In modern medical practice, laboratories have come to play an increasingly important role. From being tucked away in hospital corners, they have come to occupy a position of importance and a source of the highest revenue. The laboratory information system market has been thriving as technology has come to replace humans when it comes to maintaining flawless records and providing rapid access to the same. As evidence-based medicine and accurate diagnostic results have gained importance, laboratories have witnessed increased pressure which has in turn made efficient laboratory information systems an inevitable part of the healthcare ecosystem.
Some of the advantages of laboratory information systems include tracking of samples in real-time, saving time through a streamlined sample tracking model, focus on critical reports, efficient management of logistics, eliminating human errors, increasing of revenue and elimination of unnecessary spending. The laboratory information system market will be expanding as the lab comes to play a critical role in saving human lives.
Segmentation:
Application, components, and delivery are the three segments along which the global laboratory information systems market has been subdivided.
Application-wise, LIS market is segmented as clinical, drug discovery, and industrial.
By component LIS market is divided into hardware, software and services.
Delivery segmentation of LIS market includes cloud-based and on-premise based.
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Regional Analysis:
Geographically, the LIS market is subdivided into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
North America LIS market is expected to hold a dominating position due to the adoption of cloud computing and increasing demand for lowering cost for customized healthcare services in the U.S. Health Insurance Portability and Accountability Act dictates that U.S. healthcare industry has to start adopting electronic medical records so as to efficiently and securely share data with other healthcare providers and government agencies. As a result, cloud-based LIS are expected to be more widely adopted and enable laboratories to share real-time information. Due to increased expenditure on healthcare and enhanced healthcare infrastructure in North America and Western Europe, LIS market is expected to expand in these regions over the coming years.
Increasing adoption of new technologies, patient awareness and rising rate of disease incidence would help to augment LIS market growth in Europe. Rising demand for integrated healthcare systems and a market ripe for enhanced healthcare facilities would drive LIS market in the region.
Asia and Latin America LIS market are expected to witness fast paced growth due to increasing incidences of diseases, government initiatives for enhancement of healthcare infrastructure and rising investments from healthcare IT players. Due to the presence of emerging economies in the regions and expanding expenditure in healthcare services, many international LIS firms have shown increased interest in these regions thus raising the potential of LIS market expansion in the regions.
Competitive Landscape:
Some of the companies that are trying to make a difference to the LIS market include Eclipsys Corporation, Cerner Corporation, LabVantage Solutions Inc, McKesson Corporation, LabWare Inc., Medical Information Technology Inc., STARLIMS Corporation, Merge Healthcare Inc., Sunquest Corporation and Thermo Fisher Scientific Inc.
Industry News:
The LSI market is making significant strides through mergers and acquisitions as well as collaborations. For instance, Agilent Technologies, the analytical laboratory equipment manufacturer recently announced that the company would be integrating its LIS with the sequencing platforms of MGI Tech. the companies signed a collaboration agreement at the 14th International Conference on Genomics in China in which it was declared that MGI's DNBSeq series of sequencing platforms as well as other life science instruments with SLIMS laboratory information system of Agilent to achieve a seamless connection between hardware and software.
SLIMS, developed by Agilent combines the functions of LIS and electronic lab record that includes workflow management, sample management, electronic lab notebooks, data display boards and order management. On the other hand, MGI's various sequencing instruments such as DNA nanoball, DNA single-chain circularization preparation, DNB loading, patterned array slides, combinatorial probe anchor synthesis, base calling algorithms and paired-end sequencing are powered by DNBSeq is the core technology. The collaboration had apparently commenced in 2017 during which the companies had tested the integration of their systems at the Australian lab of MGI.
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