Laboratory Information Systems Market Size and Share Is Expected To Grow at a CAGR of 7.3% Till 2027 | Market Research Future

The global Laboratory Information Systems Market is expected to grow at a CAGR of 7.3% between 2016 and 2027, driven by growth from both developed and emerging markets. Laboratory information system (LIS) is a comprehensive information system developed and configured to process, store and manage information pertaining to industrial and medical-related laboratories which include clinical and analytical laboratories. LIS plays an important role in streamlining the process and generating high quality data to support effective clinical decisions. The LIS provides information that helps hospitals in the diagnosis, prevention, management and treatment of diseases, and acts an indicator for public health.

LIS, used in both large- and small-scale companies, provide a platform to automatically obtain, store and archive information, track samples, and generate reports efficiently. The LIS products vary widely in terms of cost, sophistication, and industrial focus. As industrial and medical laboratories are diverse with different requirements, hence, there is no standard information system designed for laboratories. Therefore, a LIS is customized, developed, and configured according to the requirements of a laboratory.

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The LIS has now emerged as a necessity for both small and large diagnostic and drug companies’ laboratories. The ability of both clinical and analytical laboratories to better manage data and incorporate collaborative technological tools into their day-to-day operations has become critical to remain competitive.

There are various different applications of LIS including drug delivery and clinical diagnostics. LIS in clinical diagnostics includes anatomic pathology systems; microbiology, genetic and molecular diagnostics support systems; blood bank systems; and billing or accounts receivable or revenue cycle management (RCM) systems.

Major components of LIS are hardware, software and services. Hardware mainly includes servers as well as data input, output and storage devices. Software includes the interface of integrated LIS which helps managing and analysing data in an efficient manner. Whereas, the key delivery modes used for LIS, include web based, on premise, mobile solutions and cloud-based technology.

Industry updates:

Thermo Fisher launched a new ultracentrifuge which combines speed with safety and ergonomics, allowing researchers to easily protect samples while achieving reliable and consistent results.

Cerner announced a strategic agreement with Intermountain Healthcare to provide clinical governance of solutions and workflow to be proposed for the Department of Defense’s Healthcare Management System Modernization (DHMSM) initiative.

Cerner Corporation and Siemens AG signed a definitive agreement for Cerner to acquire the assets of Siemens’ health information technology business unit, Siemens Health Services, for $1.3 billion in cash. As part of the agreement, Cerner and Siemens will form a strategic alliance to bring new solutions to market that combine Cerner’s health IT leadership and Siemens’ strengths in medical devices and imaging services. LabVantage launched a new product known as LabVantage 7 Express for quality controlled smaller labs. Cerner Corporation, Eclipsys Corporation, LabVantage Solutions Inc, LabWare Inc., McKesson Corporation, Medical Information Technology Inc., Merge Healthcare Inc., STARLIMS Corporation, Sunquest Corporation and Thermo Fisher Scientific Inc. are some of the prominent players at the forefront of competition in the global laboratory information system market and are profiled in MRFR Analysis.

Global Laboratory Information Systems Market – Regional Analysis

Geographically, the regional market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa. The North America dominated the global Laboratory Information Systems market. The adoption of cloud computing is expected to rise in the U.S. healthcare sector due to continuous pressure to lower cost for customized healthcare services. According to clauses of the HIPAA, the healthcare industry in the U.S. has to adopt new systems that support electronic medical records (EMR) and share data in an efficient and secure manner with other healthcare providers and government agencies. This will lead to higher adoption of cloud-based LIS, which allow laboratories to share real-time information with hospitals and patients. In terms of LIS usage, North American and Western European markets are witnessing penetration, due to early adoption of healthcare technologies.

The European LIS market is expected to grow moderately, driven by higher incidence rate of diseases and increasing patient awareness about new technologies. In addition, various government initiatives also helped in promoting the usage of LIS. Increasing demand for better healthcare facilities and rising need for integrated healthcare systems in the two regions are some of the key driving factors for these markets.

The LIS market is expected to grow in Asia-Pacific (APAC) due to increase in the incidences of diseases. Asia and Latin America are among the fastest growing markets for LIS; rising investments from healthcare IT players and government initiatives are some of the key driving factors for LIS in these regions. Many international LIS firms have started investing in developing regions of the world, such as Asia and Latin America, in order to increase their presence in high potential markets.

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