Significant Potential for Laboratory Informatics in Emerging Markets
Research and development expenditure in countries such as China and India are growing, which has led to rise in demand for LIS for data storage, research regulation compliance, and validation. Various countries in the abovementioned regions are capable of adopting advanced LIS; they are engaged in the development of cost-effective and high-performance systems with an aim to reach remote areas, where advanced medical facilities are not available. In addition, the emergence of medical tourism in Asia Pacific countries, especially in India, Vietnam, Malaysia, Indonesia, Thailand, and the Philippines, is expected to create lucrative growth opportunities for players in the global laboratory information system market. According to a report released by the India Brand Equity Foundation in January 2019, the estimated Foreign Tourist Arrivals (FTAs) in India for medical purpose in years 2015, 2016, and 2017 were 233,918; 427,014; and 495,056, respectively.
Further, increasing incidence of various diseases in Asia Pacific has further escalated the demand for diagnostic tests in the region. For instance, according to the Globocan 2020, the number of new cancer cases in China has reached 19,292,789. Furthermore, governments are enforcing regulations to encourage the use of LIS in traditional wet labs. The largest pool of patient population, availability of a large number of skilled science professionals for testing services, abundance of healthcare facilities, and lower costs of clinical trials would further drive the growth of the LIS market in Asia.
Market Overview
Asia Pacific LIS market is mainly represented by China, Japan, India, South Korea, and Australia. The market is also evaluated for the rest of countries in APAC. The market is driven by the factors such as increasing number of clinical trials, need for further cost containment of clinical trials, and increasing number of pharmaceutical and biotech companies in this region.
China has the world’s second-largest pharmaceutical market. The large population coupled with the rising non-communicable diseases and growing international pharma business in China are majorly driving the growth of the pharmaceutical companies in China. Established pharmaceutical market, growing biotechnology industry, increasing R&D expenditures, increasing number of clinical trials due to lower cost, and favorable regulatory policies are prime factors driving the growth of the LIS market. Over the last few years, the pharmaceutical industry in China has focused mainly on research and development to develop more effective drugs. The Made in China 2025 initiative is aimed at further increasing the foothold of Chinese industries, including pharmaceuticals.
Further, the Chinese government is standardizing its clinical studies, improving its reimbursement process, and modernizing its regulatory pathway, therefore easing the process for biotech companies to seek convenient approval. As a result, the number of drug approvals in China has increased in the recent years. In addition, China is focused on further strengthening its biotechnology sector. As a result, more biological science research parks are opening in the country. The country has total of 111 biotechnology research and development parks. Favorable regulatory policies in China have increased the growth opportunity for the biotechnology companies in this country. In addition, the new regulatory framework is also encouraging innovation and improve data quality. This has increased the preference for global pharmaceutical players to establish a strong foothold in the country, thereby driving the adoption of LIS software.
Asia Pacific Laboratory Information System (LIS)
Market Revenue and Forecast to 2028 (US$ Million)
Strategic insights for the Asia Pacific Laboratory Information System (LIS) provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the Asia Pacific Laboratory Information System (LIS) refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.Asia Pacific Laboratory Information System (LIS) Strategic Insights
Asia Pacific Laboratory Information System (LIS) Report Scope
Report Attribute
Details
Market size in 2022
US$ 171.12 Million
Market Size by 2028
US$ 319.95 Million
Global CAGR (2022 - 2028)
11.0%
Historical Data
2020-2021
Forecast period
2023-2028
Segments Covered
By Product
By Delivery Mode
By Component
By End User
Regions and Countries Covered
Asia-Pacific
Market leaders and key company profiles
Asia Pacific Laboratory Information System (LIS) Regional Insights
Asia Pacific Laboratory Information System (LIS) Market Segmentation
The Asia Pacific laboratory information system (LIS) market is segmented into product, delivery mode, component, end user, and country.
Based on product, the market is bifurcated into standalone LIS and integrated LIS. The standalone LIS segment held the larger market share in 2022.
Based on delivery mode, the market is segmented into cloud-based delivery mode, web-based delivery mode, and on-premises delivery mode. Cloud-based delivery mode segment held the largest market share in 2022.
Based on component, the market is segmented into software and services. Software segment held the larger market share in 2022.
Based on end user, the market is segmented into hospital labs, independent labs, and physician office labs. The hospital labs segment held the largest market share in 2022.
Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market share in 2022.
CompuGroup Medical; Illumina, Inc.; LabLynx, Inc.; and LabVantage Solutions, Inc.; are the leading companies operating in the laboratory information system (LIS) market in the region.
The Asia Pacific Laboratory Information System (LIS) Market is valued at US$ 171.12 Million in 2022, it is projected to reach US$ 319.95 Million by 2028.
As per our report Asia Pacific Laboratory Information System (LIS) Market, the market size is valued at US$ 171.12 Million in 2022, projecting it to reach US$ 319.95 Million by 2028. This translates to a CAGR of approximately 11.0% during the forecast period.
The Asia Pacific Laboratory Information System (LIS) Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Laboratory Information System (LIS) Market report:
The Asia Pacific Laboratory Information System (LIS) Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Laboratory Information System (LIS) Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Laboratory Information System (LIS) Market value chain can benefit from the information contained in a comprehensive market report.