The global laboratory information system market generated revenue of $1.4 billion in 2014 and is projected to demonstrate a CAGR of 7.3% during the forecast period (2015–2020). The market growth is mainly driven by the rising demand for monitoring systems in laboratories and high adoption of information systems by hospitals and medical testing laboratories. Moreover, increasing demand for advanced diagnostic technologies for reduced errors and improved efficiency, growing use of cloud computing, and rising number of government initiatives to boost the use of healthcare technologies across the globe are the factors contributing to the market growth.
Laboratory information management has become an indispensable part of hospitals and other reference laboratories, as it helps obtain accurate information and further aid medical practitioners in decision making.
On the basis of application, the laboratory information system market is categorized into clinical, drug discovery, and industrial applications. Among these, the clinical category is expected to hold the largest share in the market, accounting for over 55% revenue, by 2020. Moreover, the category is projected to witness the fastest growth during the forecast period.
Based on component, the laboratory information system market is classified into software, hardware, and services. Of these, the software category is expected to hold the largest share in the market, accounting for over 70% revenue, in 2020, progressing at the highest CAGR during the forecast period.
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The acceptance rate of laboratory information management systems is low in developing countries, primarily due to the high costs of installation, maintenance, and upgradation of such systems; less-qualified in-house IT resources; technical complexity of such systems; and poor IT infrastructure. However, despite such challenges, the LIS market holds strong growth potential owing to the increasing demand for integrated IT systems in medical and diagnostic labs, development of advanced remote patient monitoring systems, and introduction of numerous healthcare initiatives in developing nations.
GLOBAL LABORATORY INFORMATION SYSTEM (LIS) MARKET SEGMENTATION