Laboratory Information System Market | Grows at CAGR 9.5%

Global Laboratory Information System Market

Global Laboratory Information System Market Overview:

The worldwide market for Laboratory Information System is anticipated to experience a 9.5% CAGR over the 2018-2023 forecast period. Laboratory information system is software used to store and handle laboratory data. These devices are commonly used in hospitals and clinics to keep records of the patient s medical history and send laboratory test instructions.

Need to Improve Diagnostic Quality and Reduce Diagnostic Mistakes:

Diagnostic mistakes are complicated, and eradicating mistakes is very crucial. According to the National Institute of Health NIH study, urgent change is needed to tackle diagnostic mistakes influencing the quality of healthcare systems worldwide. Diagnostic mistakes persist throughout all kinds of care, including prevalent and rare diseases, affecting the vast amount of patients. NIH also indicated that an individual faces diagnostic mistake at least once in his lifetime, sometimes with serious implications. To remove diagnostic mistakes, businesses are creating new software with precision and real outcomes. According to the NIH study, the commission involved indicated that to achieve better diagnosis, collaboration among healthcare practitioners, patients and their families is very crucial. Patients and their relatives are anticipated to participate in the diagnosis to enhance patient care and facilitate precise and timely diagnosis through family inputs.

This shows attempts are being made to enhance diagnostic quality. Such improvements by the boards involved are anticipated to contribute to LIS market growth. Other factors, such as rising LIS demand in developing countries and digital transformation in the healthcare sector, are driving the growth of the Laboratory Information System market.

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Shortage of Qualified Laboratories in The Healthcare IT Sector:

According to the Healthcare Information and Management Systems Society HIMSS survey, scarcity of qualified healthcare IT labs and experts is a significant problem in the healthcare industry. Developed nations face the challenge of lacking skilled labor. The U.S. healthcare industry is experiencing a shortage of skilled labor in the healthcare IT sector, despite the country s well-established industry and greater adoptability to new techniques. This absence of qualified labors eventually affects Laboratory Information System LIS market. Laborers lacking knowledge of system and data integration cannot run LIS software. For LIS end-users, finding a individual who can manage the software easily is very hard. Therefore, implementing LIS at the point of care becomes one of the significant problems for end-users.

Developing nations like India are increasing quickly in terms of population, but health services are not up to the mark. To introduce facilities like LIS in India, tech-friendly laboratory scarcity becomes the significant factor that restricts end-users from using LIS. This impacts LIS general market. LIS software’s elevated price is another factor hindering market growth.

North America holds the biggest share in the Laboratory Information System Market:

North America holds the biggest market share studied. This can be mainly ascribed to well-established healthcare It industry in the region and public attempts to facilitate access to laboratory facilities, expected to increase market growth over the forecast period.

Global Laboratory Information System Market Key Developments:

Sep 2017-Novatek International and Particle Measuring Systems PMS Form Strategic Partnership to Bring Unique, Integrated Contamination Control Solution to Life Sciences Industry.

Global Laboratory Information System Market Key Players:

Abbott Laboratories, Mckesson Corp., Novatek International, Merge Healthcare Incorporated, Medical Information Technology, Inc, Labware Inc., Thermo Fisher Scientific, 3M Company, PerkinElmer, and Lab vantage Solutions Inc. among others.

Reasons to Purchase Global Laboratory Information System Market Report:

In advanced and emerging economies, current and future Global Laboratory Information System Market perspective. Analysis of multiple market views with Porter s five-force analysis. Segment expected to dominate the market. Regions expected to experience the highest development in the prediction era. Identify the recent trends, market shares and strategies of significant market players. 3-Month Analyst Support and Market Estimate Excel.

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