This report provides exclusive insights into the COVID-19 impact on the Laboratory Information System Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Laboratory Information System Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Laboratory Information System Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on laboratory information system market provides in-depth analysis of segments and sub-segments in the global as well as regional laboratory information system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional laboratory information system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global laboratory information system market. According to the report, the global laboratory information system market is projected to grow at a CAGR of 6.5% over the forecast period of 2018-2024.
A laboratory information system (LIS) is a healthcare information system that holds clinical data. A LIS software system records manager, and stores data for clinical laboratories from all stages of medical processes and tests. A laboratory information system has traditionally been most adept at sending laboratory test orders to lab instruments, tracking those orders, and then recording the results, typically to a searchable database. The standard LIS has supported the operations of public health institutions and their associated labs by managing and reporting critical data concerning the status of infection, immunology, and care and treatment status of patients. Physicians and lab technicians use laboratory information systems to coordinate varieties of inpatient and outpatient medical testing, including hematology, chemistry, immunology, and microbiology. They are widely used by medical laboratories in high-income countries.
The electronic data capture process of and reduces the time spent and cut errors associated with the transcribing process. Improved efficiency, cost reduction, and easy maintenance will boost the growth of the laboratory information system. Reports can be automatically generated and access to information can be quickly gained by using a LIS. An efficient laboratory information system helps to avoid workload and stress by automating tasks and processes on the core system. The financial, operational, inventory, reports and tests are available in various formats in a laboratory information system. A modern laboratory information system such as care data Informatics helps lab owners mine data, analyze trends and make accurate projections and thereby increases revenue. However, the lack of experienced professionals and high development cost of software hinders the growth of the laboratory information system. This system also provides the ability to go paperless and ensures compliance through a structured approach. Moreover, the rapid revolutionization in the diagnostic and medical laboratories is creating an opportunity for the growth of the healthcare information system in the emerging laboratory information system.
North America holds the largest market share in the laboratory information system market owing to the increased adoption of new technologies in the healthcare sectors. Healthcare IT systems are widely being implemented in countries such as the U.S. and Canada that boost the market growth in this region. Europe holds the second largest market in the laboratory information system owing to the technological advancements in the healthcare industry and increasing focus on data management and governance. The Asia-Pacific is expected to be the fastest growing market during the forecast period. The major factor that would drive the market in Asia-Pacific regions is the increased efficiency provided by the laboratory information system to manage data in the healthcare sector.
The report on global laboratory information system market covers segments such as application, delivery, and components. On the basis of application, the global laboratory information system market is categorized into drug delivery laboratory information systems and clinical diagnostics laboratory information systems. On the basis of delivery, the global laboratory information system market is categorized into web-based, and on-premise. On the basis of components, the global laboratory information system market is categorized into software and hardware.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while the Asia-Pacific region includes countries such as China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are the major markets included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. In the Asia-Pacific region, rapid industrial growth in India and China offer a substantial potential for the growth in the laboratory information system market. As a result, the APAC region is projected to experience growth at a CAGR of X.X% over the forecast period 2018-2024.
The report provides profiles of the companies in the global laboratory information system market such as Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Agfa-Gevaert N.V., Cerner Corporation, Epic Systems Corporation, GE Healthcare, Medidata Solutions, Inc., McKesson Corporation, and Nextgen Healthcare Information Systems, LLC, Siemens Healthineers.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global laboratory information system market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of laboratory information system market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the laboratory information system market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the laboratory information system market to understand the present and future trends in this market and formulate their strategies accordingly.