Global Laboratory Information System Market Opportunities And Strategies

The global laboratory information system market is expected to decline from $1.62 billion in 2019 to $1.58 billion in 2020 at a compound annual growth rate (CAGR) of -2.42%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $2.33 billion in 2023 at a CAGR of 13.8%. The rising demand for lab automation is a major factor driving the growth of the market. High costs associated with implementation and maintenance of laboratory information systems are anticipated to limit the growth of the laboratory information system market.

A laboratory information system is a software or database that helps in efficient managing of a clinical laboratory for storing, processing, and tracking of data, which is used by hospitals, laboratories, physician offices and clinics for optimizing their workflow.

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The global laboratory information system market is further segmented based on type and geography.
By Product: Standalone LIS, Integrated LIS
By End User: Hospital Laboratories, Independent Laboratories, Physician Office Laboratories, Others.
By Geography: The global laboratory information system market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American laboratory information system market accounts for the largest share in the global laboratory information system market.

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Trends In The Laboratory Information System Market
A cloud-based laboratory information system is expected to become the leading trend in the laboratory information systems market. Cloud computing is associated with the sharing of computer resources and services including storage and servers over the internet for a reduced cost, increased speed, productivity, and security of the system in the network. The cloud system in laboratory information systems offers various advantages such as cost-efficiency, better results, and progress without space constrain
Laboratory Information System Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides laboratory information system market overviews, analyzes and forecasts laboratory information system market size and growth for the global laboratory information system market, laboratory information system market share, laboratory information system market players, laboratory information system market size, laboratory information system market segments and geographies, laboratory information system market trends, laboratory information system market drivers and laboratory information system market restraints, laboratory information system market’s leading competitors’ revenues, profiles and market shares. The laboratory information system market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.