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Visiongain report:Global laboratory information systems market forecast 2018-2028

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Web-Based, On-Premise Based, Cloud-Based, Software, Hardware, Services, Clinical, Drug Discovery, Industrial

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Visiongain report:Global laboratory information systems market forecast 2018-2028

  1. 1. Page 47visiongain.com/industries/pharma Global Laboratory Information Systems Market Forecast 2018-2028: Web-based, On-Premise based, Cloud- based, software, hardware, services, clinical, drug discovery, industrial cloud-based computing system leads to reduced IT costs, enhanced productivity, faster and smoother implementation, and increased system confidence. Although, this technology is new and not much prevalent currently, however,it is expected to be the fastest growing technology in LISmarket in future. Table 7.4 Cloud-Based LIS Market by Region: ($m, AGR%, CAGR%), 2018-2028 Services 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 CAGR % (2018- 2028) North America 147.9 160.6 174.8 190.7 208.3 228.0 249.8 274.0 300.8 330.4 363.3 399.8 9.5% AGR % 8.6% 8.8% 9.1% 9.3% 9.4% 9.6% 9.7% 9.8% 9.9% 10.0% 10.0% Europe 50.0 53.3 57.0 61.0 65.4 70.2 75.5 81.2 87.5 94.2 101.6 109.5 7.5% AGR % 6.7% 6.8% 7.1% 7.2% 7.4% 7.5% 7.6% 7.7% 7.7% 7.8% 7.8% Asia Pacific 36.3 40.4 45.0 50.3 56.2 63.0 70.6 79.1 88.8 99.7 111.9 125.8 12.0% AGR % 11.2% 11.4% 11.7% 11.8% 12.0% 12.1% 12.1% 12.2% 12.3% 12.3% 12.4% RoW 37.0 40.0 43.3 46.9 50.9 55.3 60.2 65.4 71.2 77.5 84.3 92.0 8.7% AGR % 8.1% 8.2% 8.4% 8.5% 8.6% 8.7% 8.8% 8.8% 8.8% 8.8% 9.0% Total 271.3 294.4 320.1 348.9 380.8 416.5 456.1 499.8 548.2 601.8 661.2 727.1 9.5% AGR % 8.5% 8.7% 9.0% 9.2% 9.4% 9.5% 9.6% 9.7% 9.8% 9.9% 10.0% CAGR % (2018- 2023) 9.1% CAGR % (2023-2028) 9.8% Source: Visiongain 2018 North American cloud-based technology market accounted biggest market share of 55% in 2017. The North American market is estimated to be $160.6 million in 2018 and projected to reach at a value $399.8 million by 2028 during the forecast period. However, Asia-Pacific cloud-based technology market is projected to grow at a highest CAGR of 12% from 2018 to 2028, to reach at a value $125.8 million by 2028. European cloud-based technology market is the second biggest market with a market share 18% in 2017. According to clauses of the HIPAA, the healthcare industry in the U.S. has to adopt new systems that support electronic medical records (EMR) and share data in an efficient and secure manner with other healthcare providers and government agencies. This will lead to higher adoption of cloud-based LIS, which allow laboratories to share real-time information with hospitals and patients. The Cloud-based system is the fastest growing segment in the LIS market. The rising need for converting all paper-based records of patients, drugs, chemicals and environmental tests into digital form, rising healthcare costs, real-time sharing of secured information and increasing potential benefits of deploying cloud-based solutions are the major growth drivers for the LIS market.
  2. 2. Page 56visiongain.com/industries/pharma Global Laboratory Information Systems Market Forecast 2018-2028: Web-based, On-Premise based, Cloud- based, software, hardware, services, clinical, drug discovery, industrial 9. Market Analysis 9.1 Porter’s Five Forces Analysis The Porter’s Five Forces Analysis has been undertaken to understand the global laboratory information systems market and its associated industry trends. Competitiveness is a multi- dimensional concept which can be looked at from three different levels: country, industry, and firm level. In this report, Porter’s Five Forces Analysis has been undertaken to determine the competitive intensity and attractiveness of the laboratory information systems market. Each of the five forces is analyzed against some of the key criteria influencing the impact of that particular force. According to Porter’s Five Forces Analysis, competition in an industry depends on the competitive forces such as: the bargaining power of suppliers, threat of new entrants, bargaining power of buyers, rivalry among existing firms, and threat of substitute products or services. The goal of a competitive strategy for a business unit in an industry is to find a position in the industry where the company can, at best, defend itself against these competitive forces or can influence them in their favor. An effective competitive strategy creates a dependable position against the five competitive forces. The detailed quantification of each of the market forces is given in the following sections. Figure 9.1 Laboratory Information Systems Market Porter’s Five Forces Analysis, 2017 Source: Visiongain 2018 Industry Rivalry MEDIUM Bargaining Power of Suppliers MEDIUM Threat of Substitutes MEDIUM- HIGH Bargaining Power of Buyers MEDIUM Threat of New Entrants MEDIUM- HIGH
  3. 3. Page 65visiongain.com/industries/pharma Global Laboratory Information Systems Market Forecast 2018-2028: Web-based, On-Premise based, Cloud- based, software, hardware, services, clinical, drug discovery, industrial Source: Cerner, Visiongain 2018 Source: Cerner, Visiongain 2018 26% 21% 51% 2% System Sales Support and Maintenance Services Reimbursed Travel 89% 11% Domestic Global Figure 10.3 Cerner Corporation Sales by Business Segment: (%), 2017 Figure 10.4 Cerner Corporation Sales by Geography: (%), 2017

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