South & Central America Laboratory Information System (LIS) Market

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2028

Analysis – by Product (Standalone LIS and Integrated LIS), Delivery Mode (Cloud-Based Delivery Mode, Web-Based Delivery Mode, and On-Premises Delivery Mode), Component (Software and Services), and End User (Hospital Labs, Independent Labs, and Physician Office Labs)


No. of Pages: 103    |    Report Code: BMIRE00027740    |    Category: Life Sciences

South & Central America Laboratory Information System (LIS) Market
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The laboratory information system (LIS) market in South & Central America is expected to grow from US$ 48.47 million in 2022 to US$ 84.01 million by 2028. It is estimated to grow at a CAGR of 9.6% from 2022 to 2028.

 

Emerging Markets Rising Adoption of Automation in Laboratories

Laboratory automation is emerging as an approach to minimize human involvement in laboratory processes. The automation of routine laboratory procedures with the help of dedicated workstations and system software helps to increase laboratory efficiency and enables researchers to concentrate on important tasks along with avoiding human errors. Laboratories are increasingly adopting laboratory information system (LIS) to maintain stringent regulatory compliance, uplift efficiency and productivity, and drive data security and integrity. According to a study published in the Journal of Lab Automation, the error incidences in fully automated, semi-automated, and manual operations are 1–5%, 1–10%, and 10–30%, respectively. The growing use of digital workstations, automated analyzers, and total laboratory automation (TLA) allows laboratory personnel to reassign activities and contribute a greater value to operations. Moreover, high volumes of data generated by laboratory systems is triggering the demand for effective data processing, analysis, and sharing methods, thereby highlighting the need of efficient and cost-effective solutions such as the LIS.

 

Laboratory management departments are facing many challenges with a rising population submitting larger number of samples to laboratories and a lack of personnel to process those samples. These challenges are compelling them to maintain their laboratory operations, as laboratories have to maintain control over the influx of samples as well as find the way to improve workflow to deliver patient results in a timely manner.

 

Further, growing demand for data integration is another factor contributing to the laboratory information system (LIS) market growth. With pharmaceutical and biotechnological industries spending huge amounts on research and development activities, the scientific communities are generating huge volumes of data. The appropriate processing and interpretation of the collected data requires data integration solutions.

 

For instance, in 2000, Quest Diagnostics, a prominent independent testing laboratory, started providing their consumers with a direct access to test results through the TheDailyApple.com website owned and managed by Caresoft Inc. It offers direct-to-consumer test result, thereby ensuring confidentiality and anonymity of patients. Manual processes and paper records may allow unauthorized access to data, which increases the chances of data manipulation, and hence, managing data integrity is a big challenge faced by laboratories dependent on manual operations. Increasing adoption of electronic health record (EHR) systems in outpatient clinics and hospitals, to mitigate the risks associated with manual operations, would fuel the demand for LIS. The systems also allow the use of laboratory data to offer safe and high-quality patient care. Thus, the growing focus on effective clinical workflow management, leading to the rise in automation if laboratory processes, is driving the laboratory information system (LIS) market growth.

 

Market Overview

 

This region consists of Brazil, Argentina, and the Rest of South & Central America. The countries are likely to offer growth opportunities due to presence of well-developed and established healthcare industries, increasing support from governments, and rising research and developments. The adoption of information technology in the Brazilian healthcare system is advancing alongside an increasing need for efficient healthcare services. LIS ensures that data is captured, tracked, and maintained throughout the drug discovery, development, bioanalytical, and manufacturing processes and has become an essential tool in pharmaceutical labs. Brazil has manufacturing plants of many pharmaceutical companies. Also, many foreign companies often collaborate and partner with Brazilian laboratories and local companies to develop biotechnology-based medicines.

 

As per the International Trade Administration (ITA), (23 Jan, 22) Brazil is the largest healthcare market in Latin America and spends 9.1 percent of its GDP on healthcare. Most research is conducted in universities and other federal state institutions in Brazil. Brazil represents the biggest market opportunity in Latin America for multinational pharma companies. For instance, (Brazil– January 8th, 2021) LabVantage Solutions, Inc., the leading provider of laboratory informatics solutions and services, announced a strategic partnership with LIDERSALES introducing LabVantage Enterprise and Medical Suite to the Brazilian market. Through this partnership, LIDERSALES will contribute to the continuous improvement of productivity and efficiency of LabVantage services in the region.

 

Also, government initiatives such as the Growth Acceleration Program and the Greater Brazil Plan are favoring domestic production. These are focused on modernizing public infrastructure and increase local production of innovative drugs. Thus, the factors mentioned above are driving the growth of the LIS market in the country.

 

South & Central America Laboratory Information System (LIS) Market Revenue and Forecast to 2028 (US$ Million)

 

South & Central America Laboratory Information System (LIS) Market Revenue and Forecast to 2028 (US$ Million)
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South & Central America Laboratory Information System (LIS) Strategic Insights

Strategic insights for the South & Central America 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.

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South & Central America Laboratory Information System (LIS) Report Scope

Report Attribute Details
Market size in 2022 US$ 48.47 Million
Market Size by 2028 US$ 84.01 Million
Global CAGR (2022 - 2028) 9.6%
Historical Data 2020-2021
Forecast period 2023-2028
Segments Covered By Product
  • Standalone LIS
  • Integrated LIS
By Delivery Mode
  • Cloud-Based Delivery Mode
  • Web-Based Delivery Mode
  • On-Premises Delivery Mode
By Component
  • Software
  • Services
By End User
  • Hospital Labs
  • Independent Labs
  • Physician Office Labs
Regions and Countries Covered South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Market leaders and key company profiles
  • CompuGroup Medical
  • Hex Labs
  • Illumina, Inc.
  • LabLynx, Inc.
  • LabVantage Solutions, Inc.
  • Thermo Fisher Scientific Inc.
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    South & Central America Laboratory Information System (LIS) Regional Insights

    The geographic scope of the South & Central America 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.

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    South & Central America Laboratory Information System (LIS) Market Segmentation

     

    The South & Central America 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 a 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 a 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 Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the market share in 2022.

     

    CompuGroup Medical; Illumina, Inc.; LabLynx, Inc.; LabVantage Solutions, Inc.; McKESSON CORPORATION; and Thermo Fisher Scientific Inc. are the leading companies operating in the laboratory information system (LIS) market in the region.

    The List of Companies - South & Central America Laboratory Information System (LIS) Market

    1. CompuGroup Medical
    2. Hex Labs
    3. Illumina, Inc.
    4. LabLynx, Inc.
    5. LabVantage Solutions, Inc.
    6. Thermo Fisher Scientific Inc.
    Frequently Asked Questions
    How big is the South & Central America Laboratory Information System (LIS) Market?

    The South & Central America Laboratory Information System (LIS) Market is valued at US$ 48.47 Million in 2022, it is projected to reach US$ 84.01 Million by 2028.

    What is the CAGR for South & Central America Laboratory Information System (LIS) Market by (2022 - 2028)?

    As per our report South & Central America Laboratory Information System (LIS) Market, the market size is valued at US$ 48.47 Million in 2022, projecting it to reach US$ 84.01 Million by 2028. This translates to a CAGR of approximately 9.6% during the forecast period.

    What segments are covered in this report?

    The South & Central America Laboratory Information System (LIS) Market report typically cover these key segments-

    • Product (Standalone LIS, Integrated LIS)
    • Delivery Mode (Cloud-Based Delivery Mode, Web-Based Delivery Mode, On-Premises Delivery Mode)
    • Component (Software, Services)
    • End User (Hospital Labs, Independent Labs, Physician Office Labs)

    What is the historic period, base year, and forecast period taken for South & Central America Laboratory Information System (LIS) Market?

    The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South & Central America Laboratory Information System (LIS) Market report:

  • Historic Period : 2020-2021
  • Base Year : 2022
  • Forecast Period : 2023-2028
  • Who are the major players in South & Central America Laboratory Information System (LIS) Market?

    The South & Central America Laboratory Information System (LIS) Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:

  • CompuGroup Medical
  • Hex Labs
  • Illumina, Inc.
  • LabLynx, Inc.
  • LabVantage Solutions, Inc.
  • Thermo Fisher Scientific Inc.
  • Who should buy this report?

    The South & Central America Laboratory Information System (LIS) Market report is valuable for diverse stakeholders, including:

    • Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
    • Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
    • Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
    • Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
    • Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.

    Essentially, anyone involved in or considering involvement in the South & Central America Laboratory Information System (LIS) Market value chain can benefit from the information contained in a comprehensive market report.

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