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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