Market Scenario
The global
laboratory
information systems size is projected to grow USD 3.8694 billion by 2030 at
CAGR of 9.50% during the forecast period 2023-2030,
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. Also, immense
demand from patients for technological solutions for more convenient health
testing, and monitoring is growing. This
leads to global market players taking notice of the opportunities that crop up
and indulge in strategic activities such as product launches. For instance, in
the year 2014, Thermo Fisher launched a new ultracentrifuge which combines
speed with safety and ergonomics that allows researchers to protect samples easily
while also achieving reliable and consistent results.
Key Players
global LIS
market players include Cerner
Corporation, Recent Developments, Eclipsys Corporation, Merge Healthcare Inc.,
STARLIMS Corporation, Sunquest Corporation and Thermo Fisher Scientific Inc., LabVantage
Solutions Inc., LabWare Inc., McKesson Corporation, Medical Information
Technology Inc., and others.
The Cerner
EHR project is thriving as the U.S. Department of Defense increases its budget
by about USD 1.2 billion. The additional funds
will support the added services to maintain a standard EHR between the
Department of Veterans Affairs and the U.S. Coast Guard. The EHR when
integrated with laboratory information
system, turns highly efficient, which leads to increased productivity and also
reduced probability of errors. Cerner is an established company in the global
LIS market that understands this fact and makes use of every opportunity to
enhance its products to cater to various customer needs.
Market Segmentation
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.
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.
The rising
aging population and increasing cases of fatal diseases in the regions of Middle East and Africa have propelled the
market growth in the region. Also, the
market in the region is highly fragmented,
and the regional market players used
various strategies such as product launches, expansions, and joint ventures to increase their footprint
in the region. This gives a significant push to the market and will continue to do
so in the coming years as well.
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