The global laboratory information system market has a handful of multinational players and is characterized by moderate growth. Competition is not very stiff on account of brand conscious buyers who are loyal to certain products, which has effectively negated incentives for product differentiation. Some of the key companies operating in the industry are STARLIMS Corporation, Labware Inc., and Thermo Fisher Scientific Inc. Labware Inc. These companies have a diversified presence worldwide, leading the market with a wide array of products. STARLIMS Corporation has the maximum global outreach and Thermo Fisher leads by revenue.
The global laboratory information system market is slated to reach US$2.158 bn by 2019.
International Players Rush in to Tap into the High Potential Asia and Latin America Markets
Application-wise, the laboratory information systems can be divided into clinical diagnostics laboratory information systems and drug delivery laboratory information systems. The market for clinical diagnostics laboratory information systems market is expected to lead the market by achieving a value of US$1.290.2 bn by 2019.
Laboratory information systems can further be segmented into web-based, cloud-based and on-premise depending upon the delivery method. Web-based laboratory information system is a software-based delivery model that offers quick diagnostics and captures electronic data. The traditional on-premise laboratory information system requires a license for each server and end user. A cloud-based laboratory information system leverages SaaS (Software-as-a-Service) to provide healthcare data from any online computer at any time. Compared to cloud-based software, on-premise software is costlier as it is capital and time intensive. Hence, its market is predicted to see lackluster growth.
Globally, Europe and North America hold a dominant position in laboratory information systems market on account of their early adoption of healthcare technologies and the growing demand for integrated healthcare systems. Among the two, North America is the largest market and is expected reach a value of US$1.072 bn by 2019. Asia and Latin America are slated to grow fast due to investment in this area by both healthcare IT players and governments. They are looked upon as high potential market by international laboratory information system companies, wanting to expand their market reach.
Inoperability Issues Poses Maximum Threat to Market Growth for Laboratory Information Systems
A growing shift towards automated instruments in laboratories has propelled the demand for laboratory information systems, which accord accurate diagnostic data to arrive at better decisions for treatment. Demand in hospitals for laboratory information systems for timely presentation of testing reports and also to access patient testing history have also filliped the market. The other market growth drivers are increasing government investments and efforts, growing realization of benefits of an integrated healthcare system, and rising investment by the IT sector in healthcare technologies.
Coming to restraints, the analyst of the TMR report states, “One of the primary challenges faced by laboratory information system companies is providing outreach services that seamlessly and affordably interface with different laboratory information systems’ equipment available.” Other restraints include dearth of experienced people to operate and maintain laboratory information systems and the high cost of maintaining the system.
This review is based on the findings of a TMR report titled “Laboratory Information System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019.”
Global Laboratory Information System Market, by Delivery Mode
Global Laboratory Information System Market, by Components
Global Laboratory Information System Market, by Region
- North America
- Asia Pacific
- Rest of the World
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