At 9.6% CAGR, the South & Central America Laboratory Information System (LIS) market is projected to be worth US$ 84.01 Million by 2028, says Business Market Insights

According to Business Market Insights’ research, the South & Central America laboratory information system (LIS) market was valued at US$ 48.47 million in 2022 and is expected to reach US$ 84.01 million by 2028, registering a CAGR of 9.6% from 2022 to 2028. Significant potential for laboratory informatics in emerging markets and emergence of cloud-based delivery mode LIS services are the critical factors attributed to the market expansion.  

The demand for cloud-based LIS services is growing as the approach requires lower capital and operational expenditures than premise-based LIS. Cloud-Based delivery mode solutions allow healthcare organizations and clinical laboratories to share and integrate data from several locations, making the data collection process more efficient. The emergence of Internet-enabled cloud-based services has resulted in major advancements in the laboratory information system (LIS) market. Advancements in virtualization and increased access to high-speed internet allow for faster innovation at lower costs. Companies that employ cloud-based solutions just have to pay for the software subscription instead of the complete licenses. Moreover, cloud-based LIS do not require any upfront capital expenditure for hardware, which reduces the burden from healthcare and clinical settings with a minimum requirement of IT personnel, thus enabling rapid and secure data transmission within organizations.

Pharmaceutical and medical devices manufacturers are increasingly employing centralized corporate-based facilities to develop a virtual network of contract research, development, and manufacturing organizations (CRDMOs) and academic institutions. The adoption of cloud-based LIS solutions would enable them to manage large volumes of data gathered from their operations. Cloud-Based delivery mode models would emerge as an effective LIS solution due to benefits such as increased data accessibility, cost-effectiveness, and real-time analysis, providing substantial growth prospects to the laboratory information system (LIS) market players.   

On the contrary, limited expertise in healthcare IT domain hurdles the growth of South & Central America laboratory information system (LIS) market.

Based on product, the market is bifurcated into standalone LIS and integrated LIS. The standalone LIS segment held 67.5% market share in 2022, amassing US$ 32.72 million. It is projected to garner US$ 55.90 million by 2028 to expand at 9.3% CAGR during 2022–2028.

Based on delivery mode, the market is segmented into cloud-based delivery mode, web-based delivery mode, and on-premises delivery mode. The cloud-based delivery mode segment held 43.8% market share in 2022, amassing US$ 21.41 million. It is projected to garner US$ 38.94 million by 2028 to expand at 10.5% CAGR during 2022–2028.

Based on component, the market is segmented into software and services. The former held 85.5% market share in 2022, amassing US$ 41.43 million. It is projected to garner US$ 70.66 million by 2028 to expand at 9.3% CAGR during 2022–2028.  

By end user, the South & Central America laboratory information system (LIS) market is further segmented into hospital labs, independent labs, and physician office labs. With 30.3% share of the domain, the hospital labs segment dominated the market in 2022. It accrued US$ 24.33 million in 2022 and is estimated to generate US$ 39.01 million by 2028 to grow at a CAGR of 8.2% over the forecast period.

Based on country, the market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 46.1% market share in 2022. It was assessed at US$ 22.34 million in 2022 and is likely to hit US$ 40.01 million by 2028, exhibiting a CAGR of 10.2% during the forecast period.

Key players dominating the South & Central America laboratory information system (LIS) market are CompuGroup Medical; Illumina, Inc.; LabLynx, Inc.; LabVantage Solutions, Inc.; McKESSON CORPORATION; Thermo Fisher Scientific Inc., among others.  

• In Nov 2021, Thermo Fisher Scientific announced the release of Thermo Scientific SampleManager LIS software version 21.0. New features in SampleManager LIS software version 21.0 include PostgreSQL database support, enhanced user interface for dynamic data approval, and statistical data analysis through integration with R Script with enhancements to the existing Electronic Lab Notebook, contract testing portal, and translation features. The release also delivers a significant product health update through the resolution of 190 SCR defects.

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