Laboratory Information System Market

Laboratory Information System Market - Snapshot

The global laboratory information system market is expected to witness considerable growth over the tenure of assessment due to its widening scope of application. A laboratory information system refers to a software system that stores, manages, and records data for clinical laboratories. A laboratory information system has traditionally been most proficient in sending laboratory test orders to lab instruments, then keeping a track of those orders, and then recording those results, especially to a database that is searchable.

By making use of a laboratory information system, a lab is capable of managing associated information and samples, integrating instruments, and automating workflows. In addition, one can generate credible output more quickly and is able to keep a track on the data from sequencing runs over time. It can also track data from various experiments in a bid to better efficiency.

Better Productivity and Pace of Workflow to Bolster its Demand in the Market

Most of these systems are capable of managing patient demographics, specimen processing, patient check in, result in entry, and the order entry. Such wide scope of application is expected to work in favor of the global laboratory information system market in near future. This system primarily assists the technicians to make an input of the results into database that is within the reach of authorized users when a patient undergoes diagnostic tests at clinics, hospitals, and other medical facilities.

Components of laboratory information system may include:

• Applications to interface with analytical instruments or data systems
• Electronic lab notebooks
• Records management software
• Workflow tools
• Sample management programs
• Best practice and compliance databases
• Process execution software
• Client tracking applications

Laboratory information systems come with many benefits, some of which are:

• More work, less paper
• Improved turn-around times
• Enhanced Patient Safety
• Volume and capacity increase

All these benefits are expected to amplify expansion of the global laboratory information system market in years to come.

Laboratory Information System Market: Overview

Laboratory information system (LIS) has come to occupy as a vital part of integrated healthcare information systems, world over. The deployment has enabled end users in streamlining and managing diverse laboratory data according to their needs. The rising use of these data, especially in emerging economies, by various health systems for facilitating and promoting research and development activities related to the diagnosis, prevention, management of diverse range of diseases is underpinning the accelerated expansion of the global laboratory information system market.

In developed nations, the data gathered by these systems has helped in developing specific and general indicators for identifying burdens on and progress in national public health systems. The rising initiatives by governments in these regions and growing number of collaborations by public and private health systems are factors catalyzing the rapid expansion of the laboratory information system market. Improvements in healthcare services in developing and less developed economies and rapid strides being made by healthcare IT are factors accentuating the market. The high maintenance of the system and their interoperability with the existing health system pose substantial challenges to market players. These in the coming years are likely to be overcome by technology advancements and ease of configuration functionalities in the products that will be developed.

The global laboratory information system stood at US$1,381.4 billion in 2013 and is projected to reach a worth of US$2,158.0 billion by the end of 2019. During the forecast period of 2013–2019, the global market for laboratory information system market is anticipated to garner a CAGR of 7.70%.

Based on application mode, the global laboratory information system is bifurcated into clinical diagnostics and drug delivery. Of the two, clinical diagnostics LIS has the major share and is projected to expand at promising CAGR of 8.9% during the forecast period. Based on the mode of delivery, the technologies used in the laboratory information system market are segmented into web-based, on-premise, and cloud-based.

Based on component, the laboratory information system market is segmented into hardware, software and services.

The key regional segments in the laboratory information system market are North America, Europe, Asia Pacific, and a region called Rest of the World. Of these, North America leads the pack currently. The growth is attributed to the rising demand for the health data from these systems for research and development (R&D) for cutting-edge diagnostics and therapeutics for treating fatal diseases. Moreover, the sizeable R&D spending by public institutions across the region is catalyzing the deployment and application of laboratory information system.

Meanwhile, it is Europe that is expected to rise at the most attractive CAGR during 2013–2019. This is attributed to the large government thrust to the deployment of these systems in the healthcare systems in its various key economies. Moreover, the rising incidence of a range of chronic diseases will bolster the uptake of laboratory information system in Europe.

The demand for LIS is expected to be prominent in countries such as Japan, U.S, Germany, and U.K. In particular, developing economies are emerging as repository of opportunities for market players to capitalize into. This is increasingly fueled by the industry initiatives for adopting robust health IT systems in diagnostic and medical laboratories across the regions. A growing number of players across the globe are turning their attention toward these as rapidly emerging markets for laboratory information systems. The advent of customizable LIS may keep these emerging markets lucrative. The growing number of product launches in developing and developed regions are opening several lucrative avenues for market players.

Some of the prominent players operating in the laboratory information systems market are Merge Healthcare Inc., McKesson Corporation, and Cerner Corporation.