Global Laboratory Information System (LIS) Market Is Expected To Grow at CAGR 7.3% 2020: Acute Market Reports has announced the addition of “Global Laboratory Information System (LIS) Market Is Expected To Grow at CAGR 7.3% 2020: Acute Market Reports” Market Research Report to their Database.

The laboratory information system (“LIS”) industry includes set of programs and hardware, which are part of an integrated system designed for healthcare information. It is an information system intended for capturing complex data and information related to medical and industrial laboratories, including clinical and analytical laboratories. The information system interfaces with analytical instruments and allow users to obtain, store, manage, retrieve and record laboratory data. The information provided by LIS is then used in diagnosis, prevention, management and treatment of diseases. It acts as an indicator for individual and population health.

As industrial and medical laboratories are diverse with different requirements; hence, there is no standard information system designed for laboratories. Therefore, a laboratory information system is customized, developed, and configured according to the requirements of a laboratory.

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Key findings of LIS Market:

    The global LIS market is expected to grow at a CAGR of 7.3% between 2015 and 2020, driven by growth from both developed and emerging markets.
    Clinical application will drive the majority of the growth in the global LIS market.
    North America and Europe together contribute more than 75% of the total market size in 2014. Emerging markets such as China and India are expected to generate significant demand for LIS during 2015-2020.
    Software accounts for the majority of the global LIS market in terms of components.
    In respect to delivery mode, web-based solutions are expected to drive growth than on-premise technology. Implementation of cloud based solution will help the LIS market to grow further in forthcoming years.

Driven by technological improvement in healthcare services across the globe, the market for LIS is expected to see moderate growth over the forthcoming years. The increasing need to manage large pool of data in small and large diagnostic and medical laboratories will increase the demand for LIS. In addition, it is estimated that two third of laboratory operations take place without the help of information technology which results in higher cost and less productivity. A proper laboratory information management system can reduce the cost of production and increase efficiency and productivity.

There are various other factors encouraging the growth of market, such as significant investments from healthcare IT companies and surge in number of hospitals realizing the importance of LIS. Rising need for integrated healthcare information systems, increase in healthcare initiatives by governments and continuous investments by major healthcare players also significantly impact the growth of the market.

Mobile devices such as smart phones and tablets play an important role in providing personalized health solutions. Multi-functional personalized mobile information systems through smartphones and mobile devices offer a range of information and communication services to both patients and clinicians. The use of mobile devices also reduces the need for patients to visit hospitals or clinics every time they need a diagnosis. Their ailments can be diagnosed or follow-up check-ups can be done using mobile devices. Mobile and portable devices are gaining popularity for implementation of LIS.

The molecular diagnostics market has undergone significant change and new technologies promise to yield product line extensions and machines for the point-of-care market as test automation expands. New oncology tests along with other related tests are changing the patient care paradigm by providing critical information to physicians, which will drive growth for the laboratory diagnostics and add to the need of LIS.

Cloud computing has gained popularity in technology sector and several large laboratories have already adopted it or have funding in place. Cloud-based LIS are intended for hospitals and physicians who seek to concentrate more on patient care improvement than on information management. Furthermore, cloud computing enables organizations to scale up resources as and when needed and eliminate the need to access IT resources far ahead of demand. Many diagnostic companies are increasing their investments for the development of new and advanced healthcare IT solutions. Large healthcare companies are expanding their business in this segment.

The adoption of LIS in forthcoming years in emerging economies provides a huge growth potential for the market. The growth will be driven by the growing focus of healthcare IT players and continuous investments from both public and private sectors. Countries such as China and India, with large population base, still lack primary healthcare facilities.

Medical professionals face problems such as lack of harmonization between the systems and the routine operations of clinics and hospitals. In addition, lab technicians do not have the required know-how to make appropriate decisions about the kind of LIS solution required for their labs. Also, laboratory consultants, who help laboratories in buying the LIS, are not really skilled to do so as they lack adequate training.

Major Competitors: The global LIS market is currently fragmented in most countries, but few large vendors hold significant market shares. However, many new players are entering the market and the consolidation of small players with larger counterparts is shaping the vendor landscape. Competition is getting intense and key players are trying to sustain themselves by improving their delivery models with increased usage of technology. STARLIMS Corporation, Sunquest Corporation, McKesson, LabWare and LabVantage are some of the leading market players offering LIS.

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Report Coverage

    Provides comprehensive understanding of the market with the help of informed market outlook, opportunities, challenges, trends, size and growth, competitive analysis, major competitors and Porter analysis
    Identifies the key drivers of growth and challenges of the key industry players. Also, assesses the future impact of the propellants and restraints on the market
    Uncovers potential demands in the market
    Porter analysis identifies competitive forces within the market
    Provides information on the historical and current market size and the future potential of the market
    Provides sizes of key regional markets using yardsticks of processes, segments, products, end user and technology, etc (as applicable)
    Highlights the competitive scenario of the market, major competitors, market share, benchmarking, investments and merger & acquisitions
    Provides profiles of major competitors of the market including details of their operations, product and services, recent developments and key financial metrics. Profiles provide better understanding of competition as well as the demands of the market.

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