Global LIS Market on an Upswing at Forecast CAGR of 7.70%
Transparency Market Research published a report that estimated the global laboratory information systems market to grow at a CAGR of 7.70% between 2013 and 2019.
By the end of 2019, the research report predicted that the sector would reach a value of around US$2.16 billion, in comparison with a value of US$1.38 billion in 2013.
By definition, lab information systems (LIS) should not be confused with a conventional medical lab with flasks spewing gas and what not. Also called laboratory information management system (LIMS), these are software-based systems for information management and storage. LABWORKS says these innovative systems may be quality-centered and customer-focused.
However, one of these labs’ many purposes is servicing the healthcare industry. The medical sector appears to be a partial reason for the rapid increase in LIS facilities, as demand for integrated medical information continues to rise around the world, according to Transparency Market Research.
The research report included a segmentation of the global market into four regions: North America, Asia, Europe, and the Rest of the World. It tagged North America as the leading geography in terms of demand for laboratory information systems.
According to data from Absolute Reports, the LIS market in North America is growing at a CAGR of 7.8% forecast from 2014 to 2019. Several factors propel growth for the market, including more federal government support, developments in the molecular diagnostics field, and an uptick in aging individuals and chronic illnesses.
In terms of the industry’s sub-sectors, the anatomical pathology laboratory segment is the fastest growing unit of the market. The report estimated that it would record the biggest CAGR growth between 2014 and 2019.
However, the industry’s growth does not take place without corresponding issues. Near-term challenges await the LIS market, partly due to the lack of skilled professionals. Further, the high level of cost required for maintaining such facilities may also affect the market’s growth in the near future.