Healthcare Laboratory Information Market to Rise with a Considerable CAGR of 8%
Ameco Research Analysts says that the Healthcare Laboratory Information Market will reach a market size of more than USD 4,300 Million by 2028 rising at a CAGR of around 8% during the predicted years
A laboratory information system (LIS) is a software system for clinical laboratories that records, manages, and stores data. Traditionally, a LIS's primary function has been to send laboratory test orders to lab instruments, trace those orders, and then record the results, generally in a searchable database. This management software or system is an IT solution that helps laboratories deal with regulatory, automation, and data management issues. Laboratory activities are streamlined as a result of its use, resulting in increased clinical efficiency. This system was previously exclusively used to keep track of the samples collected by the laboratory. However, thanks to current technologies, healthcare software has evolved into an integrated solution for all types of laboratory requirements. A basic LIMS (laboratory information management system) oversees customer services, invoicing the services provided to patients, and keeping track of the laboratory's samples and tests.
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Growing preference for electronic health records (EHRs) boost the industry growth
An integrated EHR-LIS reduced stat requests and preanalytic phlebotomy errors while improving turnaround time inside the laboratory. Despite the fact that the number of requests for add-ons rose, a computerized add-on process boosted efficiency and provider satisfaction. Laboratory information systems are essential for satisfying quality control requirements, reducing transcription errors, optimizing processes, incorporating automation, and contributing to patient care, whether clinically or for research purposes. The increasing need for (and dependence on) laboratory data to serve clinical, microbiological, and public health needs has emerged from technological developments in laboratory instrumentation in recent years. Numerous tests and studies generate a great amount of data that must be saved and analyzed in order to reach a conclusion. According to a report from the International Data Corporation (IDC), the volume of healthcare data was 153 exabytes in 2013 and is expected to reach 2,314 exabytes in 2020.
The increasing prevalence of chronic disorders that led growing number of laboratory tests has resulted in a huge amount of data to manage. This factor has also driven the market with a significant growth rate. Globally, 41 million people die due to non-communicable diseases (NCDs) which are equivalent to 71% of all deaths globally and are one of the major contributors to chronic conditions. These diseases are caused by rapid unplanned urbanization, globalization of unhealthy lifestyles, and population ageing. Poor diet and lack of physical activity can cause high blood pressure, high blood glucose, high blood lipids, and obesity. These are identified as metabolic risk factors, and they can lead to cardio-vascular disease, which is the leading source of early death among NCD patients.
On the other hand, the high maintenance and service cost of the healthcare laboratory informatics is one of the restraining factors of the market. Furthermore, the increasing popularity of cloud-based laboratory information systems, the growth potential of developing economies, and the rising demand for personalized medicine are the aspects that are likely to generate numerous growth opportunities for the market in the coming years.
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Global Healthcare Laboratory Information Market Classification
The healthcare laboratory information market is divided into five categories: component, deployment model, product type, end-use, and geography. The component segment is split into software and services. On-premise and cloud-based are the bifurcations of the deployment model segment. Based on the deployment model, the cloud-based segment generated the largest revenue in 2020 and is likely to achieve the fastest growth rate throughout the forecast period 2021 – 2028. On the basis of product type, the market is divided into chromatography data system (CDS), laboratory information management system (LIMS), electronic data capture (EDC) & clinical data management systems (CDMS), enterprise content management (ECM), electronic lab notebook (ELN), scientific data management system (SDMS), and laboratory execution systems (LES). By product type, the LIMS segment achieved the major chunk of shares in 2020 owing to its increasing application in large laboratories, research institutes, and pharma companies. Based on end-use, the market is divided into academic research institutes, biobanks/biorepositories, CROs, pharmaceutical and biotechnology labs, molecular diagnostics & clinical research laboratories, and others. Among them, the pharma and biotechnology labs segment gathered a significant amount of share in 2020.
North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa (MEA) are the regional categorization of the global healthcare laboratory information market. In 2020, the highest part will be accounted for by developed infrastructure and increased demand for digitalized technology in North America. However, the Asia-Pacific region is expected to record the fastest growth rate in the coming years. The increased demand is linked to both commercial and public healthcare agencies' increased research and development activity.
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The key companies offered in the report include 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.
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