HOME › Research Insight › Molecular Diagnostic Laboratories, Cloud-based LIS, and Emerging Economies in Asia are the New Revenue Pockets for the Laboratory Information System/LIS Market
Molecular Diagnostic Laboratories, Cloud-based LIS, and Emerging Economies in Asia are the New Revenue Pockets for the Laboratory Information System/LIS Market
LIS is a growing market and has witnessed a number of technological advancements due to factors such as rising demand of molecular diagnostic tests, rising aging population and chronic diseases resulting in greater number of diagnostic tests, increasing need to integrate healthcare systems, and increasing government support for adoption of Healthcare IT tools. Key players focus on technological advancements which lead to greater adoption of LIS. In line with this view, companies focus on partnerships, collaborations, new product launches, and acquisitions to gain a competitive edge in the market.
On the basis of end users, the LIS market is segmented into clinical laboratories, anatomic pathology laboratories, blood banks, and molecular diagnostic laboratories. Among all these end users, molecular diagnostic laboratories showcase lucrative growth potential and represent new revenue pockets for the LIS market. High growth in this segment is attributed to the shift of molecular diagnostic laboratories from paper-based systems to more sophisticated LIS systems, in order to handle the growing volume of genetic tests and to better manage quality control and inventory in molecular diagnostic laboratories.
On the basis of delivery mode, the LIS market is broadly segmented into on-premise, remotely hosted, and cloud-based. The cloud-based segment is expected to grow at the highest rate owing to its storage flexibility and that no significant investments are required for attaining software licenses and related hardware, which in turn reduces the capital expenditure.
In the coming five years, Asian countries such as Singapore, China, and India are likely to witness growth in the LIS market. This high growth can be attributed to factors such as improving healthcare facilities, growing adoption of HCIT, increasing medical tourism, growing number of hospitals and awareness of LIS, and growing number of laboratory tests and increasing demand to handle high volume of tests and streamline the laboratory workflow.
Laboratory Information System/LIS Market by Type (Standalone, Integrated), Delivery Mode (On-premise, Hosted, SaaS), End User Labs (Clinical, Molecular Diagnostic, Blood Bank, Anatomic Pathology) & by Component (Software, Services) - Global Forecast to 2019
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