Laboratory Information Systems Market – Insights
The Global Laboratory Information Systems (LIS) is set to surge at CAGR of 7.3% during the forecast period (2016-2027), predicts Market Research Future (MRFR). There are several practice applications of a LIS that improve the day-to-day operations of a medical laboratory, along with prevention of medical errors. A busy medical laboratory having many patients on a regular basis encounter difficulty in keeping all the patients’ information organized. Thus, a LIS system comes in handy, as it helps keep all this information organized, which is vitally important for a medical lab to run smoothly. Apart from this, rising integration of LIS and Electronic Health Record (EHR) and demand for quality and precision diagnosis are majorly supplementing the market growth globally. Moreover, increasing penetration of mobile applications in healthcare solutions coupled with growing popularity of cloud-based laboratory information system testifies for the market progress that has taken place in the past few years.
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Laboratory Information Systems Market - Key Players
The key players that are involved in Global Laboratory Information Systems market are
• Cerner Corporation
• Recent Developments
• Eclipsys Corporation
• LabVantage Solutions Inc
• LabWare Inc
• McKesson Corporation
• Medical Information Technology Inc.
• Merge Healthcare Inc
• STARLIMS Corporation
• Sunquest Corporation
• Thermo Fisher Scientific Inc
Laboratory Information Systems Market - Segments
The Global Market of Laboratory Information Systems is segmented on the basis of application, components, and delivery.
By applications, the market is segmented based on clinical LIS, drug discovery LIS, and industrial LIS. The clinical application of LIS holds the largest market share as using LIS software involves more productivity and less paperwork, enhanced patient safety, and improved turn-around time.
By components, the market is segmented based on software, hardware, and services. Among these, the software segment accounts for the majority of the global LIS market due to increasing product enhancements and advent of innovative LIS software systems which ensures the smooth running of the healthcare department.
By delivery, the market is segmented on the basis of web-based, on-premise and cloud-based. Among these, cloud-based LIS software is highly popular as it offers various benefits such as cost savings, high security, flexibility, mobility and quality control.
Laboratory Information Systems Market - Key Findings
• The Global LIS Market is expected to grow at a CAGR of 7.3% between 2016 and 2027, driven by growth from both developed and emerging markets.
• Clinical application will drive the majority of the growth in the global LIS market.
• Software accounts for the majority of the global LIS market in terms of components
• North America and Europe together contributed more than 75% of the global total market size in 2014. Emerging markets such as China and India are expected to generate significant demand for LIS during 2016-2027.
Laboratory Information Systems Market – Regional Analysis
Geographically, the regional market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa.
The North America dominated the global Laboratory Information Systems market. The adoption of cloud computing is expected to rise in the U.S. healthcare sector due to continuous pressure to lower cost for customized healthcare services. 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. In terms of LIS usage, North American and Western European markets are witnessing penetration, due to early adoption of healthcare technologies.
The European LIS market is expected to grow moderately, driven by higher incidence rate of diseases and increasing patient awareness about new technologies. In addition, various government initiatives also helped in promoting the usage of LIS. Increasing demand for better healthcare facilities and rising need for integrated healthcare systems in the two regions are some of the key driving factors for these markets.
The Laboratory Information Systems Market is expected to grow in Asia-Pacific (APAC) due to increase in the incidences of diseases. Asia and Latin America are among the fastest growing markets for LIS; rising investments from healthcare IT players and government initiatives are some of the key driving factors for LIS in these regions. Many international LIS firms have started investing in developing regions of the world, such as Asia and Latin America, in order to increase their presence in high potential markets.
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