Market Research Future (MRFR) asserts that the Global Laboratory Information Systems Market is considered to demonstrate 7.3% CAGR owing to the need for advanced techniques. Laboratory information system (LIS) is referred to as a comprehensive information system which has been configured and developed to process, manage, and store information related to medical and industrial-related laboratories including analytical and clinical laboratories.
LIS plays a crucial role in generating high-quality data and streamlining the process in order to support clinical decisions. It offers information which helps the hospitals to prevent, diagnose, manage, and treat diseases, and also acts as an indicator for the public health.
Laboratory Information Systems Market – Key Players
The key players that are involved in Global Laboratory Information Systems market are 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.
Industry Updates:
February 20, 2019: XIFIN, Inc. has recently announced that they have expanded their physician and patient engagement capabilities. The new capabilities comprise a patient responsibility estimator and a strategic partnership with Glidian which incorporates automated prior authorization capabilities with XIFIN’s laboratory information system solutions and revenue cycle management.
The Cerner EHR project is thriving as the U.S. Department of Defense increases its budget by about USD 1.2 billion. The additional funds will support the added services to maintain a standard EHR between the Department of Veterans Affairs and the U.S. Coast Guard. The EHR when integrated with laboratory information system, turns highly efficient, which leads to increased productivity and also reduced probability of errors. Cerner is an established company in the global LIS market that understands this fact and makes use of every opportunity to enhance its products to cater to various customer needs.
Nov 2014 Thermo Fisher launched a new ultracentrifuge which combines speed with safety and ergonomics, allowing researchers to easily protect samples while achieving reliable and consistent results.
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Sept 2014 Cerner announced a strategic agreement with Intermountain Healthcare to provide clinical governance of solutions and workflow to be proposed for the Department of Defense’s Healthcare Management System Modernization (DHMSM) initiative.
Aug 2014 Cerner Corporation and Siemens AG signed a definitive agreement for Cerner to acquire the assets of Siemens’ health information technology business unit, Siemens Health Services, for $1.3 billion in cash. As part of the agreement, Cerner and Siemens will form a strategic alliance to bring new solutions to market that combine Cerner’s health IT leadership and Siemens’ strengths in medical devices and imaging services.
March 2014 LabVantage launched a new product known as LabVantage 7 Express for quality controlled smaller labs.
Laboratory Information Systems Market – Segments
The Global Laboratory Information Systems Market has been segmented on the basis of application, component, and delivery.
By mode of application, the global laboratory information systems market has been segmented into industrial, clinical, and drug discovery. Among these, the clinical diagnostics occupies the major share and is anticipated to retain its dominance in the coming years.
By mode of components, the global laboratory information systems market has been segmented into hardware, software, and services.
By mode of delivery, the global laboratory information systems market has been segmented into on-premise, web-based, and cloud-based. Among these, the on-premise segment is predicted to occupy the largest share of the LIS market owing to the enhanced data security coupled with customization of such systems based on the healthcare provider.
Laboratory Information Systems Market – Regional Analysis
Geographically, the regional market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa.
The North America dominated the global Laboratory Information Systems market. The adoption of cloud computing is expected to rise in the U.S. healthcare sector due to continuous pressure to lower cost for customized healthcare services. According to clauses of the HIPAA, the healthcare industry in the U.S. has to adopt new systems that support electronic medical records (EMR) and share data in an efficient and secure manner with other healthcare providers and government agencies. This will lead to higher adoption of cloud-based LIS, which allow laboratories to share real-time information with hospitals and patients. In terms of LIS usage, North American and Western European markets are witnessing penetration, due to early adoption of healthcare technologies.
The European LIS market is expected to grow moderately, driven by higher incidence rate of diseases and increasing patient awareness about new technologies. In addition, various government initiatives also helped in promoting the usage of LIS. Increasing demand for better healthcare facilities and rising need for integrated healthcare systems in the two regions are some of the key driving factors for these markets.
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The LIS market is expected to grow in Asia-Pacific (APAC) due to increase in the incidences of diseases. Asia and Latin America are among the fastest growing markets for LIS; rising investments from healthcare IT players and government initiatives are some of the key driving factors for LIS in these regions. Many international LIS firms have started investing in developing regions of the world, such as Asia and Latin America, in order to increase their presence in high potential markets.
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