The global laboratory information management system market is growing at a CAGR of 10.2% during forecast period which is expected to reach to $3.25 billion by the end of 2023. The growing technological innovation and rising awareness in emerging countries are the key driving forces of the global laboratory information management system market. Moreover, the growing adoption of a cloud based laboratory information management system market is one of the key factors which is creating gigantic opportunity in the global market. The cloud based laboratory information management system allows having an effective data sharing and improved patient outcomes which are boosting the adoption of cloud in a laboratory information management system. Laboratory information management system especially cloud-based has helped physicians to take better informed decisions. As a patient’s medical information is centrally located and accessible to authorized users such as physicians, hospital staff, patients and to their family, it helps to have better decisions as the case could be discussed with experts around the world. For instance, in situation of a complicated case, the physicians can share the data with experts available in different countries and geographies and get their opinions on the same. This can be done in real time and the patient could get better care without any delays. However, there are few issues in implementation in digital pathology. The regulatory control and standardization are the key factor which is hampering the growth of the laboratory information management system market.
The global laboratory information management system market is segmented on the basis of deployment mode, component and end user. The end user segment is bifurcated into biotechnology, pharmaceuticals, hospitals, research centers, etc. The hospital segment held the largest market share in the end user segment. The component segment is further divided into software and services. The service segment is the fastest growing segment in the global laboratory information system market.
The global laboratory information management system market regionally segregated into North America, Asia Pacific, Europe and ROW. North America held the largest market share in the global market. The growth in North America market is mainly driven by the rising government initiatives for the development of cloud-based laboratory information management system. Moreover, The Asia Pacific is the fastest growing region in the global laboratory information management system market. The growth in the Asia Pacific market is mainly driven by the rising awareness for cloud based technology in the region and growing spending for the development of cloud based technology in healthcare in Asia Pacific region. China is the key country in Asia Pacific which is boosting the growth of the Asia Pacific market. It is expected that the Chinese consumers and businesses will spend $7 billion on cloud computing by 2018. The Chinese healthcare industry is undergoing excelling rapidly, recording double-digit growth after massive investments from the government, hospitals, venture capitalists, and private equities. The IT spending of the China Healthcare industry is expected to grow up to $2.5 billion in 2015 and will continue to grow annually by 20% ." According to Chinese Ministry of Health, about 80% of the hospitals have implemented Hospital Information System by 2010. However, adoption of cloud services is still at a slower pace. Community clinics and hospitals are also plagued by problems such as outdated IT equipment, a lack of collaboration, and a shortage of IT professionals.