Laboratory Information Systems Market 2021
The global laboratory information systems market 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. 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 market growth.
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.
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Major Key Players:
Sysmex Corporation, XIFIN Inc., Margy Tech, Cerner Corporation, Roper Industries, McKensson Corporation, Thermo Fisher are a few of the market leaders of the 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 market has been segmented into clinical, drug discovery, and industrial.
Based on components, the global market has been segmented into software, hardware, and services.
Based on delivery, the global market is divided into on-premise based and cloud-based.
Regional Analysis
Cerner Corporation, Eclipsys Corporation, LabVantage Solutions Inc, LabWare Inc., McKesson Corporation, Medical Information Technology Inc., Merge Healthcare Inc., STARLIMS Corporation, Sunquest Corporation and Thermo Fisher Scientific Inc. are some of the prominent players at the forefront of competition in the global laboratory information systems market and are profiled in MRFR Analysis.
Geographically, the regional market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa.
The North America dominated the global Laboratory Information Systems market. The adoption of cloud computing is expected to rise in the U.S. healthcare sector due to continuous pressure to lower cost for customized healthcare services. According to clauses of the HIPAA, the healthcare industry in the U.S. has to adopt new systems that support electronic medical records (EMR) and share data in an efficient and secure manner with other healthcare providers and government agencies. This will lead to higher adoption of cloud-based LIS, which allow laboratories to share real-time information with hospitals and patients. In terms of LIS usage, North American and Western European markets are witnessing penetration, due to early adoption of healthcare technologies.
The European LIS market is expected to grow moderately, driven by higher incidence rate of diseases and increasing patient awareness about new technologies. In addition, various government initiatives also helped in promoting the usage of LIS. Increasing demand for better healthcare facilities and rising need for integrated healthcare systems in the two regions are some of the key driving factors for these markets.
The LIS market is expected to grow in Asia-Pacific (APAC) due to increase in the incidences of diseases. Asia and Latin America are among the fastest growing markets for LIS; rising investments from healthcare IT players and government initiatives are some of the key driving factors for LIS in these regions. Many international LIS firms have started investing in developing regions of the world, such as Asia and Latin America, in order to increase their presence in high potential markets.
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