segment.
Based on Delivery mode, On-Premise segment to witness significant growth over the forecast period
On-Premise segment dominated the Laboratory Information System market in 2021 and is expected to grow at a growth rate of 9 percent over the forecast period. On-Premise segment needs to have a software license. On-premise solution requires in-house server infrastructure and IT personnel. Cloud-based segment is expected to witness a growth with CAGR of 8.5 percent over the forecast period. Cloud storage has almost no storage capacity constraints and are responsible for the On-Premise segment growth in Laboratory Information System market.
Laboratory Information System Market key players includes
SCC soft computers focuses on optimizing laboratory operations, providing consistent connectivity to laboratory instruments, and other information systems. Advances in technology through SCC Soft Computer led to improvements in laboratory information systems. SCC Soft Computer's solution provides quantifiable improvements in clinical outcomes. The total annual revenue of the company is 140.9 Mn.
Apex Healthware (US):
Apex Healthware is providing easy to use affordable laboratory management solutions for commercial labs, Reference Labs and Veterinary Clinics. The components support plug in modules for a variety of specialities, pathology, and toxicology. The total annual revenue of the company is 50.2 Million.
Key questions answered in the Laboratory Information System Market are:
What is Laboratory Information System?
What was the Laboratory Information System market size in 2021?
What is the forecast period of the Laboratory Information System market?
What will be the Laboratory Information System market size by 2029?
What is the growth rate of the Laboratory Information System Market?
Which factors are expected to influence the Laboratory Information System Market growth?
What factors are expected to hamper the Laboratory Information System Market growth?
Which segment dominated the Laboratory Information System Market growth?
What is the demand pattern for the Laboratory Information System market?
Which region held the largest share in the Laboratory Information System market?
Who are the key players in the Laboratory Information System market?
Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022−2029
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation – A detailed analysis by Product, Component, Delivery Mode and End User
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
Competitive landscape – Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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