New York, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Laboratory Information Systems Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Laboratory Information Systems Market Size:
The global laboratory information systems market is estimated to grow with a CAGR of ~8% over the forecast period, i.e., 2023-2033. The market is further anticipated to generate a revenue of ~USD 5362.8 Million by the end of 2033, up from a revenue of ~USD 2300 Million in the year 2022. Laboratory information systems is used for recording laboratories data. They are used in sending laboratories test orders, record test results, and store data in a database used by the user in laboratories. Chronic disease needs to be diagnosed for which CT and MRI scan has been used. The data is further reordered for deeper analyses. Hence rising cases and deaths owing to the prevalence of chronic diseases are expected to boost the growth of the market. According to the Centers for Disease Control and Prevention, four out of ten persons in the United States would have two or more chronic diseases by the year 2022, with six in ten adults in the country having at least one chronic disease.
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Because of the rise in life-threatening diseases over the past few years, there has been a significant demand for lab automation, widespread installation of laboratory information systems in hospitals, and technological breakthroughs in the offers of laboratory information systems. The necessity for high-quality sample handling and collection has therefore boosted the sales of laboratory information systems in the healthcare sector. Further the growing prevalence of non-communicable diseases is anticipated to boost the market growth. According to data from the World Health Organization (WHO) in 2021, non-communicable illnesses are responsible for about 41 million deaths year, or 71% of all fatalities worldwide.
Global Laboratory Information Systems Market: Key Takeaways
- North America to hold the highest revenue
- Cloud based segment to hold the largest market share
- Asia Pacific region to propel significant growth
Rising Prevalence of Autoimmune Disease to Boost Market Growth
There has been growing prevalence of autoimmune disease all around the world. Recent data from 2021 showed that about 24 million Americans experience autoimmune illnesses each year. They are a significant contributor to death and disability. Some autoimmune disorders are uncommon, whereas Hashimoto's disease affects a large population. Autoimmune disease usually affects a person having family history with the same history. Hence it is necessary to record the data in laboratory information systems. Therefore, this factor is expected to boost the growth of the market.
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Further the growth in hospital industry is also expected to boost the market growth. By 2022, the Indian healthcare market is anticipated to reach approximately USD 370 billion, driven by rising income, improved health awareness, lifestyle diseases, and greater insurance access. Also to improve the nation's healthcare infrastructure, the Indian government intends to launch a credit incentive programme worth about USD 7 billion.
Global Laboratory Information Systems Market: Regional Overview
The global laboratory information systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Non-Communicable Diseases Such as Diabetes to Drive Market Growth in North America Region
The laboratory information systems market in North America region is estimated to garner the largest revenue by the end of 2033, backed by growing non-communicable diseases in this region. According to the American Diabetes Association, 11.3% of the population, or 37.3 million Americans, had diabetes in 2019. Almost 1.9 million Americans, including roughly 244,000 children and teenagers, have type 1 diabetes. Also owing to the well-developed healthcare infrastructure is expected to drive the demand for laboratory information systems. According to projections, national health spending projected increase at an average annual rate of 5.4 percent from 2019 to 2028, totaling $6.2 trillion. Also, compared to 2019, when health care spending increased by 5.9%, it increased by 36.0% in 2020. This expansion was more rapid in part as a result of the COVID-19 epidemic.
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Growing Geriatric Population in Asia Pacific Region to Favour Growth in Asia Pacific Region
The market in Asia Pacific region is expected to have a significant growth by the end of 2033. The growth of the market in this region can be attribute to growing geriatric population. According to an estimate, in Asia and the Pacific, one in four persons would be older than 60 by 2050. The growing age brings in various health related issues which also includes various chronic diseases. Hence this factor is expected to boost the demand for laboratory information systems.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Laboratory Information Systems Market, Segmentation by Deliver Mode
- Cloud Based
- Premises
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The cloud based segment is anticipated to garner the largest revenue by the end of 2033, backed by its ability to provide data from multiple locations, multiple systems, and multiple branches. Also adoption of cloud based services is expected to drive the segment growth. Cloud based services is expected to be the fastest service to store and upload the data. For instance, in order to upload a file to the server, Dropbox offers an average upload speed of 22.5 Mbps, which keeps it among the top cloud storage services.
Global Laboratory Information Systems, Segmentation by End-User
- Hospital Labs
- Independent Labs
- POLs
- Others
The hospital labs segment is anticipated to hold the largest revenue by the end of 2033, backed by increasing number of hospitals across the world. There were over 8,230 hospitals in Japan as of 2020. Korea, by contrast, had about 4,100 hospitals.
Few of the well-known market leaders in the global laboratory information systems market that are profiled by Research Nester are CliniSys Group, Allscripts Healthcare, LLC, Orchard Software Corporation, CompuGroup Medical SE & Co. KGaA, LabVantage Solutions, Thermo Fisher Scientific Holdings, Inc., STARLIMS CORPORATION, PROLIS, Medical Information Technology, Inc., Epic Systems Corporation, and other key market players.
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Recent Development in Global Laboratory Information Systems Market
- In May 3, 2021, in order to advance our molecular capabilities and keep up with our promise to offering the most comprehensive, integrated LIS solution available on the market, Orchard Software announced that they have acquired Corwen, LLC.
- In April 12, 2022, The Nashville, Tennessee-based Clinisys Group purchased ApolloLIMS, a top provider of laboratory information management systems with expertise in clinical, public health, toxicology, and molecular diagnostics.
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