(PRWEB) July 04, 2014
The overall Laboratory Information System (LIS) market is poised to witness a growth of 6.8% from $1045.9 million in 2013 to $1450.6 million in 2018. The market is witnessing a number of technological advancements, due to extensive government initiatives in the market. Extensive usage of the Laboratory Information System (LIS) by emergency healthcare service providers, hospitals, nurses and office based physicians for the smooth and efficient workflow is another factor for the growth of the Laboratory Information System (LIS) market.
Browse through the market data tables, figures and detailed ToC on the “Laboratory Information System Market”.
North America Laboratory Information System Market
North America is the largest Laboratory Information System (LIS) market, which is expected to grow at a CAGR of 7.1% from $616.3 million in 2013 to $868.5 million in 2018. The demand for the Laboratory Information System is anticipated to increase due to the rise in healthcare cost and American Recovery and Reinvestment Act (ARRA) which demands the adoption of these systems. However, the end user market for healthcare IT is highly fragmented and the requirements widely vary as per the end user hence the customized solution costs more, and it is impossible for some providers to self-fund these costs, this retards the market growth.
Europe Laboratory Information System Market
Europe is the second largest market for Laboratory Information System, which is expected to grow at a CAGR of 6.2% from $243.7 million in 2013 to $329.3 million in 2018. The demand for the Laboratory Information System is anticipated to grow due to increasing European government investments to reconstruct HCIT system, to cut overall healthcare cost, thereby ensuring quality of care. However, the eurozone debt crisis is one of the major factors, to slow down the growth of this market.
Asia Laboratory Information System Market
Asia is expected to be the fastest growing Laboratory Information System market, which is expected to grow at a CAGR of 7.1% from $130.8 million in 2013 to $184.5 million in 2018. The demand for the Laboratory Information System is anticipated to increase due to the investments made by government and high usage of IT-enabled services. High return on investment (ROI) also triggers the demand of Laboratory Information Systems. However, scarcity of resources such as healthcare IT professionals, investments in healthcare IT sector, high maintenance cost and standard protocols hinder the growth of Asian market.
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