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Overview:The global Laboratory Information Systems Market is expecting a rise by an impressive CAGR of 7.3% during the forecast period (2016-2027). Extensive research has been done by Market Research Future (MRFR) for the report where segmental analysis and detailed description of the factors have found mention. The laboratory information systems (LIS) market is gaining momentum with its integration in healthcare information systems across the world. It is now playing a pivotal role in the latter sector by managing and streamlining data as per the requirements. The need for such technology is on the rise as the emerging economies are including the technology to get a better grasp of the ongoing research and development. The laboratory information systems often find use in national public health systems into standardizing the process and identify the burdens that hinder the smooth workflow.
Increasing demand for laboratory information systems from various governments is a prominent factor that can impact the laboratory information systems market substantially. Fast integration of this type of technology to upgrade healthcare systems in developing regions can play a decisive factor. The market scope will increase with such percolation. Healthcare IT is also taking fast strides forward and, in the process, impacting the laboratory information systems market substantially.
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However, it incurs high maintenance cost which along with, difficulties in interoperability with the present health system can bottleneck the laboratory information systems market during the review period. But technological advancements can overcome these issues in no time.
Competitive Insights:
The global laboratory information systems market prominent vendors that are involved in Cerner Corporation, Recent Developments, Eclipsys Corporation, LabVantage Solutions Inc, LabWare Inc, McKesson Corporation, Medical Information Technology Inc., Merge Healthcare Inc, STARLIMS Corporation, Sunquest Corporation, and Thermo Fisher Scientific Inc.
Cerner’s recent investment in Lumeris shows a trend where the electronic health record (HER) vendors have realized the importance of population health tools to counter clunky workflows. In July 2018, Cerner invested in Essence Group Holdings, a health IT provider company.
Technidata’s new product TDNexLabs is a next-generation laboratory information systems software that can provide interoperability with existing systems and better the interfaces with lab automation systems. At the same time, it also facilitates laboratory accreditation.
Segmentation:
The global laboratory information systems market can be segmented by applications, components, and delivery.
Based on applications, the laboratory information systems market includes clinical LIS market, drug discovery LIS market, industrial LIS market.
By components, the laboratory information systems market includes software in LIS market, hardware in LIS market, services in LIS market.
Delivery-wise, the laboratory information systems market can be segmented into web-based LIS market, on-premise based LIS market, cloud-based LIS market.
Regional Analysis:
The region-specific approach of the laboratory information systems market includes the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas can be segmented into North and South. Superior infrastructure in the North is taking the market considerably ahead. At the same time, high level of investment is making a significant contribution. The regional market tends to integrate the latest innovations at the earliest which give them a clear edge over the rest. As per the clauses of the HIPAA, the healthcare industry in the U.S. is implementing electronic medical records (EMR) to share data in an efficient yet secure manner with healthcare providers and government agencies. This can substantially expand the laboratory information systems market.
Europe is expecting moderate growth. Government initiatives and patient awareness are two major factors that can be considered boons for the regional market growth. The APAC region, along with Latin America, is expected to score high CAGR during the forecast period. Seeing the possibilities in these regions, many companies are now showing a keen interest in setting up factories in the region. This can help the market accrue heavy revenue in the coming years.
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