Laboratory Information Systems: The Heart of Healthcare Decisions. North America Dominating the Global Market Occupying Largest Share

Hyderabad, India -- (SBWIRE) -- 01/29/2018 -- Market Data Forecast has announced the addition of the "Laboratory Information System Market by component (Services, hardware and Software) by end-users (hospitals, independent laboratories, clinics and others) by delivery mode (cloud based and on-premises) and by region - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)" report to their offering. The Global Laboratory Information System Market was priced USD $1.24 Billion market in 2016 and calculable to be growing at a CAGR of 8.8%, to achieve USD $1.89 Billion by 2021, within the mentioned forecast period.

A Laboratory information system (LIS) is an advanced system which is designed for information and data management associated with the medical laboratories, which consist of analytical and clinical laboratories. Laboratory information system helps in providing the data relating to diagnosing, treatment, and prevention of illness. By the implementation of automation in laboratories, this method creates a lot of profit by minimizing the non-value adding steps.

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The growth of the global information system market is driven by a number of things that include growing need to curb diagnostic errors, increasing chronic diseases, increase in per capita healthcare expenditure and advancements in healthcare IT solutions. Moreover, this market is boosted by increasing government and trade player's initiatives into the health care IT and laboratory services across the world.
However, the expansion of the market is hampered by some factors like high prices associated with laboratory information systems and lack of skillful healthcare professionals in IT sector.

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The fragmentation of global laboratory information system market is done on the basis of end-users, components and deliveries. On the idea of end-users, the global laboratory information system market is divided into clinics, hospitals, physician office laboratories, independent laboratories, and others (blood banks, retail clinics, and nursing homes). The hospitals segment is calculable to account for the biggest share of the worldwide market in 2016. Whereas, the independent laboratories segment is projected to grow at the best CAGR. Based on components, the market is classified as LIS Services, hardware and Software. The services segment is calculable to account for the biggest share of the worldwide laboratory system (LIS) market in 2016, and therefore the software segment is projected to grow at the best CAGR. According to delivery mode, the market is subdivided into cloud based and on-premises.

Regional Overview

On the principle of geographical analysis, the global laboratory information system market
is classified into varied regions namely Middle East, North America, Europe, Latin America, and Asia-Pacific, Africa. The North America region is dominating the world market at present owing to various technological advancements and also the growing health care sector. The Asia Pacific region is expected to standout with highest CAGR during the forecast period.

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The laboratory information system market is assisted by the increasing initiatives from government and business players within the health care IT sector and laboratory services. Some of the main firms dominating the global laboratory information system market are Compugroup Medical, Epic System Corporation, SCC Soft computer, Cerner Corporation, Labware, Medical information technology, Evident, Sunquest Information systems, Mckesson.

Scope of the report

The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.

The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.

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