DUBLIN, Sept. 11, 2023 /PRNewswire/ — The “Global Laboratory Information System (LIS) Market by Product (Standalone, Integrated), Component (Services, Software), Delivery Mode (On-premise, Cloud-based), End-user (Hospital Laboratories, Independent Laboratories, POLs) and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global laboratory information systems market is anticipated to grow from an estimated USD 2.4 billion in 2023 to USD 4 billion in 2028, at a CAGR of 10.8%
The market has a promising growth potential due to the development of integrated LIS. Integrated LIS solutions help ease lab workflow, provide standardized and quality diagnosis, enable simplified solution deployment, and help in reducing the cost associated with installing new and independent LIS systems.
In addition, offering lower maintenance costs to the end-users would help improve the market growth. However, data storage challenges are expected to limit the growth of this market to a certain extent.
Independent Laboratories: The fastest-growing segment of the laboratory information systems market, by end-user
Based on the end-user, the LIS market is broadly segmented into hospital laboratories, independent laboratories, physician office laboratories (POLs), and other end-users (blood banks, retail clinics, public health labs, and nursing homes). The independent laboratories segment is expected to witness the fastest growth in the laboratory information systems market during the forecast.
This is owing to the rising demand for LIS among independent laboratories for managing workflows, enhancing billing processes, and improving turnout times. Favorable reimbursement policies for laboratory diagnosis under the Protecting Access to Medicare Act of 2014 (PAMA) and the Bundled Payments initiative are also driving the adoption of LIS in independent laboratories.
The services segment is anticipated to be the largest laboratory information systems market, by component, during the forecast period
Based on components, the market is segmented into services and software. The services segment accounted for the largest share of the laboratory information systems market. LIS services include consulting, implementation and ongoing IT support, training and education, and maintenance services.
The large share of the services segment can be majorly attributed to their indispensable nature and repetitive requirement, as well as the heavy dependency of end-users on service providers for consulting, storage, implementation of solutions, training, maintenance, and regular upgrades.
Europe accounted for the second-largest share in the laboratory information systems market during the forecast period
Europe accounted for the second-largest share of the laboratory information systems market during the forecast period. The major factors driving the LIS market in Europe include the rising prevalence of chronic diseases, the growing geriatric population, and government initiatives to promote HCIT.
Germany, the UK, and France are the major contributors to the growth of the LIS market in Europe. Currently, Europe is witnessing a shortage of lab professionals across all industries (due to the challenging economic environment) and increased migration of lab personnel to other sectors or countries.
This factor is compelling laboratories in the region to move towards automation. This has resulted in the growing adoption of LIS solutions, as they act as an integral component in automating laboratory workflow processes. On the other hand, factors such as growing concerns over data security and uncertain economic conditions are expected to hamper the growth of the LIS market in Europe.
Key Attributes:
|
Report Attribute |
Details |
|
No. of Pages |
256 |
|
Forecast Period |
2023 – 2028 |
|
Estimated Market Value (USD) in 2023 |
$2.4 Billion |
|
Forecasted Market Value (USD) by 2028 |
$4 Billion |
|
Compound Annual Growth Rate |
10.8 % |
|
Regions Covered |
Global |
Premium Insights
- Development of Integrated LIS to Drive Market Growth
- North America to Dominate Laboratory Information Systems Market During Forecast Period
- India to Register Highest Revenue Growth from 2023 to 2028
- Hospital Laboratories and US Dominated Market in North America in 2022
- Standalone LIS Segment Held Larger Market Share in 2022
- Services Segment to Dominate Market in 2028
- Cloud-based LIS to Register Higher Growth Rate During Forecast Period
- Hospital Laboratories to Account for Largest Market Share in 2028
Market Dynamics
Drivers
- Need for Laboratory Automation
- Development of Integrated LIS
- Rising Prevalence of Chronic Diseases
- Growing Demand for LIS in Biobanks/Biorepositories
- Need to Comply with Regulatory Requirements
- Increasing Adoption of LIS to Enhance Lab Efficiency
Restraints
- High Maintenance and Service Costs
- Lack of Integration Standards for LIS
Opportunities
- Growing Popularity of Cloud-based LIS
- Growth Potential of Emerging Countries
- Rising Demand for Personalized Medicine
Challenges
- Interfacing with Diverse Laboratory Instruments
- Requirement of Specialized LIS Solutions
- Data Storage Challenges
- Dearth of Trained Laboratory Professionals
Industry Insights
Overview of Key Industry Trends
- Shift to Value-based and Patient-Centric Care
- Mobile Applications and Point-of-Care Testing
- Advanced Analytics and Artificial Intelligence (AI)
Technology Analysis
- Machine Learning
- Artificial Intelligence
- Internet of Things
- Blockchain
- Cloud Computing
Company Profiles
Key Players
- Orchard Software Corporation
- Clinisys
- Oracle Corporation
- Computer Programs and Systems, Inc.
- CompuGroup Medical
- Soft Computer Consultants, Inc. (SCC Soft Computer)
- American Soft Solutions Corp.
- Epic Systems Corporation
- Altera Digital Health
- Aspyra
- Comp Pro Med Inc.
- Computer Service & Support, Inc.
- Clinical Software Solutions
- GPI S.p.A.
- Ligolab Information System
- LabWare
- LabVantage Solutions, Inc.
- Xifin, Inc.
- Seacoast Laboratory Data Systems
- Veradigm LLC
Other Players
- WebPathLab
- Apex Healthware
- Technidata
- Pathagility
- Hex Laboratory Systems
- CliniSis
- Alphasoft
- Dendi, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/q3zqul
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