Market Scenario
The global laboratory information systems share 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 laboratory information systems
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 laboratory information systems market
outlook
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 laboratory information
systems market insights 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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