Laboratory Information Systems Market Overview
Laboratory Information Systems Market Research Report is expected to register 7.1% CAGR and is anticipated to reach USD 20,757.12 Million by 2025. LIS reduces specimen handling time, increases productivity, and improves turn-around time by streamlining laboratory processes. The rising demand for lab automation and efficiency, the increasing incidence of chronic diseases, the surge in demand for personalized medicine, the growth of integrated LIS, and the growing popularity of cloud-based LIS are all expected to provide significant growth opportunities for market players, developing economies.
Laboratory Information Systems Market Segmentation
The global laboratory information systems (LIS) market has been segmented into application, components, and delivery.
Based on application, the global market has been segmented into clinical, drug discovery, and industrial.
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Based on components, the global laboratory information systems market has been segmented into software, hardware, and services.
Based on delivery, the global market is divided into on-premise based and cloud-based.
By Geography: North America (U.S., Canada, and Mexico), Asia-Pacific (India, China, Japan, Australia & New Zealand, South Korea, and Rest of Asia-Pacific), Europe (Germany, France, UK, Italy, Russia, Spain, and Rest of Europe), South America (Argentina, Brazil, and Rest of South America) and Rest of World (the Middle East and Africa).
Laboratory Information Systems Market Regional Classification
The laboratory information systems industry has been rising for the previous decade, with more clinics, hospitals, and pharmaceutical companies investing in the laboratory information systems market. The growing number of research studies and clinical trials being conducted to combat chronic diseases has raised the need to invest in and build advanced laboratories capable of accurately determining the causes of these disorders. According to laboratory information systems market standards, North America ranks first in the world for having invested the most money in labs and clinics. Europe is the second most LIS-invested country after the United States, providing local and global healthcare companies opportunities.
Due to their growing populations, Asia-Pacific countries such as India, Malaysia, China, Japan, and Singapore have marketed the Laboratory information systems business. Clinical trials of chronic diseases, exchanging and marketing knowledge about different diseases around the world to prevent another pandemic, medication creation by pharma firms to create improved healthcare systems, and other factors all impact the Laboratory information systems sector market.
Laboratory Information Systems 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 laboratory information systems market hold.
Laboratory Information Systems Industry News
The growing demand for lab automation propels the laboratory information system industry forward. A growing number of people are getting a battery of tests, putting further strain on laboratories. Clinical laboratories are employing more healthcare workers to lower the workload on existing staff and lessen the number of errors that come with it, to improve the lab’s efficacy and efficiency in producing accurate results. According to the Bureau of Labor Statistics, an extra 12,000 clinical laboratory workers are needed each year to meet demand, but only half of that number is joining the sector. As a result, laboratories choose automation to make their jobs easier.
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A cloud-based laboratory information system is predicted to become the main trend in the laboratory information systems market. Cloud computing is defined as the sharing of computer resources and services, such as storage as well as servers, over the internet to lower costs, productivity, increase speed, and network security. The cloud system in laboratory information systems provides several benefits, including improved findings, cost-effectiveness, and progress without additional space.
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