The lab information systems market in North America is projected to reach $704.6 million by 2019, according to a MicroMarket Monitor report.
The market is expected to grow at compounded annual growth rate of 7.8 percent from 2014 to 2019, according to a news release. The market is currently estimated at $463.7 million, with the U.S. contributing 96 percent of the North American market. However, the Canadian market is expected to expand rapidly in the next five years.
The growth is likely due to the growing molecular diagnostics sector, a greater need for integrated healthcare systems, increased governmental support and technological advances in the healthcare IT field, according to the news release.