Laboratory Information System Market, Growth Opportunities, Analysis by 2024

Posted by Yash Chauhan on March 1st, 2019

The global laboratory information system market size is expected to reach USD 3.2 billion by 2024, with a CAGR of 8.5% during the forecast period (2018 – 2024). The major factors leading to the considerable growth in the laboratory information system market due to the growing geriatric population, increasing prevalence of chronic diseases, increasing need for precise and quality laboratory diagnosis. Moreover, with the mounting research and development for personalized medicine, and increasing need for integrated healthcare system are supporting the growth of the laboratory information system market, globally.

Based on product, the laboratory information system market is categorized into:

• Standalone
• Integrated

Of the two categories, standalone LIS hold the larger share in the market and the integrated LIS market is predicted to grow at the faster CAGR during the forecast period. With the increasing adoption of cloud-based solutions, along with the lower maintenance and service charge the demand for integrated LIS is anticipated to increase significantly in the coming years.

On the basis of component, the market is segmented into:

• Software
• Services

Based on delivery mode, the market is segmented into:

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

Based on delivery mode, the market is segmented into:

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

Factors that have been acting as the driving factors for the growth of this industry are:

• Increasing occurrence of chronic diseases
• Aging population
• Escalating demand for quality and precision of laboratory diagnosis
• Expanding awareness of LIS
• Mounting requirement for integrated healthcare system

Geographic Overview

• North America — US, Canada, and Mexico
• Europe — Germany, U.K., France, Italy, Spain, and Rest of Europe
• Asia Pacific — Japan, China, India, Australia, South Korea, and Rest of Asia-Pacific
• Rest of the World — Brazil, South Africa, Saudi Arabia, U.A.E., and Others

Of all the different regions, North America account for the largest share of the largest laboratory information system market, globally. The key factor leading to the largest LIS market size in North America are high prevalence of chronic diseases, mandatory regulatory standards in the U.S., and increasing research and development for personalized medicines.

Asia-Pacific is observed to witness significant growth in the laboratory information system market during the forecast period, as the region comprises of a large population with chronic diseases, increasing cancer research and diagnostic initiatives, increasing demand for the integrated healthcare system, and mounting awareness of LIS.

Competitive Insight

The key players operating in the global laboratory information system market are: Cerner Corporation, SCC Soft Computer, Mckesson Corporation, Compugroup Medical AG, EPIC Systems Corporation, Computer Programs and Systems, Inc., International Business Machines, and Orchard Software Corporation.

Contact

Kundan Kumar
Manager: Client Care
VynZ Research
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