The Laboratory Information System Market is expected to register a CAGR of 9.6% during the forecast period. 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 the 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 types of care, including common and rare diseases and affects the huge number of patients. In addition, the NIH 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 the accuracy and provides true results. As per the NIH report, the concerned committee 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.
- According to the Centro di Ricerche sulla Gestione del'Assistenza Sanitaria e Sociale (CERGAS), in Italy share of healthcare expenditure on pharmaceuticals was about 18.2% in 2017.
- 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 countries 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.
Key Market Trends
Cloud-based Segment is Expected to Hold a Major Market Share in the Laboratory Information System Market
The cloud-based segment will dominate in the LIS market, as with the cloud-based setup, data can be accessed by the multiple locations and multiple systems, and from multiple branches. Thus, all these factors are augmenting the growth of cloud-based mode of delivery. According to the Organisation for Economic Co-operation and Development (OECD), in 2017, biotechnology companies in Germany spent over USD 1.43 billion annually in research and development. As research and development increases which will ultimately increase the use of laboratory information systems which will boost the market. 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 is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America expected to hold a major market share in the laboratory information system market due to well-established healthcare IT sector in the region and government efforts to make access to laboratory services easy. According to the Organisation for Economic Co-operation and Development (OECD), in 2017, biotechnology companies in the United States spent approximately USD 44,793 million annually in research and development. Thus, this is expected to augment the growth of the market studied over the forecast period.
The laboratory information system 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 other companies. The laboratory information system market is expected to open up several opportunities for new players, as well as currently established market leaders. Some of the companies which are currently dominating the market are Sysmex Corporation, Total Specific Solutions (TSS), Roper Technologies, XIFIN Inc., Orchard Software Corporation, Cerner Corporation, Comp Pro Med Inc., Epic Systems Corporation, Margy Tech, and Cirdan Ltd.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support