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HEALTHCARE & PHARMACEUTICAL

Laboratory Information Systems Market Analysis by Product (Standalone, and Integrated); by Component (Services, and Software); by Delivery Mode (On-premise, and Cloud Based); and by End-User (Hospital Labs, Independent Labs, POLs, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • May, 2021: Orchard Software Corporation has joined hands with Corwen, LLC. This partnership is projected to accelerate the company’s molecular capabilities and continue its commitment to provide integrated LIS solutions.

  • April, 2022: CliniSys Group has acquired ApolloLIMS. This collaboration is a significant step towards enabling a new wave of digital diagnostics and community laboratories.

Global Laboratory Information Systems Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Laboratory Information Systems Market Size

The global laboratory information systems market is estimated to garner a revenue of ~USD 5 billion by the end of 2031 by growing at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 2 billion in the year 2021. The primary growth factor of the market in the assessment period is the rising cases and deaths due to the prevalence of chronic diseases across the world. As per the Centers for Disease Control and Prevention, it was calculated that in the year of 2022, one out of ten adults in the United States is suffering from at least one chronic disease and four out of ten adults were diagnosed with two or more than chronic diseases. Further, as per recent data of 2020, chronic diseases are sole responsible for approximately 40 million deaths globally.

Laboratory Information Systems Market Size

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In the past few years, there has been high demand for lab automation, large-scale implementation of laboratory information systems in hospitals, and technological advancements in laboratory information system offerings, due to the rise in number of life-threatening diseases. As a result, the need of quality of samples and management has bolstered the sales of laboratory information systems in the healthcare industry. The prevalence of non-communicable diseases is anticipated to increase the adoption rate of laboratory information systems for early detection, diagnosis and to prevent deaths. As per statistics by the World Health Organization (WHO) in 2021, non-communicable diseases kill almost 41 million people each year, which equals to 71% of deaths globally.

Global Laboratory Information Systems Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Cases and Deaths Due to Cardiovascular Diseases – As per a report published by World Health Organization in 2021, the deaths due to cardiovascular diseases around the world was calculated to be almost 17.9 million annually.

  • Rising Prevalence of Autoimmune Diseases – As per recent statistics of 2021, it was revealed that almost 24 million Americans are affected by autoimmune diseases annually.

  • Boom in Pharma Sector – The recent estimates reveals that the revenue generated by global pharma industry stood up at USD 1.30 trillion in 2020.

  • Escalation in Hospital Visits – Recent data depicts that the total number of health center patient visits in the United States in 2020 was 115 million people.  

  • Growth in Hospital Industry – The Indian hospital industry stood up at approximately USD 135 billion by FY22 from USD 63 billion in FY17, with a robust CAGR of 17%.

Challenges

  • High Maintenance of Equipment
  • Additional Service Costs
  • Low Adoption Rate in Developing Countries

The laboratory information systems market is segmented and analyzed for demand and supply by end-user into hospital labs, independent labs, POLs, and others. Out of these, hospital labs segment is expected to garner the highest revenue by 2031. The segment growth is attributed to increasing number of hospitals across the world. Recent calculations revealed that the number of hospitals in Colombia in 2020 had the highest number of hospitals, i.e., 10,900. Japan was followed by the United States, which had 6,090 hospitals during the same time period. Also, the recent health awareness has propelled the population for more hospital visits and health checkups. In the year of 2020, in the hospitals of the United States around 800 outpatient visits occurred.

Major Macro-Economic Indicators Impacting the Market Growth

Laboratory Information Systems Market Size

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Laboratory Information Systems Market Regional Synopsis

Regionally, the global laboratory information systems market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031. The market in the region is primarily driven by well-developed healthcare infrastructure and increase in demand for digitalized technologies for early detection of diseases. Surge in non-communicable diseases such as cancer and diabetes is expected to increase the adoption rate of laboratory information systems. The Centers for Disease Control and Prevention revealed that in the United States 1,752,735 new cancer cases were reported and 599,589 people died of cancer in 2019. Whereas, in 2018, 34.2 million people, equivalent to 10.5% of the United States Population had been diagnosed with diabetes. Also, the rising health expenditure and healthcare industry are another growth driver for the North America region in the upcoming years. In 2021, revenue generated by the U.S. healthcare industry stood at USD 800 billion.

Laboratory Information Systems Market Regional Synopsis

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The global laboratory information systems market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global laboratory information systems market includes the following segments:

By Product

  • Standalone
  • Integrated

By Component

  • Services
  • Software

By Delivery Mode

  • On-premise
  • Cloud Based

 

By End User

  • Hospital Labs
  • Independent Labs
  • POLs
  • Others

Top Featured Companies Dominating the Global Laboratory Information Systems Market

  • CliniSys Group
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Allscripts Healthcare, LLC
  • Orchard Software Corporation
  • CompuGroup Medical SE & Co. KGaA
  • LabVantage Solutions
  • Thermo Fisher Scientific Holdings, Inc.
  • STARLIMS CORPORATION
  • PROLIS
  • Medical Information Technology, Inc.
  • Epic Systems Corporation

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