Global Laboratory Information System Market is poised to touch $1.89 Billion by 2021| Market Data Forecast

The Global Laboratory Information System Market is currently valued at USD $1.24 Billion market in 2016 and is estimated to reach $1.89 Billion by 2021 with a CAGR of 8.8%. A Laboratory information systems analyses the potential world markets for health care laboratory information system hardware and software which are in practice in the drug discovery, research labs, clinical diagnostics labs and next generation sequencing labs. Since its advent, it has been industries most technically advanced information management system.

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A Laboratory information system is a complex system designed for data and information management related to medical laboratories which include analytical and clinical laboratories. This includes research and development labs, quality assurance labs and in-process testing labs. The information is stored in the LIS database for any future references. Laboratory information system helps in providing the information regarding diagnosis, treatment, prevention management of the disease. By the implementation of automation in laboratories, the process can be made more productive by minimizing the non-value adding steps which includes centrifugation, sorting tubes and prepping and sorting material for storage.

The growth of the market is driven by a host of factors that include need to enhance the workforce efficiency of clinical laboratories, increased demand for quality diagnosis with reduced errors and rising integration of information systems in laboratory. The market is also aided by the increasing chronic infection diseases, increase in per capita expenditure on healthcare and advancements in healthcare IT solutions. However, the growth of the market is hampered by a few factors that include high costs involved in laboratory information systems and lack of skilled healthcare professionals in IT sector.

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The global laboratory information system market is segmented on the based on the component as LIS Services, hardware and Software. On the basis of end-users the market is categorised as hospitals, independent laboratories, clinics and others. Based on the delivery mode the market is segmented as cloud based and on-premises. On the basis of geography the market is divided into regions of North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.

The laboratory information system market is aided by the increasing initiatives from government and industry players in the healthcare IT sector and laboratory services. The market is dominated by the players like Cerner Corporation, Mckesson, Epic System Corporation, Medical information technology, SCC Soft computer, Sunquest Information systems, Labware, Compugroup Medical and Evident.

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