iCrowd Newswire – Jul 17, 2020
Laboratory Information Systems Market Analysis
Laboratory information systems (LIS) are an array of software and hardware designed to capture and store healthcare data pertaining to clinical laboratories, analytical laboratories, and healthcare industry. The Global Laboratory Information Systems Market size is projected to reach a valuation of USD 20,757.12 million by 2025. It is predicted to exhibit a CAGR of 7.1% during the forecast period. Technological advances in labs and massive demand for automation are inducing the demand for laboratory information systems. The global laboratory information systems market report by Market Research Future (MRFR) covers drivers, challenges, trends, and opportunities for the forecast period (2019-2025).
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Technological advances in pharmaceutical and biopharmaceutical laboratories can act as a catalyst for the market. The focus on drug discovery & development and development of assays to assess the presence of diseases can induce the need for LIS. This can expedite the process to a huge degree in adherence to GMP, GCP, and GDP standards. Availability of cloud for storing and management of huge volumes of data can fuel the global LIS market.
It is expected to face massive demand owing to its ability to improve the efficiency of hospitals. Adoption of advanced healthcare systems in light of the recent surge of digitization of health records can work in favor of the market. Investments by healthcare IT companies and the mushrooming of hospital chains by expanding into rural areas can bolster the laboratory information systems market growth.
Laboratory Information Systems Market Competition Outlook
Medical Information Technology Inc., McKesson Corporation, LabWare Inc, IBM, Abbott Laboratories, Roper Industries, Thermo Fisher Scientific Inc., TCG Lifesciences Pvt. Ltd, and Cerner Corporation are key players of the global laboratory information systems market. Partnerships and distribution agreements are key strategies undertaken by players to sustain their laboratory information systems market hold.
Laboratory Information Systems Market Regional Insights
The global laboratory information systems (LIS) market, based on region, is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is likely to dominate the global laboratory information systems (LIS) market owing to the increasing adoption of healthcare IT software and subsidies and incentives from the government. It is expected to reach USD 20,757.12 million by 2025 with a CAGR of 7.1% from 2019 to 2025 owing to many key players and technologically advanced healthcare infrastructure in this region. Other factors influencing regional market growth are web-based information systems, cloud computing, and modernized healthcare infrastructure.
Europe is the second-largest laboratory information systems market owing to increasing incidence of diseases and growing awareness about novel technologies to assist in laboratory functions. Support from government agencies owing to the ability of the software to expedite normal processes can bode well for the global laboratory information systems market. Massive demand for genomics and metabolomics can propel the market growth.
Asia-Pacific is predicted to be the fastest-growing laboratory information systems market during the forecast period. This can be attributed to the presence of growing economies of India and China. Efforts to modernize healthcare infrastructure and presence of contract research organizations for undertaking drug development projects can work in favor of the market.
The Middle East & Africa has the least laboratory information systems market share, due to the presence of middle-income countries, lack of healthcare awareness, and lack of advanced technology. The UAE and Saudi Arabia are major contributors to the region.
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Laboratory Information Systems Market Segmentation
The global laboratory information systems (LIS) market has been segmented into application, components, and delivery.
Based on application, the global LIS market has been segmented into clinical, drug discovery, and industrial.
Based on components, the global LIS market has been segmented into software, hardware, and services.
Based on delivery, the global LIS market is divided into on-premise based and cloud-based.
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Keywords: Laboratory Information Systems Market, Laboratory Information Systems Market Size, Laboratory Information Systems Market Trends, Laboratory Information Systems Market Growth, Laboratory Information Systems Market Share