Laboratory Information Systems (LIS) Market Overview
Laboratory Information Systems
Global Laboratory Information Systems (LIS) Market Size
The global Laboratory Information Systems (LIS) market was worth around USD 1472.9 million in 2021 and is estimated to grow to about USD 2443.130325 mn by 2028
— Zion Market Research
SUITE N202, NEW YORK, UNITED STATE, October 6, 2022 /EINPresswire.com/ — The global Laboratory Information Systems (LIS) market is segregated based on product, component, delivery mode, and end-user. Based on product, the global market is distinguished into Standalone LIS and Integrated LIS. Based on component, the global market is segregated into Services and Software. Based on Delivery Mode, the global market is bifurcated into On-premise and Cloud-based. Based on end-user, the global market is distinguished into Hospital Laboratories, Independent Laboratories, POLs, and other end-users. Key players functioning in the global Laboratory Information Systems (LIS) market include Orchard Software Corporation (US), Sunquest Information Systems (US), Cerner Corporation (US), CompuGroup Medical (Germany), Computer Programs and Systems Inc. (US), Meditech (US), SCC Soft Computer (US), Epic Systems Corporation (US), Comp Pro Med (US), American Soft Solutions Corp. (US), Allscripts Healthcare Solutions, Inc. (US), WebPathLab (US), XIFIN (US), Clinsis (Nicaragua), Computer Service and Support (CSSLIS) (US), ASPYRA LLC (US), Apex Healthware (US), Pathagility (US), LabVantage Solutions (US), HEX Laboratory Systems (US), LigoLab Information Systems (US), TECHNIDATA (France), Seacoast Laboratory Data Systems (US), Alphasoft GmbH (Germany) and Dendi, Inc. (US).
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The market is driven by the need to control diagnostic faults, rise in long-lasting diseases, utilization of LIS to enhance laboratory clinical workflow efficiency, incorporation of laboratory information systems with Electronic Health Record (EHR) systems, and increase in demand for quality & specific diagnosis. However, the high costs associated with the software and services, the requirement for specialized laboratory units, interfacing issues, and a dearth of skilled professionals act as a challenge to the growth of the Laboratory Information System market.
North America leads the global Laboratory Information Systems (LIS) market because of its presence of exceedingly developed healthcare infrastructure, high healthcare expenditure, and increasing penetration of IT in the healthcare sector. Additionally, the rapid rise in the commonness of chronic diseases such as cancer, diabetes, and heart disease in this region is increasing the demand for Laboratory Information Systems (LIS) market. However, the Asia Pacific region is projected to register the fastest growth during the forecast period owing to the increase in disposable income, rising elderly population, and growth in public healthcare funding in major emerging economies like India and China.
Industry Prospective:
The global Laboratory Information Systems (LIS) market was worth around USD 1472.9 million in 2021 and is estimated to grow to about USD 2443.130325 million by 2028, with a compound annual growth rate (CAGR) of approximately 8.8 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
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Recent Developments:
December 2020 – CompuGroup Medical (Germany) acquired Schuyler House, an established developer of LIS, to increase its footprint in the US and expand its portfolio of lab management software.
December 2020 – Cerner Corporation (US) collaborated with Xealth to foster digital innovation and strengthen connections between providers and patients.
In May 2021, Orchard Software Corporation (US) acquired Corwen, LLC to develop molecular testing capabilities and provide comprehensive and integrated LIS solutions.
In January 2021, PathWest (US) integrated its new laboratory information system (LIS) transfusion medicine module, SoftBank, with the National Blood Authority’s (NBA) BloodNet LIS interface.
January 2021 – SCC Soft Computer’s SoftBank.web version 25.6, with enhanced features to rise productivity in the laboratory while maintaining compliance with safety regulations, received 510(k) clearance from the US Food and Drug Administration.
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Laboratory Information Systems (LIS) Market: Growth Drivers
Need for laboratory automation
Laboratory automation minimizes human errors due to repetitive tasks such as pipetting and moving plates and improves accuracy. It is emerging as an effective solution for tackling the shortage of laboratory professionals and reducing manual involvement in lab processes. The rise in the data being produced by Laboratory systems has created the necessity for efficient data storage, analysis, and sharing methods. Laboratory information systems offer an effective solution to this demand, as these solutions significantly facilitate, advance, and improve the productivity and efficiency of laboratory processes.
Laboratory Information Systems (LIS) Market: Restraints
High maintenance costs
The high maintenance and service costs related to LIS form a major restraint on market growth. According to industry experts, the maintenance cost of this system is more than the actual price of the software. Due to these factors, many small and medium-sized laboratories find it difficult to invest in these systems, thereby limiting their implementation. However, with the emergence of cloud-based LIS offerings, the effect of this restraint is expected to decrease in the coming years.
Global Laboratory Information Systems (LIS) market is segmented as follows:
By Product
Standalone LIS
Integrated LIS
By Component
Services
Software
By Delivery Mode
On-premise
Cloud-based
By End-user
Hospital Laboratories
Independent Laboratories
POLs
Other end-users
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of the Middle East & Africa
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Varsharani Lavate
Zion Market Research
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varsha.l@marketresearchstore.com
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