A laboratory information system is a complex information system designed for data and information management related to industrial and medical-related laboratories including clinical and analytical laboratories. Laboratory information system allows users to obtain, store, manage, retrieve and record laboratory data. Laboratory information system provides information that helps in the diagnosis, prevention, management and treatment of disease, as well as being an indicator for individual and population health. There is no standard laboratory information system designed due to the fact that client laboratories are highly diverse and have different requirements. Therefore, a laboratory information system is developed, customized and configured according to the needs of a laboratory. Globally, improvement in healthcare services is playing a major role in increasing the demand of laboratory information system. As a result, this market is expected to grow at a CAGR of about 7.7% during 2013 – 2019.
Some of the key driving factors for the laboratory information systems market are increasing need for integrated healthcare information systems, rising government initiatives and rising investments by healthcare IT players. Also, improvement in healthcare services in different parts of the world is increasing the global laboratory information systems market. However, the market faces some restraints such as lack of experienced professionals, high maintenance and service expenses and interoperability issues. Increasing use of mobile phones and companies focusing on new product launches are some of the major trends witnessed in the laboratory information systems market.
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Global Laboratory Information System Market: Overview
Transparency Market Research (TMR) projects the global laboratory information system market to report a CAGR of 7.70% between 2013 and 2019. The market’s valuation stood at US$1.3 bn in 2013, and is expected to reach US$2.15 bn by the end of 2019.
Despite exhibiting strong growth, factors such as the high cost of laboratory information system, lack of trained professions, and high expenditure incurred on the maintenance of these systems are inhibiting the market’s growth to an extent. Nevertheless, with the increasing use of mobile phones, leading enterprises in the market are focusing launching products that could be controlled remotely using a simple application downloaded in the user’s smartphone. Such advances are expected to give momentum to the global laboratory information system market in the forthcoming years.
Based on application, clinical diagnostics held the largest share in the market in 2013 and is expected to expand at a CAGR of 8.9% from 2013 and 2019. Regionally, North America dominated the market in 2013. The region has been witnessing an increasing incidence of chronic ailments, which requires accurate diagnosis. This is a major factor bolstering growth of the laboratory information system market in North America. The public funded structure is also giving impetus to the regional market.
However, the increasing incidence of fatal diseases and favorable government initiatives promoting the use of laboratory information system across its healthcare sector, are boosting the market in Europe at the fastest pace. Globally, the U.S., Japan, Germany, and the U.K. have emerged as the most lucrative markets for laboratory information systems. Besides growth witnessed across developed countries, the market also witnesses strong potential across emerging economies.
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