Laboratory Information Systems Market To Proliferate As Laboratories Become The Nerve Center Of Modern Medical Practice

Market Overview:

In modern medical practice, laboratories have come to play an increasingly important role. From being tucked away in hospital corners, they have come to occupying a position of importance and a source of highest revenue. The laboratory information system market has been thriving as technology has come to replace humans when it comes to maintaining flawless records and providing rapid access to the same. As evidence based medicine and accurate diagnostic results have gained importance, laboratories have witnessed increased pressure which has in turn made efficient laboratory information systems an inevitable part of the healthcare ecosystem.

Some of the advantages of laboratory information systems includes tracking of samples in real time, saving time through streamlined sample tracking model, focus on critical reports, efficient management of logistics, eliminating human errors, increasing of revenue and elimination of unnecessary spending. The Laboratory Information System Market will be expanding as the lab comes to play a critical role in saving human lives.

Competitive Landscape:

·         Eclipsys Corporation

·         Cerner Corporation

·         LabVantage Solutions Inc

·         McKesson Corporation

·         LabWare Inc

·         Medical Information Technology Inc

·         STARLIMS Corporation

·         Merge Healthcare Inc

·         Sunquest Corporation

·         Thermo Fisher Scientific Inc.

Segmentation:

·         Application, components, and delivery are the three segments along which the global laboratory information systems market has been subdivided.

·         Application-wise, LIS market is segmented as clinical, drug discovery, and industrial.

·         By component LIS market is divided into hardware, software and services.

·         Delivery segmentation of LIS market includes cloud-based and on-premise based.

Regional Analysis:

Geographically, the LIS market is subdivided into the Americas, Europe, Asia Pacific, and the Middle East & Africa.

North America LIS market is expected to hold a dominating position due to the adoption of cloud computing and increasing demand for lowering cost for customized healthcare services in the U.S. Health Insurance Portability and Accountability Act dictates that U.S. healthcare industry has to start adopting electronic medical records so as to efficiently and securely share data with other healthcare providers and government agencies. As a result, cloud-based LIS are expected to be more widely adopted and enable laboratories to share real-time information. Due to increased expenditure on healthcare and enhanced healthcare infrastructure in North America and Western Europe, LIS market is expected to expand in these regions over the coming years.

Increasing adoption of new technologies, patient awareness and rising rate of disease incidence would help to augment LIS market growth in Europe. Rising demand for integrated healthcare systems and a market ripe for enhanced healthcare facilities would drive LIS market in the region.

Asia and Latin America LIS market are expected to witness fast paced growth due to increasing incidences of diseases, government initiatives for enhancement of healthcare infrastructure and rising investments from healthcare IT players. Due to the presence of emerging economies in the regions and expanding expenditure in healthcare services, many international LIS firms have shown increased interest in these regions thus raising the potential of LIS market expansion in the regions.