Canada Laboratory Information System Market Analysis

Canada Laboratory Information System Market Executive Summary

Canada Laboratory Information System Market is valued at around $168 Bn in 2022 and is projected to reach $283.1 Bn by 2030, exhibiting a CAGR of 6.7% during the forecast period 2023-2030.

The Laboratory Information System refers to the software system which is designed to manage and support the operations of a medical laboratory. It includes the data collection, processing, storage, and analysis of information. The market for Laboratory Information Systems is improving the efficiency of management procedures in the healthcare sector, including test ordering, sample collection, quality control, and decision support services.

Technological advancements like automation, artificial intelligence, and blockchain solutions have contributed to the growth of the global market for Laboratory Information Systems in recent years. Integration of cloud computing and artificial intelligence with laboratory information systems has improved data analytics, predictive capabilities, and decision support leading to improvement in patient outcomes.

There are many global players in the Laboratory Information System market but Thermo Fisher Scientific, Inc.; Siemens; LabVantage Solutions, Inc.; LabWare; Autoscribe Informatics; Illumina, Inc.; Labworks; LabLynx, Inc.; and Accelerated Technology Laboratories, Inc. are some of the major players in the market.

The laboratory informatics market is expanding due to the high accuracy and efficiency outcomes produced by these technologies. In a survey conducted in 2020 by Astrix Technologies LLC, a reputable healthcare IT service provider, 61% of Laboratory Information System users benefited from the elimination of manual tasks, 57% enhanced their sample management strategy, and 46% observed a significant boost in productivity in their laboratory setting.

The growing demand for Laboratory Information Management Systems and digitization of the healthcare sector is projected to fuel the market for Laboratory Information Management System in coming years. The market still has difficulties with regard to obtaining regulatory permission, higher cost, as well as data privacy and security concerns.

Market Dynamics

Drivers of Canada Laboratory Information System Market:

Increasing Demand for Laboratory Services: The prevalence of chronic diseases is increasing globally with every passing year, increasing demand for laboratory services. Laboratory Information System helps in the management of large amounts of data generated with increased footfall and improves patient outcomes. It will boost the growth of the market for Laboratory Information Systems in the coming years.

Growing demand for Laboratory Information Systems: The market for Laboratory Information Systems is expected to grow during the projected period as a result of the rising need for streamlined and efficient laboratory functions. The demand is rising as a result of scientific innovations, increased adoption of healthcare analytics, and an increase in the number of organizations choosing Laboratory Information Systems. All of these elements are projected to fuel the market for Laboratory Information Systems during the forecasted period.

Digitization: Digitization was rapidly adopted by medical practitioners in clinical laboratories. A lot of data is being gathered daily about the patients who get services. To effectively coordinate, administer, and carry out plans, health services need an adequate system. Increasing demand for good systems has boosted the growth of Laboratory Information Systems.

Restraints of Canada Laboratory Information System Market:

Data Safety and Privacy: As cybercrime has increased over the past few years, issues about the security of a patient's medical history and other personal information have increased. Some of the factors limiting market expansion are malware, phishing, Man in the Middle attacks, Trojans, and other emerging cyber threats. These factors are poising the growth of the Laboratory Information System market.

Interoperability Challenges: It is still difficult to achieve seamless integration between Laboratory Information Systems and other healthcare systems like EHRs. Interoperability issues can result from differences in data standards, mismatched technology, and different procedures that prevent effective information integration and interchange.

Notable Deals in Laboratory Information System Market:

In February 2022, Roche Diagnostics China and Sanomede Medical Technology Co., Ltd. entered China to jointly introduce the RS600 Lab Automation Software (LAS) for the Chinese market.

In February 2022, several new products and features were introduced in the Green Button Go software by Biosero, Inc., a BICO subsidiary and a producer of laboratory automation systems to coordinate scientific discoveries. Together, these tools offer a wide range of innovative features to support customers in simplifying, managing, and improving the output of their automated lab systems.