Global Laboratory Information Systems (LIS) Market Set For Rapid Growth, To Reach Around USD 2.9 Billion By 2024

05-Sep-2018 | Zion Market Research

Zion Market Research has published a new report titled “Laboratory Information Systems (LIS) Market by Component (Service, Hardware, and Software), by Delivery Mode (Cloud-Based and On-Premises Delivery Mode), and by End-User (Clinics, Hospitals, Independent Laboratories, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global laboratory information systems (LIS) market was valued at approximately USD 1.5 billion in 2017 and is expected to generate revenue of around USD 2.9 billion by end of 2024, growing at a CAGR of around 9.3% between 2018 and 2024.

Increasing the dependability of software and cloud-based solutions in the healthcare industry along with trending healthcare management solutions is estimated to accelerate the growth of laboratory information systems (LIS) market over the estimated time.

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Global Laboratory Information Systems (LIS) Market

Laboratory information systems (LIS) market is mainly driven by its prominent characteristics which include enhanced productivity, reduced diagnostic errors, and précised and quality diagnosis which has increased consumer satisfaction. Furthermore, laboratory information systems market is driven by the upsurge demand of digital platform to maintain, store, and retrieve data in real time through various interfaces of the large patient pool. Additionally, improved features of the laboratory information systems (LIS) services which include innovative and efficient analytic tools that provide a solution to the complex healthcare problems increases the overall productivity and satisfaction. These factors are estimated to propel the laboratory information systems (LIS) market in the near future. However, lack of trained professionals and the high cost of the system are acting as hurdles for the laboratory information systems (LIS) market and it is expected that these factors may affect the market growth in the long term also. Nonetheless, significant investment by the government in laboratory information systems (LIS) to provide more advanced & improved version of the system coupled with the growing requirement for customized system embedded with data security features are likely to disclose the new avenues for the market.

The global laboratory information systems market is divided into components, delivery mode, and the end user. On the basis of the component, the market is divided into services, hardware, and software. By component, the service segment is estimated to hold the prominent market value share and software segment is expected to show the highest CAGR growth. 

Based on delivery mode, the laboratory information system (LIS) market is segmented into cloud-based and on-premises delivery mode. By delivery mode, the on-premise segment is estimated to hold the largest market value share because of the increasing demand for the customized systems embedded with enhanced security features. 

On the basis of the end user, the laboratory information system (LIS) market is segregated into hospitals, clinics, independent laboratories, and others. By end user, the hospital segment is estimated to cover the largest market value share and independent laboratories are expected to show a significant CAGR growth

Based on region, the global laboratory information systems (LIS) market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. In the laboratory information systems (LIS) market North America is anticipated to dominate the regional segment. Furthermore, in the North America region, the U.S is estimated to witness a significant demand for prominent platform story laboratory information. Europe is estimated to be following the footsteps of North America. Asia Pacific region is expected to be the significantly growing region for laboratory information systems (LIS) market in the near future. Additionally, Latin America and the Middle East & Africa will show moderate CAGR growth in the laboratory information systems (LIS) market.

Some of the key players in laboratory information systems (LIS) market include Medical Information Technology, LabWare, Cerner Corp., McKesson, CompuGroup Medical, SCC Soft Computer, Evident, Epic Systems Corporation, Sunquest Information Systems Inc., and others.

This report segments the global laboratory information systems (LIS) market as follows:

Global Laboratory Information Systems (LIS) Market: By Components

  • Service
  • Hardware
  • Software 

Global Laboratory Information Systems (LIS) Market: By Delivery Mode

  • Cloud-Based
  • On-Premises Delivery Mode

Global Laboratory Information Systems (LIS) Market: By End User

  • Clinics
  • Hospitals
  • Independent Laboratories
  • Others

Global Laboratory Information Systems (LIS) Market: By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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