(USA, NY, New York City) The global laboratory information systems market 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 an 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, an 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.
On the flip side, lack of skilled information technology (IT) professionals in the healthcare industry tames the flow of the progressing market. However, an array of opportunities stemming from emerging regions along with the consistently growing adoption of LIS are proof enough that the global market is en-route to brighter future prospects. Also noteworthy are few trends that bestow the global market with the required push, including proliferation of smartphones, point-of-care devices and e-services in the healthcare industry which significantly shape the market dynamics.
Key Players
Medical Information Technology Inc., McKesson Corporation, LabWare Inc, IBM, Abbott Laboratories, Roper Industries, Thermo Fisher Scientific Inc., TCG Lifesciences Pvt. Ltd, and Cerner Corporation are key players of the global laboratory information systems market. Partnerships and distribution agreements are key strategies undertaken by players to sustain their market hold.
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Regional Analysis:
By region, the global LIS market is segmented on the basis of North America, Europe, Asia Pacific and the Rest of the World (RoW).
The joint market share combining North America and Europe was more than 75% of the global total market size in 2014. However, North America has currently secured the top position claiming the largest market share. This stupendous growth can be attributed to increasing cases of fatal diseases and subsequent diagnostic and treatment needs. Moreover, high disposable income and strong economy also help augment the market growth in the region. Furthermore, increasing business opportunities for healthcare service providers along with growing demand for automated instruments rising in laboratories has majorly triggered the market growth in the region.
On the other hand, the Europe LIS market is estimated to grow tremendously during the forecast period, due to massive investment by healthcare IT players and a barrage of players trying to enter the regional market and establish themselves. Moreover, thriving healthcare industry and sophisticated medical infrastructure also play a major role in the growth of the regional market.
The Asia-marked Pacific is also presumed to grow at a significant pace throughout the forecast period. This growth is due to increased infectious diseases, significant increase in healthcare expenditure and advancements in healthcare IT sector. The market growth in the region is also aided by growing need for enhancing the efficiency of medical laboratories, growing demand for error-free diagnosis and increasing integration of information system with laboratories.
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Segmental Analysis
The global laboratory information systems (LIS) market has been segmented into application, components, and delivery.
Based on application, the global market has been segmented into clinical, drug discovery, and industrial.
Based on components, the global market has been segmented into software, hardware, and services.
Based on delivery, the global market is divided into on-premise based and cloud-based.
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