Lab IT Systems: a $900 Million Dollar Market, According to Report

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 25, 2012 -- Kalorama Information estimates that the LIMS market will reach $900 million by the end of this year as major diagnostic companies increasingly invest in this market and new streamlilned products reach customers. Alere, Abbott and Roche are among the companies in this space.

The good news for LIMS vendors is that these systems are a top priority for hospital IT buying. But customers have expectations with their purchases. Hospitals that were quick to adopt early LIS are considering features that are required for future medicine. The managed care environment is placing more emphasis on hospital labs when tracking quality outcomes. In a managed care environment, health care providers must measure the quality of the care and cost effectiveness they provide. As a result, LIS must be able to store and analyze in-depth cost and clinical data to help

Kalorama finds that systems that can measure patient outcomes will provide more value to customers. In doing so, the LIS can provide input to clinicians and administrators on protocols of care that target various cost and quality benchmarks. An advanced LIS enables an institution to more easily monitor the progress of a patient’s treatment, ensuring that appropriate tests are ordered and analyzed. In addition, the lab system must correlate ordered tests to patient eligibility. Managed care reduces spending by eliminating unnecessary tests. The LIS must confirm that all tests will be approved for payment by the insurer. It must also ensure that these tests conform to the practice guidelines defined by the healthcare institution for that patient’s diagnosis.

More Information can be obtained in Kalorama's report on this topic LIMS Markets, located at:
http://www.kaloramainformation.com/Laboratory-Information-Systems-2713876/