Global Healthcare Laboratory Information Market - Global Industry Analysis, Market Size, Opportunities and Forecast 2021 - 2028
The global market for healthcare laboratory information is expected to reach US$ 4.32 Bn by 2028 from US$ 1.98 Bn in 2020 growing at a substantial growth rate of 8.7% between 2021 and 2028.
Healthcare laboratory information system is used by hospitals and labs all over the world to handle and report patient data and test results. Healthcare laboratory information systems (LIS) are used by providers and laboratory professionals to organize the workflow and quality control of inpatient and outpatient medical tests, such as haematology, immunology, chemistry, toxicology, microbiology, public health, and other lab fields. During a provider visit, laboratory information systems track, store, and update clinical details about a patient in their database for future reference. To manage the intricacies and regulatory nature of lab testing in today's healthcare environment, laboratories demand a dedicated LIS and devoted vendor support. By assisting in decision-making, assuring consistent execution of procedures that boosts laboratory productivity, and automating accurate billing, a dedicated, customizable LIS can help improve laboratory workflow efficiency and error-proofing.
Growing adoption of automation in laboratories primarily drives market growth. Protocols in academic life science laboratories rely substantially on the manual manipulation of tools, reagents, and instruments by a diverse group of researchers and students. Automation to supplement or replace manual operations is restricted in comparison to industrial and clinical laboratory environments. Automation in the research lab will undoubtedly become a more important part of future research programmes, continuing the trend of merging engineering and science knowledge to solve unique research issues.
The extraordinary spread of a covid-19 epidemic has necessitated vast amounts of lab testing, which has increased the stress on lab employees who must manage a massive amount of data. With community transmission of the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) continuing in the United States, the function of testing in mitigating and suppressing spread has gotten a lot of attention. By May 2020, the private sector had completed 99 percent of COVID-19 testing in the United States. The number of SARS-CoV-2 tests peaked in August 2020 and then escalated at around 1 million per day.
In addition, strict regulations imposed by government bodies are also expected to drive the market further. Data security is the most basic requirement for any industry, especially one that deals with patient data and reports. The usage of a LIMS is done expressly to make the procedure easier and more secure, while also protecting patient information from being misused. This must be done while expanding the organization's knowledge of the system by making lab information available to diverse departments within the business. However, high maintenance and service costs and lack of integration standards are the factors that may restrict the market from growing.
Component, product type, deployment, end-use, and geography are all used to segment the worldwide healthcare laboratory information market. The component segment can be bifurcated into software and services. Based on product type, the market categorizes into chromatography data system (CDS), electronic data capture (EDC) & clinical data management systems (CDMS), electronic lab notebook (ELN), enterprise content management (ECM), laboratory execution systems (LES), laboratory information management system (LIMS), and scientific data management system (SDMS). Cloud-based and on-premise are the splits of the deployment model segment. By end-use segment, the market includes academic research institutes, biobanks/biorepositories, CROs, pharmaceutical and biotechnology labs, molecular diagnostics & clinical research laboratories, and others.
Worldwide Healthcare Laboratory Information Industry Regional Rivalry
North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America are the regions in which the worldwide healthcare laboratory information market is divided. North America held the biggest market share of all regions in 2020. Three elements are contributing to the North American industry's dominant growth: increased assistance from government organizations, the presence of modern healthcare facilities, and the easy accessibility of LIMS products and services. The Asia-Pacific area is likely to grow at the quickest rate between 2021 and 2028, according to projections. The APAC market is predicted to develop as the population grows and the occurrence of various diseases increases, resulting in a greater demand for laboratory testing.
Global Healthcare Laboratory Information Industry Segment Analysis
Market By Component
Market By Product Type
· Laboratory Information Management System (LIMS)
· Laboratory Execution Systems (LES)
· Scientific Data Management System (SDMS)
· Electronic Lab Notebook (ELN)
· Chromatography Data System (CDS)
· Enterprise Content Management (ECM)
· Electronic Data Capture (EDC) & Clinical Data Management Systems (CDMS)
Market By Deployment
Market By End - Use
· Pharmaceutical and Biotechnology Labs
· Academic Research Institutes
· Molecular Diagnostics & Clinical Research Laboratories
Healthcare Laboratory Information Market Major Companies
This section of the report identifies the market's major players. Abbott, AgileBio LLC, Agilent Technologies, Agaram Technologies Pvt Ltd, Benchling, Inc., CSols Inc., Genologics, LabLynx, Inc., Infosys, LabWare, PerkinElmer, Inc., LabVantage Solutions, Inc., Starlims, Thermo Fisher Scientific, Tech Mahindra, ID Business Solutions Ltd., and Waters Corporation are the key companies mentioned in the research.
Healthcare Laboratory Information Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa