DUBLIN, November 10, 2021 / PRNewswire / – A Market to Develop and Reach $ 2.88 billion in 2025 according to “Global Laboratory Information Systems Market Report 2021: Growth and Change of COVID-19 to 2030” the report was added to ResearchAndMarkets.com offer.
This report equips strategists, marketers, and senior management with the essential information they need to assess the global Laboratory Information Systems market.
This report focuses on the rapidly growing Laboratory Information Systems market. The report gives a guide to the Laboratory Information Systems market that will shape and change our lives over the next ten years and beyond, including the market response to the challenge of the global pandemic.
The global laboratory information systems market is expected to grow by $ 1.59 billion in 2020 at $ 1.72 billion in 2021 at a compound annual growth rate (CAGR) of 8.2%. The growth is primarily driven by businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The market is expected to reach $ 2.88 billion in 2025 at a CAGR of 14%.
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What is the largest and fastest growing market for laboratory information systems? How does the market relate to the overall economy, demographics, and other similar markets? What forces will shape the market in the future? All of these questions and more are answered by the global Laboratory Information Systems Market report.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market share, trends and strategies for this market. It traces the historical and forecast growth of the market by geography. It places the market in the context of the larger laboratory information systems market and compares it to other markets.
- The Market Characteristics section of the report defines and explains the market.
- The market size section gives the market size ($ b) covering both the historical growth of the market, the influence of the COVID-19 virus, and the forecast for its growth.
- Market segmentations break down the market into submarkets.
- The regional and country breakdowns section gives an analysis of the market within each geography and market size by geography and compares their historical and forecast growth. It covers the growth trajectory of COVID-19 for all regions, major developed countries and major emerging markets.
- The competitive landscape gives a description of the competitive nature of the market, market shares and a description of the main companies. The main financial transactions that have shaped the market in recent years are identified.
- The Trends and Strategies section analyzes the shape of the market emerging from the crisis and suggests how companies can grow as the market recovers.
- The Laboratory Information Systems Market section of the report provides background. It compares the Laboratory Information Systems market with other segments of the Laboratory Information Systems market by size and growth, history and forecast. It analyzes the proportion of GDP, per capita expenditure, the comparison of indicators from the laboratory information system.
The major players in the laboratory information systems 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 Company.
The Laboratory Information Systems market comprises the revenue generated by the companies offering laboratory information system software products and related services. A laboratory information system is software or a database that helps to efficiently manage a clinical laboratory for the storage, processing and tracking of data, used by hospitals, laboratories, doctor’s offices and clinics to optimize their workflow.
The Laboratory Information Systems market covered in this report is segmented by product into stand-alone LIS, integrated LIS, and by end-user in hospital laboratories, independent laboratories, doctor’s office laboratories, etc.
The regions covered by this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high costs associated with implementing and maintaining laboratory information systems are expected to limit the growth of the laboratory information systems market. The cost of a laboratory information system ranges from $ 4000 and $ 100,000 as well as an additional annual operating cost of 1000 $ To $ 5,000. Operating costs include the costs of software licensing, training of nursing staff, maintenance and service. Laboratories may opt for the lower cost version due to the high cost of the software even when the requirement is for a higher cost version to reduce the lab load, causing operational instability. Therefore, the high cost of a laboratory information system is expected to hamper the market.
In October 2019, Francisco Partners, a US technology-focused private equity firm, acquired Orchard Software Corporation, a privately held laboratory information systems (LIS) development company, for an undisclosed amount. This acquisition is expected to fuel innovations and offer new technologies to orchard customers using the experience of Francisco’s partners. Orchard Software Corporation was founded in 1993 and is a pioneer in laboratory information systems, deploying its software in physician offices, clinics, hospitals and small laboratories.
The growing demand for laboratory automation is a major factor in the growth of the laboratory information systems market. An increasing number of people undergo a series of tests, which increases the workload of laboratories. Clinical laboratories hire more healthcare staff to reduce the workload of existing staff and minimize the number of errors associated with it in order to increase the efficiency and effectiveness of laboratory operation for accurate results. According to the Bureau of Labor Statistics, approximately 12,000 additional clinical laboratory professionals are needed each year to meet demand, however, only half of the number enter the field. Thus, laboratories opt for automation to facilitate the work. For example, the TriCore Reference Laboratories in Albuquerque, Mexico, introduced automation into its 20% of instrumentation, which performs nearly 80% of the laboratory’s samples and displays, helping the laboratory to manage and optimize its functions for faster and more accurate results.
Cloud-based laboratory information system is expected to become the dominant trend in the laboratory information systems market. Cloud computing is associated with the sharing of computing resources and services, including storage and servers over the Internet for reduced cost, increased speed, productivity and system security in the network. The cloud system in laboratory information systems offers various advantages such as cost efficiency, better results and progress without space constraint. For example, the APEX laboratory information system from Apex HealthWare, LLC, Arxspan Laboratory Software? by Bruker Software Solutions, Orchard Laboratory Information System by Orchard Software Corporation are cloud-based systems that improve efficiency, reduce errors and improve patient care. Thus, a cloud-based laboratory information system is expected to gain popularity in the laboratory information systems market.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, United States.
Main topics covered:
2. Characteristics of the Laboratory Information Systems Market
3. Laboratory Information Systems Market Trends and Strategies
4. Impact of COVID-19 on the laboratory information system
5. Laboratory Information Systems Market Size and Growth
5.1. Historical Global Laboratory Information System Market, 2015-2020, in USD Billion
5.1.1. Market pilots
5.1.2. Market restrictions
5.2. Global Laboratory Information System Forecast Market, 2020-2025F, 2030F, in USD Billion
5.2.1. Market pilots
5.2.2. Market restrictions
6. Laboratory information systems market segmentation
6.1. Global Laboratory Information Systems Market, Product Segmentation, History and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
6.2. Global Laboratory Information Systems Market, Segmentation by End User, History and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
6.3. Global Laboratory Information Systems Market, Component Segmentation, History and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
7. Regional and Country Analysis of Laboratory Information Systems Market
7.1. Global Laboratory Information Systems Market, Divided by Region, Historical and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
7.2. Global Laboratory Information Systems Market, Divided by Country, Historical and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
For more information on this report, visit https://www.researchandmarkets.com/r/fprbsx
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