Rise in automation in laboratories, technological advancements in laboratory information systems, need for regulatory compliance, and increase in R&D spending are the key drivers of the global laboratory information systems market. Surge in demand for managing laboratory data via cloud-based solutions is also a significant factor propelling the global market. Storage of data via cloud-based solutions is reliable, agile, and secure. Adoption of cloud-based LIMS in healthcare laboratories is increasing. These solutions offer a host of benefits such as reliability, security, and constant data storage access. Large volume of data, due to the surge in the number of patients undergoing diagnostics, has increased complexities in workflow management. LIMS has proven to be highly beneficial for laboratories during the COVID-19 pandemic. Laboratories equipped with LIMS have constantly been performing diagnostics faster, with reduced turnaround times. This has a major impact on reducing the quarantine period of suspected patients and initiating a proper treatment for COVID-19 positive patients.
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Surge in Demand for Lab Automation to Drive Global Market
Demand for laboratory information system (LIS) is driven by the increase in lab automation and advancements in R&Ds labs, primarily in pharmaceutical and biotechnological laboratories. Lab automation reduces human errors while performing repetitive tasks such as pipetting and moving plates. It also improves accuracy. Furthermore, high efficiency of laboratory informatics products is propelling the laboratory information systems (LIS) market.
According to a 2020 survey conducted by Astrix Technologies LLC, a professional healthcare IT service provider, 61% of laboratory information management system (LIMS) users profited from the removal of manual operations, 57% improved their sample management approach, and 46% saw a substantial rise in productivity within their laboratory setting.
According to the World Health Organization’s (WHO) 2019 report on patient safety and risk management service, 5% diagnostic errors are reported in outpatient care settings in the U.S. It also stated that diagnostic errors accounted for 6% to 17% of all the harmful events in hospitals. This is likely to augment the global laboratory information systems market.
Governments, through various initiatives, support the adoption of IT solutions and products in healthcare. Additionally, increase in need to curb rising healthcare costs is projected to drive the global laboratory information systems (LIS) market during the forecast period.
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Large-scale Implementation of Laboratory Information Systems in Hospitals to Propel Global Market
Increase in access to advanced healthcare in hospitals is a major factor driving the demand for LIS. Rise in access to advanced healthcare in hospitals can be ascribed to better cost management structure, lean structure with respect to manpower employment, need to automate clinical testing for faster generation of results, and lesser chances of disruption between management regarding implementation of software, as most of the hospitals are solely owned. Demand is high in smaller hospitals in the U.S.
Involving patients as active participants in their care is an important approach toward improving overall healthcare. Patients must be able to access and share their health information. Currently, patients increasingly desire an access to their health-related documents. This is expected to drive the adoption of LIS in hospitals and clinics in the near future. Under the Health Insurance Portability and Accountability Act (HIPAA), patients have the right to see and obtain a copy of their completed test reports from laboratories within 30 days of request.
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Increase in competition among hospitals to provide quality care has resulted in high demand for LIS, as it facilitates systematic documentation and eliminates paper work and chance of errors associated with clinical tests report writing. Thus, it enables a streamlined work flow. LIS also acts as a decision support system for enhancing decision-making in the clinical workflow. This improves healthcare quality in hospitals and clinics, thus increasing demand for LIS software and services in these facilities.
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