Laboratory information systems (LIS) are an array of software and hardware designed to capture and store healthcare data pertaining to clinical laboratories, analytical laboratories, and healthcare industry. Technological advances in labs and massive demand for automation are inducing the demand for LIS. The global laboratory information systems market report by Market Research Future (MRFR) covers drivers, challenges, trends, and opportunities for the forecast period (2019-2025).
Market Scope
The global laboratory information systems market is projected to reach a valuation of USD 20,757.12 million by 2025. It is predicted to exhibit a CAGR of 7.1% during the forecast period. It is expected to face massive demand owing to its ability to improve the efficiency of hospitals.
Adoption of advanced healthcare systems in light of the recent surge of digitization of health records can work in favor of the market. Investments by healthcare IT companies and the mushrooming of hospital chains by expanding into rural areas can bolster the market growth.
Technological advances in pharmaceutical and biopharmaceutical laboratories can act as a catalyst for the market. The focus on drug discovery & development and development of assays to assess the presence of diseases can induce the need for LIS. This can expedite the process to a huge degree in adherence to GMP, GCP, and GDP standards. Availability of cloud for storing and management of huge volumes of data can fuel the global LIS market.
Competition Outlook
Medical Information Technology Inc., McKesson Corporation, LabWare Inc, IBM, Abbott Laboratories, Roper Industries, Thermo Fisher Scientific Inc., TCG Lifesciences Pvt. Ltd, and Cerner Corporation are key players of the global laboratory information systems market. Partnerships and distribution agreements are key strategies undertaken by players to sustain their market hold.
