Laboratory Information System (LIS) is a healthcare IT tool that captures, records, and manages patient’s data that has been gathered and captured during the medical processes and tests. The stored information is saved in LIS database for future reference. LIS offers features such as patient check in, patient demographics, order entry, specimen processing, and result entry.
The global laboratory information systems market is estimated to account for US$ 3,266.2 Mn in terms of value by the end of 2027.
Global Laboratory Information Systems Market: Drivers
Increasing prevalence of chronic diseases is expected to propel growth of the global laboratory information systems market over the forecast period. For instance, according to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were registered due to cancer worldwide in 2018.
Moreover, increasing demand for laboratory automation and development of integrated LIS is also expected to boost growth of the market. For instance, in December 2019, Dorado Health System, a 4-hospital academic system, licensed Health Gorilla to integrate with Dorado's IT systems, including electronic medical record systems and laboratory information systems, to aggregate clinical documents for every patient managed by the system.
Global Laboratory Information Systems Market: Restraints
The cost of implementing a LIS is very high. Therefore, laboratories, especially in emerging economies, may find is difficult to migrate from manual record-keeping to LIS. Such scenario is expected to hinder growth of the global laboratory information systems market.
Moreover, privacy and security concerns of LIS are also expected to hamper growth of the market. LIS data could be misused intentionally or unintentionally or could be accessed illegally or by unauthorized persons at hospitals, clinics or healthcare facilities.
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Global Laboratory Information Systems Market: Opportunities
Emergence of medical tourism in various countries in Asia Pacific, especially Vietnam, Thailand, Malaysia, Indonesia, India, and Philippines is expected to create lucrative growth opportunities for players in the global laboratory information systems market. For instance, according to India Brand Equity Foundation’s January 2019 release, the estimated Foreign Tourist Arrivals (FTAs) in India on medical purpose during the years 2015, 2016, and 2017 were 2,33,918, 4,27,014, and 4,95,056 respectively.
Moreover, increasing incidences of various diseases in Asia Pacific has led to high demand for diagnostic tests in the region. For instance, according to WHO Globocan 2018, China recorded 4,285,033 new cases of cancer in 2018. The market is also relatively untapped. Key players in the marLaboratory Information Systems Market, Laboratory Information Systems Share,ket can focus on expanding their presence in such regions to enhance their market share.
Laboratory Information Management Systems (LIMS) | Coherent Market Insights
Services segment in the global laboratory information systems market was valued at US$ 862.3 Mn in 2018 and is expected to reach US$ 2,013.7 Mn by 2027 at a CAGR of 9.6% during the forecast period.
Market Trends/Key Takeaways
The demand for cloud-based LIS is increasing as the approach requires lower capital expenses and operational costs compared to on premise-based LIS. Cloud-based solutions aid healthcare organizations share and integrate information from different locations, making the process of data gathering seamless.
Laboratory Information Systems Market, Laboratory Information Systems Share,Laboratory Information Systems Market, Laboratory Information Systems Share,Laboratory Information Systems Market, Laboratory Information Systems Share,
The demand for standalone LIS is increasing compared to integrated LIS as standalone LIS has the ability to work offline as it is not a part of any software package. It also offers enhanced data security and user-friendly interface.
Global Laboratory Information Systems Market: Competitive Landscape
Major players operating in the global laboratory information systems market include, Cerner Corp., Sunquest Information Systems, Inc., Evident, McKesson, Orchard Software, Medical Information Technology, Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical, and LabWare.
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Global Laboratory Information Systems Market: Key Developments
Key players in the market are focused on adopting M&A strategies to enhance their market share. For instance, in October 2019, Orchard Software, a laboratory information system vendor, was acquired by Francisco Partners, a leading technology-focused, private equity firm.
Key players in the market are focused on acquiring tenders to enhance their market share. For instance, in February 2018, Sunquest Information Systems, Inc. received a 10-year tender to provision laboratory-related software solutions and services for the State of Queensland, Australia.
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LABORATORY INFORMATION MANAGEMENT SYSTEMS (LIMS) MARKET ANALYSIS.2019 - 2027
Laboratory information system (LIS) market is a type of computer-based software that is used to manage, verify and store the data from all stages of medical processes.
The physicians and lab technicians are used to coordinate varieties of inpatient and outpatient medical testing.Need for laboratory automation is the vital factor escalating the market growth, also rising emphasis on improving the quality of diagnostics, increasing use of laboratory information systems, rising development of integrated laboratory information systems, rising need to comply with regulatory requirements and rising adoption of LIS to enhance lab efficiency are the major factors among others driving the laboratory information systems (LIS) market.
Moreover, rising popularity of cloud-based LIS, significant growth potential of emerging countries and rising personalized medicine will further create new opportunities for laboratory information systems (LIS) market in the forecasted period of 2020-2027.Laboratory information systems (LIS) market is expected to gain market growth in the forecast period of 2020 to 2027.
Data Bridge Market Research analyses the market to grow at a CAGR of 9.95% in the above-mentioned forecast period.
Rising Prevalence of chronic diseases drives the laboratory information systems (LIS) market.This Laboratory Information Systems (LIS) Market research report intensely analyses the potential of the market with respect to current scenario and the future prospects by considering several industry aspects of Cardinal Health industry.
The report also recognizes and analyses the rising trends along with major drivers, challenges and opportunities in the market.
Hospital Laboratory Information Management Systems Market was valued at USD 56.52 million in 2017 and growing at a lucrative rate of CAGR in the assessment period.
The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.The major factors contributing to the growth of the market includes factors such as growing use of hospital LIMS to comply with stringent regulatory requirements, rising need for adoption of hospital LIMS for various application and technological advancements in hospital LIMS services.Europe Hospital Laboratory Information Management Systems Market, By Component (Service, Software), By Product Type (Industry-Specific, Broad-Based), Application (Diagnostics, Medical Devices, Others), By Country (Germany, United Kingdom, France, Spain, Italy, Russia, Turkey, Belgium, Nether lands, Switzerland, Rest of Europe) –Industry Trends and Forecast to 2025.This Europe Hospital Laboratory Information Management Systems Market research report intensely analyses the potential of the market with respect to current scenario and the future prospects by considering several industry aspects of Cardinal Health industry.
The report also recognizes and analyses the rising trends along with major drivers, challenges and opportunities in the market.
This Europe Hospital Laboratory Information Management Systems Market report provides major statistics on the market status of global and regional manufacturers and is a helpful source of assistance and direction for companies and individuals interested in Healthcare industry.
The company profiles of all the chief and dominating market players and brands who are taking steps such as product launches, joint ventures, mergers and acquisitions are mentioned in the report.Download Sample Copy of the Report to understand the structure of the complete report (Including Full TOC, Table & Figures) @https://www.databridgemarketresearch.com/request-a-sample/?dbmr=europe-hospital-laboratory-information-management-systems-marketMarket Drivers and Restraints:The Europe hospital laboratory information management systems market is segmented on the basis of component into service and software.
In 2018, service segment is anticipated to lead the market.The Europe hospital laboratory information management systems market is segmented on the basis of product type into industry-specific and broad-based.
Laboratory information system (LIS) market is a type of computer-based software that is used to manage, verify and store the data from all stages of medical processes.
The physicians and lab technicians are used to coordinate varieties of inpatient and outpatient medical testing.Need for laboratory automation is the vital factor escalating the market growth, also rising emphasis on improving the quality of diagnostics, increasing use of laboratory information systems, rising development of integrated laboratory information systems, rising need to comply with regulatory requirements and rising adoption of LIS to enhance lab efficiency are the major factors among others driving the laboratory information systems (LIS) market.
Moreover, rising popularity of cloud-based LIS, significant growth potential of emerging countries and rising personalized medicine will further create new opportunities for laboratory information systems (LIS) market in the forecasted period of 2020-2027.Laboratory information systems (LIS) market is expected to gain market growth in the forecast period of 2020 to 2027.
Data Bridge Market Research analyses the market to grow at a CAGR of 9.95% in the above-mentioned forecast period.
Rising Prevalence of chronic diseases drives the laboratory information systems (LIS) market.This Laboratory Information Systems (LIS) Market research report intensely analyses the potential of the market with respect to current scenario and the future prospects by considering several industry aspects of Cardinal Health industry.
The report also recognizes and analyses the rising trends along with major drivers, challenges and opportunities in the market.
Hospital Laboratory Information Management Systems Market was valued at USD 56.52 million in 2017 and growing at a lucrative rate of CAGR in the assessment period.
The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.The major factors contributing to the growth of the market includes factors such as growing use of hospital LIMS to comply with stringent regulatory requirements, rising need for adoption of hospital LIMS for various application and technological advancements in hospital LIMS services.Europe Hospital Laboratory Information Management Systems Market, By Component (Service, Software), By Product Type (Industry-Specific, Broad-Based), Application (Diagnostics, Medical Devices, Others), By Country (Germany, United Kingdom, France, Spain, Italy, Russia, Turkey, Belgium, Nether lands, Switzerland, Rest of Europe) –Industry Trends and Forecast to 2025.This Europe Hospital Laboratory Information Management Systems Market research report intensely analyses the potential of the market with respect to current scenario and the future prospects by considering several industry aspects of Cardinal Health industry.
The report also recognizes and analyses the rising trends along with major drivers, challenges and opportunities in the market.
This Europe Hospital Laboratory Information Management Systems Market report provides major statistics on the market status of global and regional manufacturers and is a helpful source of assistance and direction for companies and individuals interested in Healthcare industry.
The company profiles of all the chief and dominating market players and brands who are taking steps such as product launches, joint ventures, mergers and acquisitions are mentioned in the report.Download Sample Copy of the Report to understand the structure of the complete report (Including Full TOC, Table & Figures) @https://www.databridgemarketresearch.com/request-a-sample/?dbmr=europe-hospital-laboratory-information-management-systems-marketMarket Drivers and Restraints:The Europe hospital laboratory information management systems market is segmented on the basis of component into service and software.
In 2018, service segment is anticipated to lead the market.The Europe hospital laboratory information management systems market is segmented on the basis of product type into industry-specific and broad-based.