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Laboratory Information System Market - Growth, Trends, and Forecast (2019 - 2024)

Laboratory Information System Market - Growth, Trends, and Forecast (2019 - 2024)

  • November 2019
  • 101 pages
  • ID: 5865788
  • Format: PDF
  • By Mordor Intelligence LLP

Summary

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Market Overview
The laboratory information system is the software that is used to store and manage the data in laboratories. These systems are widely being used in hospitals and clinics to maintain the records of the patient’s medical history and to send the laboratory test orders. The laboratory information system (LIS) is driven by the rising demand of the lab automation and advancement in the R&Ds labs, especially in the pharmaceutical and biotechnological laboratories.

Diagnostics errors are complex and it is very important to eradicate the errors. As per the report of National Institute of Health (NIH), urgent change is required to address the diagnostic errors that are affecting the quality of healthcare systems across the world. Diagnostic errors continue to exist throughout all the types of care including common and rare diseases and affects the huge number of patients. In addition, NIH has stated that a person faces diagnostic error at least once in his lifetime, sometimes with the severe consequences. To remove the diagnostic errors, companies are coming up with the novel software that has accuracy and provides true results. As per the NIH report, the concerned committee has stated that to achieve better diagnostics, it is very important to collaborate among healthcare professionals, patients, and their families. The patients and their families are expected to take part in the diagnostics to improve patient care and facilitating an accurate and timely diagnosis by taking inputs from the families. This indicates that efforts are being taken to improve the quality of diagnosis. Such improvements done by the concerned committees are expected to contribute to the growth of the LIS market.

As per the survey of Healthcare Information and Management Systems Society (HIMSS), scarcity of the skilled healthcare IT labors and professionals is the major point of concern in the healthcare industry. Developed nations are also facing the challenge of a lack of skilled labors. The US healthcare industry is facing the shortage of skilled labors in the healthcare IT sector even though the country has well-established industry and people have higher adaptability to the novel technologies. This lack of skilled labors is ultimately affecting the market of Laboratory Information System (LIS). People who lack system and data integration knowledge cannot operate the LIS software. For the end-users of LIS, it is very difficult to find a person who can handle the software with ease. Therefore, it becomes one of the major challenges for end-users to implement LIS in the point of care. Developing countries like India are growing rapidly in terms of population but the healthcare facilities provided are not up to the mark. To implement services like LIS in India, scarcity of tech-friendly professionals becomes the major factor that restricts the end-users from using LIS. This affects the overall market of LIS. The high cost of LIS software is another factor that is hindering the growth of the market.

Scope of the Report
As per the scope of this report, Laboratory information system is the software that is used to store and manage the data in laboratories. These systems are widely being used in hospitals and clinics to maintain the records of the patient’s medical history and to send the laboratory test orders.

Key Market Trends
Cloud-based is Expected to Hold Largest Share of Global Laboratory Information System Market, Over the forecast period

The Cloud-based segment will dominate in the LIS market as with the cloud-based setup, data can be accessed by the multiple locations, multiple systems and from multiple branches, all these factors are augmenting the growth of cloud based mode of delivery. Furthermore, reduced IT manpower, cost-effective data management, and easy deployability are also some of the factors for the growth of the segment.

North America Region Holds the Largest Market Share of Laboratory Information System Market

North America accounts for the largest share of the market studied. This can be primarily attributed to well-established healthcare IT sector in the region and government efforts to make the access of laboratory services easy, which is expected to augment the growth of the market studied over the forecast period.

Competitive Landscape
The market competition is set to intensify as several key players are focusing on the expansion of their Laboratory Information System portfolio through acquisition and collaboration with companies. The Laboratory Information System market is expected to open up several opportunities for new players as well as currently established market leaders.

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