A laboratory information system (LIS) can be defined as a software solution that handles the receiving, processing, and storage of information generated by laboratories. LIS helps to streamline laboratory processes to decrease specimen handling time, increase productivity, and improve turnaround time. The global laboratory information system market is expected to reach USD 2.12 Billion by 2021, growing at a CAGR of 9.1% during the forecast period. The growth in the LIS market is majorly driven by the increasing demand for quality laboratory diagnosis, rising prevalence of chronic diseases, and government initiatives to support healthcare IT. However, factors such as the high cost of LIS systems and dearth of healthcare IT professionals are restraining the growth of this market.
The global laboratory information system market is segmented on the basis of product, delivery mode, component, and end-users. By product, the market is segmented into standalone LIS and integrated LIS systems. The standalone LIS segment is estimated to account for the largest share of the global LIS market in 2016. Integrated LIS segment is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the reduction of the separate maintenance and service cost of these LIS solutions.
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On the basis of end users, the laboratory information system market is segmented into hospital laboratories, independent laboratories, physician office laboratories (POL) and other end users (Blood banks, retail clinics and nursing homes). The hospital laboratories segment is expected to account for the largest share of the market in 2016, and is projected to grow at significant CAGR during the forecast period. Affordable LIS solutions for hospitals and need for laboratory data attributed to the growth of LIS market.
On the basis of regions, the laboratory information system market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to account for the largest share of the market in 2016. The large share of the North American region can be attributed to the rising chronic disease prevalence and increasing initiatives by industry players and government in field of healthcare IT. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
Some of the major players in the laboratory information system market are : Cerner Corporation (U.S.), McKesson Corporation (U.S.), Epic Corporation Inc. (U.S.), Medical Information Technology, Inc. (U.S.), SCC Soft Computer (U.S.), Sunquest Information Systems, Inc. (U.S.), CompuGroup Medical AG (Germany), Computer Programs and Systems, Inc. (U.S.), Merge Healthcare, Inc. (U.S.), and Orchard Software Corporation (U.S.).
