Laboratory Information System Global Market Report 2023
Major players in the laboratory information system market are Cerner Corporation, McKesson Corporation, Epic Corporation Inc, Medical Information Technology Inc, SCC Soft Computer, Sunquest Information Systems Inc, CompuGroup Medical AG, Computer Programs and Systems Inc, Merge Healthcare Inc and Orchard Software Corporation.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Laboratory Information System Global Market Report 2023" - https://www.reportlinker.com/p06229180/?utm_source=GNW
The global laboratory information system market will grow from $2.24 billion in 2022 to $2.42 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The laboratory information system market is expected to grow to $3.41 billion in 2027 at a CAGR of 8.9%.
The laboratory information system market consists of revenue generated by the companies offering software and services that helps in the efficient managing of a clinical laboratory for storing, processing, and tracking data, which the hospitals, laboratories, physician offices and clinics use to optimize their workflow.Values in this market are ’factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A laboratory information system (LIS) is a computer system that assists in managing many aspects of a medical laboratory, including the input, processing, and storage of information and data.
North America was the largest region in the healthcare services market in 2022.Western Europe was the second largest region in the healthcare services market.
The regions covered in the laboratory information system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types in laboratory information systems are standalone LIS and integrated LIS.Stand-alone LISs use data models that are developed exclusively for managing laboratory data and activities, and they are fundamentally different from electronic health record (HER) data models.
The different components include software, services and are used by various sectors such as hospital laboratories, independent laboratories, physician office laboratories, others.
The rising demand for lab automation is a major factor driving the growth of the laboratory information system market.A growing number of people are undergoing a series of tests, which in turn, increases the burden on the laboratories.
The clinical laboratories are hiring more healthcare personnel to reduce the amount of workload on existing staff and minimize the number of errors associated with it in order to increase the efficiency and efficacy of the lab’s functioning for accurate results.According to the Bureau of Labour Statistics, around 12,000 additional clinical laboratory professionals are required every year to meet the demand, however, only half of the number is entering the field.
Thus, laboratories opt for automation to ease the work. For instance, TriCore Reference Laboratories in Albuquerque, Mexico, introduced automation in its 20% of instrumentation, which performs almost 80% of the lab’s samples and displays helping the lab in managing and optimizing its functions for faster and accurate results.
High costs associated with implementing and maintenance of laboratory information systems are anticipated to limit the growth of the laboratory information system market.The cost of a laboratory information system ranges from $4,000 and $100,000 and also an additional annual operating cost of $1000 to $5000.
The operating costs comprise cost related to the software license, training of the healthcare personnel, maintenance, and service cost.The laboratories may opt for the lower-cost version owing to the high cost of software even when the requirement is for a higher-cost version to reduce the burden of the laboratories, causing operational instability.
Therefore, the high cost of a laboratory information system is expected to hinder the market.
A cloud-based laboratory information system is expected to become the leading trend in the laboratory information systems market.Cloud computing is associated with the sharing of computer resources and services including storage and servers over the internet for a reduced cost, increased speed, productivity, and security of the system in the network.
The cloud system in laboratory information systems offers various advantages such as cost-efficiency, better results, and progress without space constrain.For instance, APEX laboratory information system by Apex HealthWare, LLC, Arxspan Laboratory Software? by Bruker Software Solutions, Orchard laboratory information system by Orchard Software Corporation are cloud-based systems, which improve efficiency, reduce errors, and enhance patient care.
Thus, a cloud-based laboratory information system is expected to gain significant traction in the laboratory information system market.
In January 2022, CliniS?ys, a US-based informatics software company, acquired HORIZON Lab Systems and combined with Sunquest Information Systems for an undisclosed amount.The acquisition aimed to make CliniS?ys the largest company in the world devoted to diagnostic and laboratory informatics.
HORIZON Lab Systems is a US-based company specialized in laboratory information management systems.Sunquest Information Systems Inc. is a US -based developer of medical laboratory and diagnostic information solutions.
The countries covered in the laboratory information system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The laboratory information system market research report is one of a series of new reports that provides laboratory information system market statistics, including laboratory information system industry global market size, regional shares, competitors with a laboratory information system market share, detailed laboratory information system market segments, market trends and opportunities, and any further data you may need to thrive in the laboratory information system industry. This laboratory information system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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