Laboratory Information System (LIS) is defined as a healthcare information technology tool that captures, records and manages patient data gathered and captured during medical processes and tests. The stored information is saved in LIS database for future reference.
Valley Cottage, NY -- (SBWIRE) -- 06/13/2018 -- Future Market Insights (FMI) delivers key insights on the global laboratory information systems market in its latest report titled, 'Laboratory Information Systems Market: Global Industry Analysis and Opportunity Assessment, 2015 - 2025'. In terms of revenue, the global laboratory information systems market is projected to register a healthy CAGR of 9.0% over the forecast period owing to various factors, regarding which, FMI offers detailed insights and forecasts.
The market has been segmented on the basis of end user, component, mode of delivery and regions. On the basis of end user, the market has been segmented into hospitals, clinics, independent laboratories and others. Clinics are usually installed with well-supported laboratory information systems for better information about both patients and indications at hand. The segment has been estimated to account for maximum revenue share in the global laboratory information systems market in 2015. Revenue contribution of the clinics segment is expected to increase at a CAGR of 10.0% during the forecast period. Hospitals segment is expected to be the second largest revenue contributor to the global market accounting for US$ 824.9 Mn by 2025 increasing at a CAGR of 8.5% over the forecast period.
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The report further segments the market on the basis of components into software, hardware and services. Services segment is expected to account for largest market share over the forecast period due to adoption of new pricing model strategies by major players in the market. However, software segment is projected to account for significant absolute $ opportunity during 2015–2025, owing to rise in product enhancements and advent of innovative LIS systems over the forecast period.
In terms of mode of delivery, the laboratory information systems market is expected to witness substantial growth in the next few years. Executing database maintenance, back-up and retention services through cloud-based delivery mode and increasing customisation and standardisation of data by way of dedicated IT skilled persons in on premise delivery mode are major factors expected to drive revenue growth of the cloud-based and on-premise segments respectively over the forecast period. Currently, cloud-based delivery mode segment accounts for major share of the global laboratory information systems market.
The primary barriers in the market include high costs related to LIS software and services and lack of skilled labour, for day-to-day operations and maintenance of information. In spite of substantial investments in the field of laboratory information systems, lack of qualified professionals is expected to slow down growth of the LIS market during the forecast period. Moreover design flaws in software can tamper test results generated through LIS and is expected to adversely affect the global laboratory information systems market to a certain extent. These factors are expected to affect adoption of laboratory information systems (LIS) over the forecast.
The primary trend in the laboratory information systems market is an increase in development of healthcare information systems, rising healthcare per capita spending and increasing demand for integrated medical systems and precise handling of patient data. Other trends include increasing demand for LIS from smaller hospitals with less than 100 beds in developed nations for faster market capitalization and to provide quality care for patients. This is mainly attributed to LIS enabling systematic documentation, eliminating paper work and chance of errors associated with clinical tests report writing, and thereby enables a streamlined workflow.
This report assesses trends driving growth of each segment on global as well as regional levels. North America has been estimated to dominate the laboratory information systems market with maximum market share in 2015. Among emerging markets, Asia Pacific excluding Japan (APEJ), Japan and Eastern Europe are estimated to witness high CAGRs over the forecast period.
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Some key players identified in the global laboratory information systems market are CompuGroup Medical, Cerner Corp, McKesson, Evident, Medical Information Technology, LabWare, Sunquest Information Systems Inc., SCC Soft Computer, Epic Systems Corporation, etc. The report also provides individual strategies followed by these companies in terms of enhancing software products portfolios, market consolidation and software innovations. The report concludes with strategic recommendations for players in the market and also new players planning to enter the market, which could help them in the long run.