The Laboratory Information Systems (LIS) Market report delivers a holistic analysis to understand the development scope and derive the growth rate for the forecast period. The report particularizes the market condition and forecasts the market size in the future. The report further studies the opportunities, influencers, driving factors, and limitations, by a thorough study of the leading market players of the Healthcare industry from different global regions, their product/service types, and application markets. The prime aim of the report is to determine the revenue growth, market value, market share, CAGR, scope, challenges, growth promoters, etc.
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The laboratory information systems market is projected to reach USD 2.4 billion by 2026 from an estimated USD 1.5 billion in 2021, at a CAGR of 9.0% during the forecasted period.
Some of the prominent players operating in the laboratory information systems market are
Orchard Software Corporation (US),
Sunquest Information Systems (US),
Cerner Corporation (US),
CompuGroup Medical (Germany),
Computer Programs and Systems Inc. (US),
SCC Soft Computer (US),
Epic Systems Corporation (US),
Comp Pro Med (US),
American Soft Solutions Corp. (US),
Allscripts Healthcare Solutions, Inc. (US),
Computer Service and Support (CSSLIS) (US),
ASPYRA LLC (US),
Apex Healthware (US),
LabVantage Solutions (US),
HEX Laboratory Systems (US),
LigoLab Information Systems (US),
Seacoast Laboratory Data Systems (US),
Alphasoft GmbH (Germany) and Dendi, Inc. (US).
A laboratory information system (LIS) is a software solution that handles the receiving, processing, and storage of information generated by laboratories. LIS helps streamline laboratory processes to decrease specimen handling time, increase productivity, and improve turnaround time. Growth in the LIS market can be primarily attributed to the rising prevalence of chronic diseases, the need for laboratory automation& increased lab efficiency, and the development of integrated LIS. The surge in demand for personalized medicine and the growing popularity of cloud-based LIS is expected to provide significant opportunities to the market players, especially in emerging economies. However, high maintenance and service costs, the requirement of specialized laboratory units, interfacing issues, and a dearth of skilled professionals are likely to challenge market growth in the coming years.
Integrated LIS to be the fastest-growing segment in the product market
Based on product, the LIS product market is segmented into standalone LIS and integrated LIS. The standalone LIS held the largest market share in 2020, however, the integrated LIS is expected to witness the highest growth of 9.6% during the forecast period. Integrated LIS enables users to easily switch from one type of application to another without exiting the program. Currently, several large hospitals are replacing standalone systems with integrated systems. Increasing end-user preference for single solutions with multiple modules further supports the demand for integrated LIS.As a result, the demand for integrated LIS is expected to increase among end users in the coming years.
Services segment to hold the largest share of the component market
Based on component, the LIS market is segmented into services and software. The services segment accounted for the largest market share of 67.7% in 2020. The large share of this segment can be attributed to their indispensable nature and repetitive requirement. This is because end users of LIS rely heavily on service providers for consulting, data storage, implementing services, training, maintenance, and regular solution upgrades. Heavy dependency of end users on service providers will further drive segment growth in the coming years.
The US to dominate the laboratory information systems market in North America
North America is expected to account for the largest share of 41.9% of the global laboratory information systems market in 2021, followed by Europe (36.3%), Asia Pacific (16.5%) and the RoW (5.3%).The US is the largest market for LIS globally due to its well-established economy and the financial ability of end users in the country to deploy advanced technologies. The increasing R&D expenditure in the country is driving the adoption of laboratory information systems for the efficient management of data in hospitals, laboratories, and ancillary areas.
Breakdown of supply-side primary interviews:
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: Director-level – 25%, C-level – 35%, and Others – 40%
- By Region: North America – 45%, Europe – 20%, APAC –30%, Rest of the World –5%
This report studies the laboratory information systems market based on product, component, delivery mode, end user, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to two main geographies – source and destination.
Key Benefits of Buying the Report
This report focuses on various levels of analysis—industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.
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