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Market Research Report

Laboratory Information System Market by Component (Solutions & Software and System), by Product Type (Standalone & Integrated), by Delivery Mode (On-Premise, Web & Cloud Based), by End-Users (Clinical Labs, Anatomic Pathology, & Molecular Diagnostics) - Global Analysis and Forecast 2016-2024

Published On : 2018-03-06 Report Page : 320 Category: Healthcare

Global Laboratory Information System Market 

Market Overview

To meet the demands of the rapidly changing health care environment, lab information system can help today’s laboratory from clinical, financial aspects to addressing patient safety, productivity and regulatory requirements. The solution suite helps provide an adaptable, reliable and integrated approach across laboratory information systems, anatomical pathology, blood bank and financial systems along with supporting hospital, reference and hybrid laboratory business models of all sizes, from single site to multi-facility. Up to 80% of all diagnostic decisions are informed by lab test results as laboratory solutions are designed to reduce manual steps in the lab workflow, making information easier to share. Innovations, such as Radio Frequency Identification (RFID) tracking, are designed and offered to help with the clinician’s positive identification tasks, along the laboratory and health system workflow.

Goldstein Research analyst forecast the lab information market size is set to reach USD 2.75 billion by 2024, at a CAGR of 7.25% over the forecast years. Growth of the global laboratory information systems market is mainly driven by the uptrend of per capita healthcare expenditure across both developed and developing economies.

Covered In This Laboratory Information System Market Report

The report covers the present ground scenario and the future growth prospects of the Lab Information System market for 2016-2024 along with the data of total number of diagnostic labs and multispecialty labs worldwide. We calculated the market size and revenue share on the basis of revenue generated from major players across the globe.

Global Lab Information System Market Segmentation

By Component

  • Solutions & Software
    • Clinical Lab Reference Testing Management Software
    • Paragon Clinical Patient Data App
    • Billing and Collection Services and Revenue Cycle Management
    • Paragon Ancillary Health Services EHR Solutions
  • System
    • Laboratory Solutions for Health Systems
    • Blood Bank Information Management System
    • Cardiac Cath Lab Information Management System
    • Echocardiography Information Management System

By Product Type

  • Standalone
  • Integrated

By Delivery Mode

  • On-premise
  • Web Based
  • Cloud Based

By End User

  • Clinical Labs
  • Anatomic pathology
  • Molecular diagnostics
  • Others (Laboratory Outreach)

Based on Geography

  • North America (U.S. & Canada) Lab Information System Market
  • Latin America (Brazil, Mexico, Argentina & Rest of Latin America) Lab Information System Market
  • Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) Lab Information System Market
  • Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) Lab Information System Market
  • Middle East & Africa (GCC, South Africa, North Africa, RoMEA) Lab Information System Market

Based on component, service segment is currently the most attractive market and is estimated to account for 52% market share in 2016 while software tends to be the most lucrative market over the forecast period owing to its accessibility to lab resources and archiving batch results. However, market acceptance of new software products and establishing processes for data management tends to drive rise in advent of innovative LIS systems over the forecast period

Lab Information System Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global Lab Information System Market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global Lab Information System Market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Our global Lab Information System Market report comprises of the following companies as the key players: CompuGroup Medical, Cerner Corp, McKesson, Evident, Medical Information Technology, LabWare, Sunquest Information Systems Inc., SCC Soft Computer, Epic Systems Corporation.

According to our global market study on the basis of extensive primary and secondary research:  “One trend is the innovations in mobility solutions like patient portal app designed for patients to view specific personal health data compatible with iOS, Android & Windows. In addition, history based apps for physicians to manage their appointments, diet apps for healthcare catering operations, audit management apps and feedback app.”

According to the report, major driving factor for lab information system market is the major investment in advanced healthcare performance for example Infosys is offering healthcare analytics solutions on Microsoft Intelligent Cloud Technology. Healthcare industry is undergoing a paradigm shift largely due to consumerization and increasing costs and with the advent of advanced analytics in lab systems and cloud technologies, it is now possible to process, store and analyze large volumes of structured and unstructured datasets at a lower cost, which can yield tremendous benefits to various healthcare processes.

Further, the report states the major challenge is the lack of trained professionals as it is anticipated that world will be short of 12.9 million health-care workers by 2035; today, that figure stands at 7.2 million due to the ageing health workforce with staff retiring or leaving for better paid jobs without being replaced, while inversely, not enough young people are entering the profession or being adequately trained.

Based on geography, North America dominated the global lab information system market with the market share of 51% in 2016 followed by Europe owing to facilitate secure exchange of data between clinicians and systems and thus, protect overall patient safety and secrecy of medical records. APAC is expected to be the fastest growing and the opportunistic lab information system market for the vendors due to the increasing number of hospitals, clinics and private laboratories. Japan is the most dominating market after US due to the growing trend of designing, development and implementation of lab information system.     

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Lab Information System Market report

  • What is the total market size by 2024 and what would be the expected growth rate of market?
  • What is the revenue of Lab Information System in 2015-16 and what would be the expected demand over the forecast period?
  • What are the key market trends?
  • What are the factors which are driving this market?
  • What are the major barriers to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities for the existing and entry level players?
  • What are the recent developments and business strategy of the key players?

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Laboratory Information System Market by Component (Solutions & Software and System), by Product Type (Standalone & Integrated), by Delivery Mode (On-Premise, Web & Cloud Based), by End-Users (Clinical Labs, Anatomic Pathology, & Molecular Diagnostics) - Global Analysis and Forecast 2016-2024

A complementary 2hrs free facility through which report buyers can interact with our pool of experienced analysts for any report related queries, clarifications or additional data requirements

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A complementary 2hrs free facility through which report buyers can interact with our pool of experienced analysts for any report related queries, clarifications or additional data requirements