Laboratory Information System Market To Be Driven By Increased Demand For Innovative Software Solutions In Medical Field In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Laboratory Information System Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Laboratory Information System market, assessing the market based on its segments like component, product, delivery mode, end use and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 1.84 Billion
• Forecast CAGR (2023-2028): 6.9%
• Forecast Market Size (2026): USD 2.6 Billion
The global Laboratory Information System market witnessed modest growth in the historical period, due to increased need for technology for automation in the medical field due to surge in incidences of chronic illnesses.
Industry Definition and Major Segments
A laboratory information system (LIS), also known as a laboratory information management system, is a software that helps clinical laboratories manage laboratory activities by recording and storing data. It feeds laboratory test orders to laboratory instruments, tracks those orders, and records the results in a searchable database.
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Based on component, the market can be categorised into the following:
• Services
• Software
Based on product, the market can be divided into:
• Standalone LIS
• Integrated LIS
Based on delivery mode, the market can be split into:
• On-Premises
• Cloud-Based
Based on end use, the market can be separated into:
• Hospital Laboratories
• Independent Laboratories
• Physician Office Laboratories
• Others
The regional market for Laboratory Information System includes:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
Globally, North America holds the largest market share, and in the forecast period this region will continue to dictate the market shares. Rising demand for genomic studies, and increased funding from the government along with supportive policies that facilitates laboratory automation adoption programs like EHR. The Asia Pacific region is expected to witness the highest CAGR in the forecast period due to increasing number of laboratory information system’s end users establishing in the region.
Increasing incidences of diseases in the current times calls for personalised medicines. Also, as per a report by National Institute of Health (NIH), diagnostic errors are affecting the healthcare systems around the world. It is also stated that such errors are faced by everyone, once in their lifetime with consequences that can be severe in nature. This rise in diseases and the need for eradicating diagnostic errors, is motivating the companies to opt for solutions to increase the accuracy of the diagnosis and their results.
Furthermore, with gradual exposure towards the benefits of using LIS such as integration of electronic records, accurate subtyping of diseases and increased efficiency of clinical workflows, the market is expected to propel in the forecast period.However, high investment costs coupled with elevated service and maintenance costs deter the small to medium scale companies from adopting the LIS. This may limit the growth of the market in the forecast period.
Key Market Players
The major players in the global market include Orchard Software Corporation, Sunquest Information Systems, Inc., Cerner Corporation, Computer Programs and Systems, Inc., CompuGroup Medical AG, Meditech (Medical Information Technology, Inc.), SCC Soft Computer, Epic Systems Corporation, Comp Pro Med Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
