How Will Higher Lab Productivity Aid Laboratory Information System Market Growth?

Growth drivers like surging requirement for innovative healthcare information systems, burgeoning demand for molecular diagnostics, accelerating need for higher lab productivity, and rising adoption of cloud computing in laboratory information systems (LISs) will fuel the laboratory information system market at a CAGR of 6.5% during the forecast period (2020–2030). The market stood at $1,756.2 million in 2019 and it is projected to reach $3,457.2 million by 2030. Moreover, the growing focus of healthcare facilities on reducing operational cost will also amplify the demand for LISs in the coming years.

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One of the key drivers of the laboratory information system market is the rising need for advanced healthcare information systems in hospitals and clinics. LIS assists in delivering rehabilitation, treatment, and diagnosis services through one integrated platform. Utilization of LIS saves the diagnosis time by helping doctors to share and discuss treatment plans with patients and streamlining back-office operations. For example, the National Health Service (NHS) works to establish a sustainable and transformed partnership that covers plans of improving healthcare for patients.

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Geographically, North America held the largest share in the laboratory information system market in 2019, due to the existence of a large installation base for LIS solutions and high demand for online data storage with assistance from advanced information systems in laboratories. Moreover, the surging cases of chronic illnesses and other diseases have also led to the spike in number of patients that require regular checkups. Furthermore, the Asia-Pacific (APAC) market will showcase the fastest growth, on account of burgeoning number of diagnostic imaging centers and accelerating incidence of chronic disorders.

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This release was published on openPR.