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Laboratory Information System Market to Rise at 7.70% CAGR from 2013 to 2019, Propelled by Growing Demand for Improved Laboratory Efficiency

Press Release   •   May 24, 2016 05:18 EDT

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.

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Laboratory information systems are complex information systems developed and designed for the management of data related to medical laboratories and industries. Data from analytical and clinical laboratories is also managed by using enhanced laboratory information systems. With laboratory information system, users can obtain, store, retrace, manage, record, and alter laboratory information. This information is used for diagnosis, management, prevention, and treatment of various diseases. Laboratory information systems are custom developed as per the needs of a laboratory.

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.

The global laboratory information system market is segmented on the basis of region, component, delivery mode, and application. Based on region, the global laboratory information system market is divided into North America, Asia, Europe, and Rest of the World. In terms of units, the North America laboratory information system market is predicted to dominate the global laboratory information system market in the years to come. McKesson Corporation, Sunquest Information Systems, CompuGroup Medical (Germany), Merge Healthcare, Orchard Software, TechniData America, Siemens Medical Solutions, HEX Laboratory Systems, Cerner Corporation Medical Information Technology (Meditech), SCC Soft Computer, EPIC Systems Corporation, and Computer Programs and Systems Inc. are some of the leading companies in the global laboratory information system market.

By component, the global laboratory information system market is classified into software, services, and hardware. Factors such as growing use of smartphones and the increasing number of companies focusing on launching new products are expected to create new opportunities for the global laboratory information system market in the years to come. Based on the delivery mode, the global laboratory information system market is classified into web-based, cloud-based, and on-premise.

Drug delivery laboratory information systems and clinical diagnostics laboratory information systems are two of the major application segments of the global laboratory information system market. The clinical diagnostics laboratory information systems segment is expected to expand at an 8.90% CAGR during the period from 2013 to 2019.

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