The laboratory information system (“LIS”) industry includes set of programs and hardware, which are part of an integrated system designed for healthcare information. It is an information system intended for capturing complex data and information related to medical and industrial laboratories, including clinical and analytical laboratories. The information system interfaces with analytical instruments and allows users to obtain, store, manage, retrieve and record laboratory data. The information provided by LIS is then used in diagnosis, prevention, management and treatment of disease. It acts as an indicator for individual and population health. As industrial and medical laboratories are diverse with different requirements; hence, there is no standard information system designed for laboratories. Therefore, a laboratory information system is customized, developed, and configured according to the requirements of a laboratory.
Remote patient monitoring presents significant opportunities for future growth in the LIS market. Remote patient monitoring systems enable patients to access quality healthcare programs and access laboratory test results even at home, which results in much faster recovery, saving time and money spent on unnecessary trips to hospitals and laboratories for tests. Remote patient monitoring greatly minimizes hospital stays, resulting in reduction of cost for healthcare delivery. Thus, remote patient monitoring helps increase business opportunities for healthcare service providers, while integrating systems and providing necessary operational facilities.
Geographically, North America ranks the largest market for LIS, primarily driven by large healthcare spending, advancement in technology, macro and micro economic factors and easy access to healthcare services in the region. Western Europe and Asia are the other large markets which include major countries like the U.K., Japan and China. However, in terms of growth, emerging economies are expected to drive the market in forecast period, therefore Asia-Pacific is expected to witness the fastest growth in the upcoming years.
Some of the other key players operating in the global laboratory information system market are Sunquest Corporation (Roper Industries), STARLIMS Corporation (Abbott Laboratories), LabWare and LabVantage Solutions, Inc., McKesson Corporation and Thermo Fisher Scientific Inc.