Laboratory Information System Market: Clinical Diagnostics Systems to Grow at an 8.9% CAGR
A laboratory information system is a complex information system designed for data and information management related to industrial and medical-related laboratories including clinical and analytical laboratories.
Transparency Market Research has published a new report on the global laboratory information system market. As per the report, the global laboratory information system market is predicted to progress from US$1,381.4 bn in 2013 to US$2,158.0 bn by 2019. The report, titled ‘Laboratory Information System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019’, states that the global laboratory information system market is expected to expand at a 7.70% CAGR between 2013 and 2019.
The growing need to custom-design and develop laboratory systems as per the changing needs of laboratories is expected to propel the global laboratory information system market during the forecast period. The global laboratory information system market is expected to develop rapidly due to factors such as increasing investment by healthcare IT players, increasing initiatives taken by the governments of various countries, and improvements in healthcare services. However, factors such as the lack of knowledgeable professionals, the high cost of laboratory information systems, and high maintenance requirements are expected to restrict the growth of the global laboratory information system market in the years to come.
North America Holds Largest Regional Laboratory Information System Market
Clinical diagnostics systems and drug delivery systems are the two segments of the laboratory information system market based on the applications of these systems. The clinical diagnostics laboratory information system has segment captured the biggest share in this market based on its applications. This segment is likely to increase at a CAGR of 8.9% during the period of 2013 to 2019.
Based on the delivery mode, web-based, cloud-based, and on-premise are the market segments of the global laboratory information system industry. On the other hand, hardware, software, and services are the categories on the basis of the components of laboratory information systems.
Regionally, North America qualifies as the largest market for laboratory information systems in the world. A rise in the incidence of fatal diseases in North America is giving rise to the need for timely diagnosis and treatment of these ailments. This factor is triggering the demand for laboratory information systems in this region.
Apart from the rising prevalence of these diseases, government initiatives in Europe to encourage the utilization of laboratory information systems have resulted in the introduction of the region as the fastest developing market for laboratory information systems. At the national level, Germany, Japan, the U.S. and the U.K. are the fastest emerging laboratory information system markets, holding an enormous growth potential.
Global Laboratory Information System Industry to Reach US$2,158 billion in 2019
The global laboratory information system industry had reached a value of US$1,381.4 billion in 2013. Ongoing enhancement in medical and healthcare facilities is augmenting the demand for laboratory information systems all over the world, owing to which this market is predicted to expand at a 7.7% CAGR between 2013 and 2019. The demand for effective IT systems in diagnostic and medical laboratories is likely to boost the global market in the future. The market will be reaching an anticipated value of US$2,158.0 billion by the end of the forecast period.
STARLIMS Corporation, 3M Health Information Systems Inc., Labware Inc., Labvantage Solutions Inc., Cerner Corporation, Autoscribe Informatics Inc., AAC Infotray AG, Thermo Fisher Scientific Inc., McKesson Corporation, and Merge Healthcare Incorporated are the major companies participating in the global market for laboratory information systems, with McKesson Corporation being the market leader. Currently, the leading players are focused on introducing new products in the market.
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