The major drivers in the global laboratory information system market are the execution of cost reduction measures in healthcare centers, skyrocketing demand for higher lab productivity, rising execution of cloud computing in LISs, increasing need for molecular diagnostics, and surging requirement for advanced healthcare information systems. The market will touch $3,457.2 million by 2030. The outbreak of COVID-19 had disrupted the entire circular economy and this market. Governments of various nations had imposed stringent lockdowns in numerous economies, lowering LIS solutions demand. This, in turn, negatively impacted the market in the first half of 2020.
The laboratory information system marketexhibited a fast recovery from the recession. There is a snowballing requirement for LIS on account of voluminous online doctor consultations. Moreover, the growing geriatric population, coupled with the increasing prevalence of chronic illnesses will exert a push on the number of doctor consultations. Additionally, these online consultations were at the convenience of people, where they can consult medical experts as per their comfort from their residence itself. Hence, all these factors boosted the sales of the market amid the global pandemic.
Segmented on component, the software category rules the laboratory information system marketand it is expected to continue this trend in the coming years as well. This can be primarily attributed to the skyrocketing demand for automated and integration components of LIS software systems, such as labels, barcode readers, and result detectors. Furthermore, the errors can be nullified with a reduced turnaround time by integrating LIS software into analytical instrumentation. Additionally, the rising investments toward the research and development of this market will pave the way for higher revenue generation.
North America generated the highest laboratory information system market revenue in the past few years. This can be credited to the surging requirement for online data storage and mass installation foundation for such solutions in laboratories. Furthermore, the increasing number of regular check-ups in the region will go hand in hand with the unhealthy lifestyle of people and consequently, the rising incidence of chronic illnesses. Moreover, APAC is predicted to advance at the swiftest CAGR in the coming years on account of the growing geriatric population and increasing prevalence of chronic illnesses.
Furthermore, the LIS assists in rehabilitation, treatment, and diagnosis services through an interconnected platform. Moreover, it not only helps the healthcare providers in sharing treatment methods with patients but also cuts the diagnosis time because of streamlining back-office operations. Additionally, it also permits users to record, retrieve, manage, store, and collect information offered by these solutions. The techniques followed for treatment are enhanced because of the highly-accurate diagnostic data offered by these solutions.