The laboratory information system market is anticipated to rise with a CAGR of about 9.65% during the forecast years 2017-2025. Laboratory Information Systems (LIS) is a software system which has been developed to help all the characteristics of the specialty laboratory, and modern clinic, to manage, record, and stores data. The laboratory information systems market is primarily driven by following factors:

• Increasing demand in emerging economies
• Cloud-based laboratory information system driving the market growth
• Increasing investments in R&D
• Growing adoption and usage of LIS from end-users
• Digital transformation in healthcare offerings
• Consumers growing preference for better facilities and patient care
• Increasing penetration of mobile applications in healthcare solutions

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The important driver increasing the growth in the global laboratory information systems market is the increasing demand from emerging economies. Growing awareness of the laboratory information system in the emerging economies is driving the market.  A rise in aging population in the developing countries but the lack of qualified and skilled technicians have forced the government to establish laboratory information system. The growing aging population with health issues such as diabetes, osteoporosis and much more are demanding increased treatments and thus add value to the growing number of hospitals, consequently driving the demand for hospitals and physicians.

The global laboratory information system market can be categorized on the basis of components into software and services with impressive pricing options. The services are believed to be the largest market segment in 2016 whereas the software is projected to be the fastest growing market segment. The global LIS market segmented into services has several added functionalities that include, Software-as-a-Service (SaaS), Electronic Laboratory Notebook (ELN) service, and clinical prospects. The laboratory information system services market is forecast to register solid and continued long-term expansion globally mainly due to the ongoing solid demand for complex and completely integrated LIS services solutions. The LIS software integrates diagnostic platform and offers well-structured data basis as well as advanced connectivity capabilities that are much-needed by the companies operating in the healthcare sector worldwide.

The major disadvantage for the LIS’s is the lack of adherence to standards; for example,  the software should be highly concerned about the safety related issues.These  LIS’s standards must have a high integrity that can provide the least probability of the data failure. The software is a complex product which is easy to change but difficult to test. The basic standards for the software used in LISs must include traceable specifications, planned verification, and validation of disciplined processes avoiding the errors. It also includes that the software system used for the LIS must have comprehensive configuration management and change control system.

The global laboratory information systems market segments are classified by component, by product, by the end user, and by deployment model. They are further divided as follows:

The component is segmented into:

• Software
• Services

The product is segmented into:

• Standalone
• Integrated

The end user is segmented into:

• Hospital
• Independent laboratories
• Physician office laboratories
• Others

The deployment model is segmented into:

• On-premises
• Cloud-based
• Web-based

The report scope is widely categorized on the basis of its component and deployment mode related to laboratory information systems market. Moreover, the market revenue estimates and forecast includes only laboratory information systems.

Geographically, the global laboratory information systems market has been segmented on the basis of four major regions, which include:

• North America – U.S. & Canada
• Europe – UK, France, Germany, Spain, RoE
• Asia-Pacific – China, India, Japan, Australia, Ro APAC
• Rest of World- Latin America, Middle East & Africa

North America is a clear leader in the global laboratory information system market. The Laboratory information system has diversified and developed itself in the North American region due to the advancement in technology and the expansion in the healthcare sector consisting of diagnostic centers and clinical research labs. The United States Laboratory information system is the dominating market in North America. The United States has the highest number of diagnostic centers, hospitals, and clinical research labs. The key driving factors in the Laboratory information system are enhancing medical insurance, the prevalence of lifestyle diseases, data storage, and workflow management. Moreover, Asia Pacific is predicted to be the fastest growing region during the forecast period. The Laboratory information system in Asia Pacific has deeply penetrated the market due to its applications in the biotechnology industry, pharmaceutical industry, hospitals and research centers as the data derived from the various medical test is very crucial for researchers to monitor patients efficiently.

The global laboratory information system market is further segmented by product. The product segmentation is mainly sub-divided into stand-alone laboratory information system market and integrated laboratory information system market. Among these, the standalone LIS segment held the largest share of the market in 2016 due to technological innovation and an increase in the cloud-based laboratory information system. The integrated laboratories information system approach of computerization operates for all the major discipline of pathology and laboratory medicine.

The major market players in the global laboratory information system market are:

• ABBOTT
• PERKINELMER
• THERMO FISHER
• LABWARE INC.
• MCKESSON
• OTHERS

To increase the business in the competitive market is a challenge for many companies and to overcome it, these companies sometimes prefer acquisition of other market players. For example,  Perkinelmer has acquired Bio scientific cooperation to increase its quality to develop new products and solution by using resources of the acquired firm. Labware Inc. has done a partnership with the other firms to increase its presence in other parts of the North America as well as across the globe. This will subsequently help the company to increase the business as well as the production and sales efficiency of the organization.

Key findings of the global laboratory information system market:

• Increasing demand for Cloud-based laboratory information system
• North America is anticipated to account the largest revenue share in 2017
• Services Segment leads the market in component segment
• Asia Pacific is anticipated to grow fastest during the forecast period