The leading companies operating in the global laboratory information system market are adopting various strategies to remain competitive. For instance, several among them are investing in research and development activities to offer next-generation innovations, finds Transparency Market Research (TMR) in a new study. Such strategies are expected to pave way for the market’s upward-moving trajectory. McKesson Corporation, Cerner Corporation, and Merge Healthcare Incorporated are some of the most prominent companies operating in the global laboratory information system market.
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TMR pegged the global laboratory information system market at US$1,381.4 bn in 2013. Furthermore, it has forecast the market to reach US$2,158.0 bn by the end of 2019. Considering these numbers hold true, the global laboratory information system market will rise at 7.70% CAGR between 2013 and 2019. Regionally, North America has emerged dominant in the global laboratory information system market. The rising incidence of chronic ailments and the presence of a sophisticated healthcare infrastructure support the market’s expansion in North America. Among clinical diagnostics laboratory information systems and drug delivery information systems, the former is expected to rise at a CAGR of 8.90% between 2013 and 2019.
Recent Improvements in Healthcare Services to Fuel Demand for Laboratory Information Systems
Laboratory information systems are used to store, retrieve, record, and manage laboratory data. While these systems play a crucial role in diagnosis, treatment, and prevention of diseases, they do not have a standard design. This is because laboratory information systems are often designed and customized as per specific needs of a laboratory. Be it as it may, the demand for laboratory information systems will continue to surge in the coming years. Recent improvements in healthcare services are also expected to buoy growth in favor of the market.
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Globally the demand for integrated healthcare information systems has escalated, which provides an environment conducive to the market’s growth. Besides this, government initiatives and the increasing investment by healthcare IT players are expected to give impetus to the global laboratory information system market. Overall, improvement in healthcare services over the last couple of years will bode well for the market. On the downside, absence of experienced professionals, interoperability issues, and high maintenance cost can deter growth witnessed over the forecast period.
Lack of Adherence to Standards Can Restrain Market
Other than this, lack of adherence to standards can restrict the market to an extent. Laboratory information systems must offer high integrity to reduce chances of data failure. Because the software has a complex design is easy to change, however, it is difficult to test it. Never mind this, the rising use of mobile phones and steps taken to offer innovations by companies are expected to create lucrative opportunities for the market’s growth in the coming years.
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In developed countries especially the market will benefit from rising public funding. The rising demand from developed countries across Europe and North America are also expected to help the market exhibit steady growth through the forecast period. The rising demand from fast-growing markets in the U.S., the U.K., Germany, and Japan will therefore boost the global laboratory information system market in the coming years.
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