Market Overview
Laboratory information system (LIS) can be referred to as software that stores, accounts, and manages information for laboratories. The system is generally used to send laboratory test orders, store data in a database used by a user, and record test result. These systems are extensively used in public health institutions like clinics and hospitals to track data quality, maintain patient data, and end user billing. The global LIS market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 7.3% during the forecast period (2016-2027).
Market Potential and Pitfalls
Laboratory information systems assist in ensuring effective tracking and management of security, data quality, patient demographics, end user billing, and security. The systems also allow enhanced research information integration and data sampling. Thus, the demand is high in bio-sampling applications, which drives the market across the globe. Surging investments in R&D by biotechnological and pharma organizations are offering a significant push to the overall market. Emphasis on enhancing efficiency of laboratories is predicted to help the LIS market gain momentum in the next few years. Rising trend of laboratory automation is further estimated to offer the market a thrust.
The rising demand to control diagnostic errors, incorporation of LIS with EHR systems and increasing prevalence of chronic diseases are some of the primary growth stimulants of the market. Also, rising demand for precise and quality diagnosis is fueling the market growth across the globe. Introduction of cloud-based LIS and novel systems and implementation of LIS with hospital management systems will further encourage the market.
On the flip side, the lack of skilled professionals to manage advanced technologies is estimated to restrict the market growth in the foreseeable future.
Global Laboratory Information Systems: Segmental Analysis
The global laboratory information system industry has been segmented on the basis of application, components, and delivery.
By application, the market is segmented into drug discovery LIS market, clinical LIS market, and industrial LIS market.
By components, the market is segregated into hardware in LIS market, software in LIS market, and services in LIS market.
By delivery, the market is segmented into on-premise based LIS market, web-based LIS market, and cloud-based LIS market. Of these, the cloud-based LIS delivery segment is predicted to gain prominence due to lower capital expenses and operational cost required in this model. Also, its flexibility, scalability, and affordability increase its demand. Moreover, this solution assists healthcare organizations in integrating and sharing information from several locations, thus making data gathering seamless.
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Regional Frontiers
Geographically, the laboratory information systems market spans across Asia Pacific, Europe, America, and the Middle East & Africa.
Considering the global scenario, North America dominates the market. Cloud computing will experience high adoption in the U.S. healthcare industry, owing to constant pressure to reduce the cost for customized healthcare services. As per the clauses of the HIPAA, the U.S. healthcare must adopt new systems, which will support electronic medical records and share data efficiently and securely with government agencies and other healthcare providers. This has resulted in high adoption of cloud-based laboratory information system, thus allowing laboratories to share real-time information with patients and hospitals.
The laboratory information systems in Europe is estimated to expand at a moderate pace owing to the high incidence rate of diseases, coupled with rising patient awareness regarding latest technologies. Several initiatives undertaken by the government are helping to promote the usage of LIS, further influencing the market in the region. Increased need for integrated healthcare systems and soaring demand for better healthcare facilities are considered primary growth stimulants of the market.
Industry Updates
August 2019: VT-Data Innovations (DI), South Burlington, and STS have recently declared a strategic partnership to provide intelligent and automated rules verification testing for Data Innovations’ industry-leading Autoverification solution. With the help of combined services and solutions capability, upgrading customers of Autoverification lab will be able to reduce time-to-deployment for implementation of rules.
Competitive Dashboard
The top players operating in the laboratory information systems market include Recent Developments, Cerner Corporation, LabVantage Solutions Inc, Eclipsys Corporation, McKesson Corporation, LabWare Inc, Merge Healthcare Inc, Medical Information Technology Inc., Sunquest Corporation, STARLIMS Corporation, and Thermo Fisher Scientific Inc.
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