Laboratory Information System Industry Analysis and Demand Forecast to 2020
The global laboratory information systems (LIS) market is growing moderately, driven by increasing demand for advanced healthcare monitoring systems, better efficiency of laboratories.
Driven by technological improvement in healthcare services across the globe, the market for LIS was valued at $1,438.5 million in 2014. Further, the LIS market is expected to grow at a CAGR of 7.3% during the period 2015 to 2020, to reach $2,184.1 million by 2020. Rising need for improved laboratory efficiency, especially in the healthcare sector, is playing an important role in the overall growth of the LIS market. There are several other factors encouraging the market, such as significant investments from healthcare IT companies and surge in number of hospitals realizing the importance of LIS.
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Rising need for integrated healthcare information systems, increase in healthcare initiatives by governments and continuous investments by major healthcare players also significantly impact the growth of the market. The LIS market is also poised for growth driven by major opportunities in emerging economies that hold significant potential in terms of demand of efficient and high quality laboratory information, and the need for powerful IT systems in diagnostic and medical laboratories.
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The adoption rate of LIS is low in various countries across the globe, primarily due to the high costs incurred in implementation, maintenance, and up-gradation services; poor in-house IT skilled resources and complexity of system; and inadequate IT infrastructure. These key challenges pose threat to the growth of LIS market. Despite of these challenges, the market still holds significant growth potential, mainly driven by increasing need for integrated IT infrastructure in medical and diagnostic laboratories, development in remote patient monitoring and various healthcare related initiatives by emerging economies.
The global LIS market is in growing phase in most of the countries and there are few large vendors holding the significant market share. Many new players are also entering the market, and the consolidation of small players with large players is shaping the competitive landscape. The competition in the LIS market is tough and the market players are trying to sustain themselves by differentiating their LIS products from their competitors. STARLIMS Corporation, Sunquest Corporation, McKesson, LabWare and LabVantage are some of the leading market players offering LIS solutions.
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Apr 25, 2017