North America to Dominate Laboratory Information System Market until 2025 – TechSci Research
Rising prevalence of chronic diseases and surging need for laboratory automation across the globe to drive the growth of global laboratory information system market
According to TechSci Research report, “Global Laboratory Information System Market By Product (Standalone LIS, Integrated LIS), By Component (Services, Software), By Delivery Mode (On-Premises, Cloud-Based), By End-user (Hospital Labs, Independent Labs, Physician Office Laboratories, Others), By Region, Forecast & Opportunities, 2025”, global laboratory information system market is expected to witness robust CAGR during the forecast period. Growing requirement for laboratory automation is one of the major factors accounting for the growth of global laboratory information system market. Moreover, development of integrated laboratory information systems is expected to bode well for the growth of global laboratory information system market through the forecast period. In addition to this, rising support for disease treatment methods and research by the governments across various economies is also anticipated to fuel the demand for associated technologies and solutions, thereby positively influencing the growth of global laboratory information system market. Also, laboratory information systems offers several benefits such delivering fast and accurate subtyping for diseases, decrease redundancy and costs, providing quick access to cancer data, and facilitating data collection and then integrating it through various types of instruments and systems, thereby fueling the growth of this market. However, there are certain factors that might hamper the growth of global laboratory information system market over the coming years such as high maintenance and service costs associated with laboratory information systems.
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Global laboratory information system market can be segmented based on product, component, delivery mode, end user, company, and region. Considering the component, the market is fragmented into services and software. The services segment dominated the global laboratory information system market in terms of largest market share until 2019 and is further anticipated to maintain its dominance during the forecast period as well, which can be accredited to their indispensable nature as well as repetitive requirement. Moreover, the end users depend on service providers for consulting, implementing services, data storage, maintenance, training, and regular upgrades of solutions, which is further anticipated to boost the segmental growth over the coming years. In terms of end user, the market is categorized into hospital labs, independent labs, physician office laboratories, others. Out of these, the hospital labs segment is forecast to grow at a high CAGR in the years to come, owing to increasing adoption of laboratory information systems in hospitals for reducing the waiting time for patients and improve the overall quality of diagnostics.
LabVantage, Abbott Laboratories, LabWare, McKesson Corporation, Thermo Fisher Scientific, LabLyn, Computing Solutions, Labworks LLC, Siemens, Dassault Systemes, Orchard Software Corporation, Sunquest Information Systems Inc., Cerner Corporation, Computer Programs and Systems, Inc., CompuGroup Medical AG, Meditech, Epic Systems Corporation, Schuyler House, LabHealth, American Soft Solutions Corp are among others are the leading players operating in global laboratory information system market. The players are adopting several growth strategies to enhance the market scenario of laboratory information system. Other competitive strategies include product launches; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diversify their product portfolio to strengthen their market position.
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“North America is forecast to dominate the global laboratory information system market during the next five years on account of presence of several major players in the United States. Furthermore, increased reimbursements for pathology procedures is also contributing to the growing trend. Additionally, growing cases of cancer in the region are further anticipated to fuel the market over the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Laboratory Information System Market By Product (Standalone LIS, Integrated LIS), By Component (Services, Software), By Delivery Mode (On-Premises, Cloud-Based), By End-user (Hospital Labs, Independent Labs, Physician Office Laboratories, Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global laboratory information system market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global laboratory information system market.
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