The size of the Laboratory Information System Market in North America was worth USD 0.61 Billion in 2022. It is expected to reach USD 0.91 Billion by 2027, with a significant CAGR of 8.4% during the forecast period.
The Laboratory Information Systems (LIS) Market in the North American region is predicted to be driven by the factors such as Y-O-Y growth in the incidence of chronic diseases, growing demand for automation of systems and devices, and increased efficiency. Chronic diseases such as cardiovascular disease, cancer, neurological disorders, respiratory diseases, and diabetes account for 60% of fatalities worldwide. Furthermore, the rising need for early diagnosis of diseases, treatment plans for the same, and individualized medicines is expected to boost the market’s growth rate.
In addition, the demand for advanced laboratory research and technology is increasing as people become more concerned about chronic illness. The LIS industry in North America benefits from government support in raising awareness about various chronic diseases and improving research methodology.
North America has risen to first place in recent years as a result of numerous scientific endeavors. As a result, the procedures performed are preserved and recorded for many purposes. Diagnostic errors are complicated, and according to many government bodies, they must be reduced in order to give safe therapy. It is necessary to upgrade software systems, which are doable in well-developed and technologically advanced regions.
However, high installation costs for laboratory information systems, additional service and maintenance costs, and the expense of recruiting IT experts are expected to limit the North America LIS market expansion. The market growth would be hampered by software updates and service costs, and a lack of integrated standards. Other significant barriers to market growth include increased data thefts and hackings. End-user and client-related difficulties impede market expansion. The most important aspects of server maintenance are system upgrades and software tool regulations. Implementations in current software systems, such as big data, market data security more difficult. In the information systems sector, data deprivation is a significant concern.
This research report on the North America laboratory information system market has been segmented and sub-segmented into the following categories:
By Delivery Mode:
The global laboratory information system market was dominated by the North American market in 2020, which is expected to grow rapidly during the forecast period. The market for laboratory information systems is attributed to the increased market value, expanded research and activities, technological improvements, and effective reimbursement plans for pathology and other research procedures. In addition, the presence of several investors, public and private funding agencies, government and non-government organizations increase the market size of laboratory information systems in this region. Moreover, U.S. and Canada are majorly contributing to the North American regional market growth.
The United States LIS market held the largest share of the North American laboratory information systems market in 2020. The market growth is driven by the increasing prevalence of chronic diseases, necessitating more integrated healthcare systems and advanced healthcare infrastructure. In addition, biotechnology businesses in the United States spent around USD 44,793 million in research and development in 2017, according to the Organization for Economic Co-operation and Development (OECD). As a result, over the forecast period, this is expected to boost the market’s growth.
Canada is the pioneer in conducting primary research and developing new approaches, and preserving them for future generations. As a result, the market for laboratory information systems grows in size. In addition, the growing need for laboratory information systems in hospitals for efficient patient information monitoring would propel the market forward in the area.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North American laboratory information systems 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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