Laboratory Information Systems (LIS) Market will Increase at a CAGR of 9.0% during 2015 - 2025

Introduction

Laboratory Information System (LIS) is defined as a healthcare information technology tool that captures, records and manages patient data gathered and captured during medical processes and tests. The stored information is saved in LIS database for future reference. LIS have features such as patient check-in, patient demographics, order entry, specimen processing and result entry. The global market for laboratory information systems has been segmented on the basis of end user into hospitals, clinics, independent laboratories and others. On the basis of component, the market has been segmented into software, hardware and services, while on the basis of delivery mode, it is segmented into on-premises and cloud based. The report provides in-depth information about the market scenario based on the aforementioned segments across the seven key global regions.

Market Value and Forecast

The global laboratory information systems market revenue is expected to increase at a CAGR of 9.0% during the forecast period (2015-2025) to account for US$ 2,745.3 Mn by 2025 end.

Market Dynamics

Growth of the global laboratory information systems market is mainly driven by healthy economic growth witnessed in most countries, uptrend of per capita healthcare expenditure across both developed and developing economies, which in turn is expected to lead to a rise in quality of patient care and treatment options, apart from other important factors such as increasing healthcare IT companies investments for development of new and advanced healthcare IT solutions. This is attributed to increasing number of hospitals, clinics and private laboratories. However, lack of trained professionals to perform the procedures within the healthcare domain for day to day operations and maintenance of information are factors expected to restrain growth of the market over the forecast period.

International regulatory harmonization and formation of structured risk-based regulatory framework for healthcare IT initiatives is expected to facilitate secure exchange of data between clinicians and systems and thus, protect overall patient safety and secrecy of medical records.

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Market Segmentation, by End User

On the basis of end user, the market has been segmented into hospitals, clinics, independent laboratories and others. In terms of value, the clinical segment is estimated to account for 46.8% share of the global market by 2025 end, remaining dominant and the most attractive segment throughout the forecast period.

Market Segmentation, by Component

On the basis of component, the market has been segmented into software, services and hardware. Software segment is expected to emerge as most the lucrative component segment in the global laboratory information systems market over the forecast period. The services segment is currently the most attractive segment in terms of revenue in the market, and has been estimated to account for 57.9% market share in 2015. However, market acceptance of new software products and rise in product enhancements is expected to drive rise in advent of innovative LIS systems over the forecast period.

Market Segmentation, by Delivery Mode

On the basis of delivery mode, the market has been segmented into on-premises and cloud based. Cloud-based delivery mode segment is expected to emerge as the dominant segment in the global laboratory information systems market over the forecast period. The cloud based segment is currently the most attractive segment in terms of revenue in the market, and has been estimated to account for 50.8% market share in 2015. However, high and unpredictable costs of ownership of on premise delivery mode is expected to lead to decrease in revenue growth of the on premise segment during the forecast period.

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Key Regions

The global laboratory information systems market has been segmented into seven major regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan and Middle East & Africa. In terms of value, North America has been estimated to dominate the market, accounting for 56.5% share of the overall laboratory information systems market in 2015. The North America market is followed by Western Europe, which is estimated to account for 17.3% revenue share of the global market in 2015. Asia Pacific excluding Japan, Eastern Europe and Japan are estimated to be the fastest growing markets among all the emerging regions. Currently, growing trend of designing, development and implementation of LIS system with the help of various physicians is a factor expected to drive revenue growth of the North American LIS market over the forecast period.

laboratory-information-systems-market

Key Players

Some of the key players identified in the global laboratory information systems market report are CompuGroup Medical, Cerner Corp, McKesson, Evident, Medical Information Technology, LabWare, Sunquest Information Systems Inc., SCC Soft Computer, Epic Systems Corporation. The report offers company-specific strategies related to software development, market consolidation initiatives, and analyses of the various market player’s specific strengths, weaknesses, opportunities and threats.

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This release was published on openPR.