Global Laboratory Information System Industry: Clinical Diagnostics Systems to Grow at an 8.9% CAGR

According to a recent market study published by Transparency Market Research (TMR), A laboratory information system is a software-based laboratory and information management system, which obtains, stores, processes, manages, retrieves, and records data from all steps of medical procedures and tests to support a modern laboratory's operation.The laboratory information system provides information which assists in the detection, management, prevention, and treatment of the ailment. It also helps by acting as an indicator for the health of an individual as well as a larger population pool. There isn’t any standard laboratory information system design, as client laboratories are extremely diverse in nature and infrastructure, and have dissimilar requirements. Hence, a laboratory information system is designed, developed, and configured as per the client’s requirements.

The developments in medical and healthcare services are expected to act as the driving force behind the growth of the global laboratory information system market during the period of 2103-2019. A soaring need for integrated information systems in the medical and healthcare industry, dynamic initiatives taken by several governments, and the increasing investment by medical and healthcare IT industry participants are adding to the growth of the global market for laboratory information system. However, the shortage of skilled and experienced professionals, the high cost of services and maintenance, and interoperability issues can restrict the growth of this market in the coming years.

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.

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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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