Laboratory Information Systems (LIS) Market to Value US$2,158.0 Billion by 2019 due to Hospitals Prioritizing for LIS

The featured report from Transparency Market Research (TMR) on the global laboratory information systems (LIS) market states that the market will grow at a moderate CAGR of 7.7% during the forecast period from 2013 to 2019. This report is titled “Laboratory Information System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”.The global laboratory information systems (LIS) market was estimated at US$1,381.4 billion in 2013 and is projected to be worth US$2,158.0 billion by 2019.Laboratory information systems (LIS) allow clients to access, record, manage, store, and recover laboratory information. The growing demand for improved laboratory efficiency along with hospitals prioritizing for LIS will drive this market. The global laboratory information systems market will also benefit from the rising government support, growing need for integrated healthcare information systems (HIS), and accelerating investment from market players.

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On the contrary, the shortage of experienced professionals, interoperability issues, coupled with the high maintenance and service expenses will suppress the global laboratory information systems market. Nonetheless, LIS module is at an evolutionary stage and players in the market are providing LIS solutions that address to each hospital’s needs. LIS need to be developed, customized, and configured considering the requirements of a laboratory.Hospitals are pressing for elevated reimbursement, as market forces from government are seeking to cut down on costs. Automated hospital management systems such as LIS hold the potential to make care delivery much more efficient. However, the escalating healthcare costs are a major concern for insurers and the government.Application mode-wise, the global laboratory information systems market is segmented into drug delivery LIS and clinical diagnostics LIS. The clinical diagnostics laboratory information systems segment held the largest market share and is expected to grow at an 8.9% CAGR during the forecasting horizon.

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Delivery-mode wise, the global laboratory information systems (LIS) market is divided into on-premise, web-based, and cloud-based. Component-wise, the global laboratory information systems market is classified into hardware, software, and services.Region-wise, the global laboratory information systems (LIS) market is divided into Europe, North America, Asia, and RoW. North America leads the global laboratory information systems market. Increasing instances of lethal injections and their diagnosis and treatment are some of the factors driving this regional LIS market. This regional market for LIS also benefits from the funding from public money. Europe is the fastest developing LIS market. Country-wise, some of the fastest developing LIS market includes Japan, Germany, the U.S., and the U.K.

Innovation will drive the global laboratory information systems market. Companies in this market are investing in testing prototypes of LIS hubs, which work from a remote location.At present, McKesson Corporation is the leading market player. Other key companies operating in the global laboratory information systems market are Merge Healthcare, Cerner, Thermo Fisher Scientific, 3M Health Information Systems, Labware, and Autoscribe Informatics.

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