The Laboratory Information Systems Market is anticipated to be worth US$ 1.9 Million by 2022. The market’s expansion can be ascribed to It is anticipated that between 2022 and 2032, the global market for laboratory information systems would increase at a CAGR of 10.2%, reaching about US$ 4.2 million.
Global Laboratory Information Systems (LIS) Market revenues are set to grow at 10.2% CAGR through 2032, according to an updated edition by Future Market Insights (FMI). The 2022-2032 version of the report builds upon the widely cited previous version and incorporates the latest developments, notably, the impact of the COVID-19 pandemic on this market.
Over the years, the healthcare industry has witnessed massive technological advancements in the form of automation, big data analytics and cloud computing. The most important aspect of the industry is the need to reconcile administrative operations with caregiving operations. This has become possible through the introduction of advanced laboratory testing systems.
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Laboratories are the foundational stone for primary healthcare administration. It is the laboratories which are the site for drug development and API formulations. To accelerate the effectiveness of these functions, there is a need to streamline mundane operations such as data collation, assimilation and record maintenance.
The need for systematic data documentation to reduce paperwork is primarily driving the laboratory information systems market. Significant adoption has been witnessed since the COVID-19 pandemic’s onset, enabling healthcare providers to concentrate on drug and vaccine development by smoothening data collection procedures.
Key Findings
- Europe & North America will remain lucrative, accounting for 4/5th of the revenue pie
- Cloud-based laboratory information systems to register maximum increase during the forecast period
- Vendors are increasingly capitalizing on developing LIS software for various healthcare verticals
- Hospital-grade laboratory information systems are gaining significant momentum
“Manufacturers are increasing their presence across emerging markets and forging effective distribution networks with regional players. This is helping them expand their outreach and broaden their customer base,” opines the FMI analyst.
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Competitive Intelligence
The global laboratory information systems market is highly fragmented, characterized by the presence of over 50 vendors. Prominent players include: Cerner Corp., Evident, McKesson, Medical Information Technology (MEDITECH), Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical and LabWare.
With regard to product launches, Cerner Corporation launched CommunityWorks Foundations, a tailor-made cloud-based technology platform for rural and critical access hospitals in July 2020. This technology shall prove instrumental in reducing overhead costs and reducing lengthy implementation procedures. The platform enables hospitals to maintain electronic health records, reducing immense amount of paperwork.
Recently, in August 2020, Medical Information Technology (MEDITECH) partnered with TECHNATION Health in Canada. This collaboration is aimed at enhancing the privacy and security framework of healthcare providers across the nation, ensuring better patient data security. The solution involves provision of cybersecurity and data sovereignty among other objectives.
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Key Segments Covered in the Laboratory Information Systems Industry Analysis
By Components:
- Software
- Hardware
- Services
By Delivery Mode:
- On Premise
- Cloud-Based
By End User:
- Hospitals
- Clinics
- Independent Laboratories
- Others
Have a Look at Related Research Reports of the Healthcare Domain:
Drug Discovery Services Market
Virology Specimen Collection Market
Hormone Replacement Therapy Market
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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