Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Healthcare market research firm, has published competitive intelligence and market research report on “ Laboratory Information System Market “. The Laboratory Information System market size was valued at USD 1.80 Bn in 2021. The total Laboratory Information System Market revenue is expected to grow at a CAGR of 9.3 percent from 2022 to 2029, reaching USD 3.67 Bn during the forecast period.
Laboratory Information System Market Scope and Research Methodology
The report provides an in-depth analysis of the current framework of the Laboratory Information System Market including its major characteristics. The Laboratory Information System Market growth drivers, growth opportunities, restraints, and challenges are provided in the report with the forecast period of 2022-2029. All the necessary and essential market figures are provided in the report to help the new entrant analyze the Laboratory Information System Market.
Bottom Up approach was used to estimate the Laboratory Information System Market size of various segments and sub-segments. Secondary research was used to collect information for the extensive, market-oriented, and commercial analysis of the Laboratory Information System Market. The sources used to obtain key information about major Laboratory Information System Market players, market development and technology perspectives were investors’ presentations, press releases, expert interviews, SEC filings, and annual reports. Primary research was conducted to validate the qualitative and quantitative information collected through secondary research from the Laboratory Information System Market. The report is equipped with a competitive analysis of the Laboratory Information System Market players. The Laboratory Information System Market was analyzed by region, revenue, financial status, portfolio, technological advancement adopted, social, social medial presence, and mergers and acquisitions.
Laboratory Information System Market Overview
Laboratory Information System Market is a software that processes, stores and manages data from medical processes and tests. Laboratory Information System is used by physicians and lab technicians to coordinate varieties of inpatient and outpatient medical testing. Laboratory Information System is related to a Laboratory Information Management System but there are differences between the two software types.
Demand for Lab Automation to influence the Laboratory Information System Market growth
Increased demand for lab automation and advancements in R&D activities in pharmaceutical and biotechnological laboratories are expected to influence the Laboratory Information System Market growth. Human errors are reduced by the lab automation while performing tasks such as pipetting and moving plates. Advanced healthcare facilities in hospitals is major factor influencing the Laboratory Information System Market growth. Need to control diagnostic errors, rise in chronic disease, and use of Laboratory Information System to enhance laboratory clinical workflow efficiency is expected to influence the Laboratory Information System Market growth. Adoption of cloud-based services for advancements in the Laboratory Information System industry is expected to contribute to the Laboratory Information System market growth.
Lack of integration standards for Laboratory Information System with various issues related to integration and implementation is expected to restrain the Laboratory Information System Market growth.
North America region to dominate the regional Laboratory Information System Market over the forecast period
North American region held the largest Laboratory Information System Market share around 40 percent in 2021. Well-established healthcare IT sector and government initiatives makes laboratory services more affordable. Advanced infrastructure and increased demand for digitalized technologies in North America is expected to boost the regional Laboratory Information System Market growth.
The European region held 40 percent while Asia-Pacific region held 20 percent of total Laboratory Information System Market in 2021. The regions are expected to continue to grow over the forecast period due to advanced IT sectors present in the region.
