The laboratory information systems market is projected to reach USD 2,416.9 million by 2024 from USD 1,781.7 million in 2019, at a CAGR of 6.3%. Growth in the LIS market can be primarily attributed by the rising prevalence of chronic diseases, the need for laboratory automation and increased lab efficiency, and the development of integrated LIS, among others. Emerging countries and personalized medicine, along with the popularity of cloud-based LIS, are expected to provide significant opportunities for players in the market. However, high maintenance and service costs, the requirement of specialized laboratory units, interfacing issues, and a dearth of skilled professionals will challenge market growth in the coming years.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=232312738
Opportunities
Growing popularity of cloud-based LIS
The emergence of cloud-based services has led to significant advances in the LIS market. With cloud-based solutions, companies are only required to pay for the software subscription instead of purchasing full licenses, which reduces the maintenance costs related to in-house deployment. Moreover, a cloud-based LIS solution does not require any upfront capital investments for hardware, which reduces the burden on healthcare systems, minimizes the requirement of IT staff, and provides rapid and secure data transfer.
Pharmaceutical companies are inclined towards employing centralized corporate-based facilities to create a virtual network of contract research, development, and manufacturing organizations (CRDMOs) and academic institutions. The adoption of cloud-based solutions will aid these organizations in dealing with the large volumes of data generated from these activities; it will also help reduce the total cost of ownership of laboratory information systems. Due to benefits such as enhanced data accessibility, cost-effectiveness, and real-time analysis, cloud-based models have emerged as effective solutions for operating LIS systems, thereby offering significant growth opportunities to LIS vendors.
Challenges
Interfacing with diverse laboratory instruments
With the changing nature of procedures, technologies, and screening work in laboratories, it has become increasingly important to streamline laboratory workflows. The changing nature of laboratory work requires automated solutions with greater flexibility and interfacing capabilities. Better interfacing offers flexibility and the ability to rapidly configure multiple application-oriented tasks, which leads to increased productivity and data standardization in organizations. Some laboratories may have decade-old instruments that require a different kind of interface. Delivering software solutions that are compatible with diverse laboratory systems is one of the major challenges providers face.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=232312738
Browse Related Reports:
Laboratory Equipment Services Market by Type (Repair & Maintenance, Calibration, Validation), Contract (Standard, Custom), Equipment (Analytical, Equipment, General, Support), Service Provider (OEM), and End User (Pharmaceutical) – Global Forecast to 2024
Laboratory Information Management System Market by Type (Broad), Component (Software, Service), Deployment Model (On-premise, Remote, Cloud), Industry (CRO, CMO, Toxicology, Pharma, Biotech, Chemical, Agriculture, Oil, Gas) – Global Forecast to 2023
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Phone: 1-888-600-6441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/laboratory-information-system-market-232312738.html