Global Laboratory information System Market to Witness 8.5% CAGR During 2018 – 2024, Attaining the Market Size of USD 3.2 billion by 2024

Sep, 2018

The global laboratory information system market is predicted to grow to USD 3.2 billion by 2024, growing at a CAGR of 8.5% during the forecast period. The market is driven by the factors such as the mounting demand for quality and precision laboratory diagnosis, escalating awareness of LIS, mounting incorporation of laboratory information systems and EHR systems, the mounting requirement of the integrated healthcaresystem, and technological advancement in LIS.

Market Report "Global Laboratory Information System Market – Analysis and Forecast (2018-2024)

The mounting occurrence of chronic diseases, expanding geriatric population, mounting requirement to limit diagnostic errors, the demand of novel and innovative products, and escalating healthcare expenditure is further fuelling the growth of the laboratory information system market.

The market for laboratory information system is primarily driven by mounting incorporation of laboratory information systems and EHR systems, as it manages the obtaining, handling, and storage of information created by laboratories. In addition, it is used to transmit laboratory test orders, document test results, and store data in a database used by the user. Moreover, mounting occurrence of chronic diseases and expanding geriatric population the demand for quality laboratory diagnosis is escalating for the management and diagnosis of diseases. This offers market players immense opportunities for clinical trials, which will drive their revenue growth.

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Among all products, standalone hold the larger share in the laboratory information system market, globally. The integrated segment is witnessing the highest growth in the market globally, owing to the decrease of the separate maintenance and service charge of these LIS solutions.

Based on the component the laboratory information system market is segmented into software and services. Of both the component, services are expected to grow at the fastest rate during the forecast period, globally. An essential type of these services such as software upgrading, training, and software maintenance post-installation along with obtainability of innovative LIS services by key players are some of the factors facilitating the growth of the services segment in the laboratory information system market.

The different delivery modes of, the laboratory information system market are web-based, on-premise, and cloud-based. Of all these delivery modes, the on-premise category accounted the largest share in the laboratory information system market owing to customization characteristic of this delivery mode, and data securities.

Based on end user the laboratory information system market is segmented into hospital laboratories, physician office laboratories, independent laboratories, and others. Of all the end users, the market size for the independent laboratories is expected to grow at the fastest CAGR of 9.4% during the forecast period, globally. In addition, hospital laboratories accounted the largest share in the market.

North America accounted for the major share in the laboratory information system industry in 2017, globally as the players and government in the region are expanding initiatives in healthcare IT, the mounting need for the integrated healthcare system, and escalating healthcare spending. In addition, the mounting occurrence of chronic diseases, expanding the need for quality cancer diagnosis, development of novel and innovative products, mounting personalized medicine initiatives, technological advancement in LIS, and expanding geriatric population are some of the factors facilitating the growth of the North American laboratory information system market.

Moreover, Asia-Pacific is observed to witness the fastest growth in the laboratory information system market, owing to mounting the occurrence of chronic diseases, expanding the geriatric population, hospital arranging for laboratory information system, and refining healthcare infrastructure. An escalating awareness of LIS, large population base, expanding the need for quality cancer diagnosis, the mounting requirement for the integrated healthcare system, and government schemes to increase healthcare IT are some of the factors fuelling the growth of the Asia-Pacific laboratory information system market.

Key players in the laboratory information system industry are investing in the development of advanced, which is strengthening their position in the market. Cerner Corporation, SCC Soft Computer, LabVantage Solutions, Mckesson Corporation, Compugroup Medical AG, EPIC Systems Corporation, Computer Programs and Systems, Inc., International Business Machines, and Orchard Software Corporation are some of the key players offering laboratory information system.

Global Laboratory Information System Market Coverage

Product Insight and Forecast 2014-2024

  • Standalone
  • Integrated

Component Type Insight and Forecast 2014-2024

  • Software
  • Services

Delivery Mode Insight and Forecast 2014-2024

  • On-Premise
  • Web-Based
  • Cloud-Based

End User Insight and Forecast 2014-2024

  • Hospital Laboratories
  • Independent Laboratories
  • Physician Office Laboratories
  • Other End Users

Geographical Segmentation

Laboratory Information System Market by Region

North America

  • U.S.
  • Canada
  • Mexico

Europe

  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific

  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Rest of the World

  • Brazil
  • South Africa
  • Saudi Arabia
  • U.A.E
  • Other Countries
Global Laboratory information System Market to Witness 8.5% CAGR During 2018 – 2024, Attaining the Market Size of USD 3.2 billion by 2024