Connect with us

Trends

Global LIS market to grow 9.3 percent due to upsurge in demand of digital platforms

The global laboratory information systems (LIS) market was valued at approximately USD 1.5 billion in 2017 and is expected to generate revenue of around USD 2.9 billion by end of 2024, growing at a CAGR of around 9.3 percent, predicts Zion Market Research. Increasing the dependability of software and cloud-based solutions in the healthcare industry along with trending healthcare management solutions is estimated to accelerate the growth of market. The LIS market is mainly driven by its prominent characteristics which include enhanced productivity, reduced diagnostic errors, and précised and quality diagnosis which has increased consumer satisfaction. Furthermore, the market is driven by the upsurge in demand for the digital platform to maintain, store, and retrieve data in real time through various interfaces of the large patient pool. Additionally, improved features of the LIS services which include innovative and efficient analytic tools that provide a solution to the complex healthcare problems increases the overall productivity and satisfaction. These factors are estimated to propel the LIS market in the near future.

However, lack of trained professionals and the high cost of the system are acting as hurdles for the LIS market and it is expected that these factors may affect the market growth in the long term also. Nonetheless, significant investment by the government in LIS to provide a more advanced and improved version of the system coupled with the growing requirement for customized system embedded with data security features are likely to disclose the new avenues for the market. By delivery mode, the on-premise segment is estimated to hold the largest market value share because of the increasing demand for the customized systems embedded with enhanced security features. In the LIS market, North America is anticipated to dominate the regional segment. Furthermore, in the North American region, the United States of America is estimated to witness a significant demand for prominent platform story laboratory information. Europe is estimated to be following the footsteps of North America. The Asia-Pacific region is expected to be the significantly growing region for LIS market in the near future. Additionally, Latin America and the Middle East and Africa will show moderate CAGR growth in the LIS market.

Copyright © 2024 Medical Buyer

error: Content is protected !!