The global laboratory information system market is predicted to grow to USD 3.2 billion by 2024, growing at a CAGR of 8.5% during the forecast period. Different products such as integrated a standalone are majorly contributing to the laboratory information system market size. Laboratory information system (LIS) is a software solution which manages the obtaining, handling, and storage of information created by laboratories. It helps to simplify laboratory processes to decline specimen handling time, enhance turnaround time, and upsurge productivity.
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Key factors hindering the growth of the laboratory information system market are the high cost of LIS, interoperability and technical issues. In addition, the dearth of skilled professionals and requirement of specialized laboratory units for chemistry, hematology, and microbiology is also having a negative impact on the growth of the market.
Asia-Pacific is observed to witness significant growth in the laboratory information system market during the forecast period, as the region comprises of a large population, cancer diagnostic initiatives, mounting requirement for the integrated healthcare system, escalating awareness of LIS, and mounting EHR adoption. Moreover, intensifying healthcare expenditure, government schemes to increase healthcare IT, refining healthcare infrastructure, and mounting occurrence of chronic diseases are also facilitating the significant growth of Asia-Pacific laboratory information system industry.
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Market players in the laboratory information system industry are investing capital to develop technologically advanced systems. In April 2018, SCC Soft Computer and Australian Red Cross Blood Service have introduced an implementation study to assess SCC’s laboratory and genetics information management systems. Cerner Corporation, SCC Soft Computer, Mckesson Corporation, Compugroup Medical AG, EPIC Systems Corporation, Computer Programs and Systems, Inc., International Business Machines, and Orchard Software Corporation are some of the key players offering solutions for laboratory information system.
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