In the year 2018, Global Laboratory Information System Market was valued at USD 1.47 Billion. By the year 2023, it is expected to reach USD 2.24 Billion at pace of 8.8% CAGR.
Laboratory Information Systems (LIS) is designed to retrieve, store, record data, and modify the information in the laboratories. This system assists to manage and track the audit reports, and maintain patient records. In addition, the information stored in the LIS can be used for any future references. These LIS helps in providing the information regarding diagnosis, treatment, prevention management of the disease. Laboratory information systems help in better coordination between hospitals and laboratories. These systems improves care coordination, reduce duplication of data, and minimizing cost and time.
Rising prevalence of chronic diseases across the globe, growing demand for Laboratory Information System, increasing government initiatives for the development of LIS, rising funds in healthcare industry, advancement of technologies in healthcare IT solutions, increasing healthcare expenditures are the driving factors for the Global LIS market. However, lack of skilled healthcare professionals in IT sector, high costs associated with laboratory information systems are affecting the growth in Laboratory information system market.
Based on geography the Global Laboratory Information System market has been primarily divided into Asia Pacific, Middle East and Africa, North America and Latin America. North America dominates the laboratory information system market due to advancement in technology, increasing diagnostic centers and clinical research labs, rising prevalence of chronic diseases, and increasing adoption of laboratory information system in the medical industry. Asia Pacific is expected to be the fastest growing region due to increasing aging population, improving healthcare facilities and rising healthcare expenditure are the driving the laboratory information system market in this region during the forecast period.
Leading companies for Global Laboratory Information System market are Cerner Corp., CompuGroup Medical, Evident, McKesson, LabWare, Medical Information Technology, SCC Soft Computer, Sunquest Information Systems Inc., and Epic Systems Corporation.
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