Growth and change of COVID-19 until 2030
The major players in the laboratory information systems market are Cerner Corporation, McKesson Corporation, Epic Corporation Inc, Medical Information Technology Inc, SCC Soft Computer, Sunquest Information Systems Inc, CompuGroup Medical AG, Computer Programs and Systems Inc, Merge Healthcare Inc and Orchard Software Company.
New York, September 24, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Laboratory Information System Global Market Report 2021: COVID-19 Growth And Change To 2030” – https://www.reportlinker.com/p06151661/?utm_source=GNW
The global laboratory information systems market is expected to grow from $ 1.59 billion in 2020 to $ 1.72 billion in 2021 at a compound annual growth rate (CAGR) of 8.2%. The growth is primarily driven by businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The market is expected to reach $ 2.88 billion in 2025 at a CAGR of 14%.
The Laboratory Information Systems market comprises the revenue generated by the companies offering laboratory information system software products and related services. A laboratory information system is software or a database that helps to efficiently manage a clinical laboratory for the storage, processing and tracking of data, used by hospitals, laboratories, doctor’s offices and clinics to optimize their workflow.
The Laboratory Information Systems market covered in this report is segmented by product into stand-alone LIS, integrated LIS, and by end-user in hospital laboratories, independent laboratories, doctor’s office laboratories, etc.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
The high costs associated with implementing and maintaining laboratory information systems are expected to limit the growth of the laboratory information systems market. The cost of a laboratory information system ranges from $ 4,000 to $ 100,000, with an additional annual operating cost of $ 1,000 to $ 5,000.
Operating costs include costs related to software licensing, training of healthcare personnel, maintenance and service charges. Laboratories may opt for the cheaper version due to the high cost of the software even when the need is a more expensive version to reduce the lab load, causing operational instability.
Therefore, the high cost of a laboratory information system is expected to hamper the market.
In October 2019, Francisco Partners, a U.S. technology-focused private equity firm acquired Orchard Software Corporation, a private laboratory information systems (LIS) development company, for an undisclosed amount. This acquisition should fuel innovations. and offer new technologies to orchard customers using the experience of Francisco’s partners.
Orchard Software Corporation was founded in 1993 and is a pioneer in laboratory information systems, deploying its software in physician offices, clinics, hospitals and small laboratories.
Growing demand for laboratory automation is a major factor in the growth of the laboratory information systems market. An increasing number of people undergo a series of tests, which in turn increases the burden on laboratories.
Clinical laboratories hire more healthcare staff to reduce the workload of existing staff and minimize the number of errors associated with it in order to increase the efficiency and effectiveness of laboratory operation for accurate results. According to the Bureau of Labor Statistics, About 12,000 additional clinical laboratory professionals are needed each year to meet demand, but only half of them enter the field.
Thus, laboratories opt for automation to facilitate the work. For example, TriCore Reference Laboratories in Albuquerque, Mexico, introduced automation into its 20% of instrumentation, which runs nearly 80% of the lab’s samples and displays, helping the lab manage and optimize its functions for faster and more precise results.
Cloud-based laboratory information system is expected to become the dominant trend in the laboratory information systems market. Cloud computing is associated with the sharing of computing resources and services, including storage and servers over the Internet for reduced cost, increased speed, productivity, and system security in the network.
The cloud system in laboratory information systems offers various advantages such as cost efficiency, better results and progress without space constraint. For example, the APEX laboratory information system from Apex HealthWare, LLC, Arxspan Laboratory Software? from Bruker Software Solutions, Orchard Laboratory Information System from Orchard Software Corporation are cloud-based systems that improve efficiency, reduce errors and improve patient care.
Thus, a cloud-based laboratory information system is expected to gain popularity in the laboratory information systems market.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and United States.
Read the full report: https://www.reportlinker.com/p06151661/?utm_source=GNW
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