The size of the Latin America Laboratory Information System Market was valued at USD 0.14 Billion in 2022. It is further forecasted to be worth USD 0.22 billion by 2027, registering a CAGR of 8.9% from 2022 to 2027.
A laboratory information system (LIS) is software that manages the laboratory activities regarding the data for clinical laboratories.
The laboratory information management systems market in Latin America is growing due to the increased demand for simplified data with minimal errors and can be transported digitally across regions. Many clinical trials information can now be collected and stored through LIS for both physicians and patients. Recent research indicates that 45% of hospitals in Latin America employed EMR systems in 2018, compared to 38% in 2017. It was also reported that the Latin American EMR market is predicted to grow at a rate of 7.55% in the upcoming years, owing to the great need for digitalization in the healthcare sector. Factors like the growing number of tests and various new and old diseases require ample storage and management software for smooth and proper functioning. Growing concerns about any traffic or faulty issues in the system lead to more patients growing concerned about their health and treatment options. Many IT companies and biologics corporates are popularizing Laboratory information management systems to map out the disease in different age groups for better treatment options. This will help the government from being overburdened by any illness and support patient education.
With the growing demand for precision medication and customized healthcare plans, the healthcare departments in Latin America are adopting the Laboratory information system to increase their share in the global market during the forecast period.
The high maintenance and service costs associated with LIS ought to be a major restraint to market growth. The maintenance cost for IT solutions is more than the actual price of the software. Moreover, the lack of skilled professionals and high-tech equipment for this LIS is anticipated to impact market growth during the forecast period negatively.
This research report on the Latin America LIS Market has been segmented and sub-segmented into the following categories:
By Delivery Mode:
In 2020, Brazil dominated the Latin America laboratory information systems market, with a share of 43%, followed by Argentina and Mexico. The large share of the Brazilian market can be attributed to the increasing prevalence of chronic diseases, favorable reimbursement policies, and developing hospital and laboratories facilities in the region. In addition, the developing healthcare and bio-sciences infrastructure and increase in digitalization have evolved the industry in Brazil, and this is estimated to remain the same over the forecasted period. Furthermore, reduced IT manpower, growing medical tourism, and easy product availability are factors for this regional market's growth.
Argentina held the second-largest position in the Latin America laboratory information systems market in 2020, with the highest compound annual growth rate of 8.7% CAGR during the forecast period. This is attracting the eye of many international bioscience and biotechnology companies to establish their units in this region, owing to the presence of cheap labor and growing healthcare demand.
According to the Organization for Economic Co-operation and Development, biotechnology companies in Mexico and Argentina spend over USD 555 million annually in research and development. This research and development increase the adoption and demand of laboratory information systems which will boost the market. Additionally, the growth in demand for digitalized medical technologies is driving the need to develop different analytical solutions among industries.
KEY MARKET PLAYERS:
A few notable players operating in the Latin America laboratory information system market profiled in this report are McKesson, Cerner Corporation, Epic System Corporation, SCC Software Computers, Medical information technology, Labware, Sunquest Information systems, Compugroup Medical, and Evident.
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