Laboratory Information Systems Market 2020-2026
Global Laboratory Information System (LIS) Market Size, Share & Trends Analysis Report By Product (Standalone LIS, Integrated LIS), By Deployment (On-Premise and Cloud-Based), By Components (Hardware, Software & Services), By End-User (Physician Laboratories, Hospital Laboratories, Research Laboratories), Forecast Period 2021-2027.
The global laboratory information system market is expected to grow at a CAGR of 5.7% during the forecast period (2021-2027). LIS is a digitalized software that records, manages, and stores data for clinical laboratories. LIS is designed to store accurate data of patient health reports which are used in the diagnosis of any disease. It also enhances the laboratory clinical workflow efficiency by reducing the errors that occur during the diagnosis process. Factors motivating the growth of the market include an increase in demand of people for better qualities of healthcare services and the growing adoption of cloud-based LIS across various segments of the healthcare sector. Further, the rising demand for laboratory automation, increasing use of LIS in hospitals and clinics, and advancement in R&D in biotechnological laboratories are the factors that contribute to the growth of this market.
Moreover, high initial cost, complex technological guidelines of LIS software, and lack of skilled IT professionals in the healthcare sector are major restraining factors that affect the growth of the market. However, people are more intended for point of care services and cloud-based LIS services that enable in providing patient information in a detailed manner from anywhere at any point in time. Currently, the roles and applications of LIS in the healthcare system include clinical care functions and research for an in-depth understanding of reports for better diagnosis. Besides, the increasing healthcare spending by government and people in merging nations to improve nations health are the major opportunities to the market.
The global LIS market is segmented on the basis of product, deployment, component, and end-user. Based on the product, the laboratory information system market is bifurcated into standalone LIS, and integrated LIS. The deployment segment is classified into on-premise and cloud-based. On the basis of components, the market is divided into hardware, and software & services. Moreover, based on end-user, the market is segmented into physician laboratories, hospital laboratories, and research laboratories.
Global LIS Market Growth by Deployment, 2020 (%)
Source: OMR Global
The Cloud-Based LIS is projected to have lucrative growth in the global LIS market
Among deployment, the cloud based LIS segment is anticipated to grow at significant pace during the forecast period owing to the significant adoption of cloud services in healthcare services. In cloud-based systems data stored on the cloud server or database can be shared across the globe so that patients can access their reports or data related to their diagnosis treatments with faster ease. The cloud-based LIS offers various advantages such as cost-efficiency, better results, and progress without space constrain. Cloud-based systems require low infrastructure cost and it also reduced the IT manpower. Moreover, it saves time and provides efficient data management solutions that are contributing to the growth of this segment.
Based on geography, the global LIS market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America held a major market share in the global LIS market. The rising prevalence of the chronic disease is the major factor driving the growth of the region as demand for effective laboratory systems is increasing. Besides, the presence of well-established healthcare IT sectors, and government initiatives for the development of research and healthcare infrastructures are attributed to the growth of LIS market in this region.
Global Laboratory Information System Growth, by Region 2021-2027
Source: OMR Global
Asia-Pacific will have considerable growth in the global laboratory information system market.
Asia-Pacific is projected to witness a significant growth during the forecast period. The various factors such as large presence of geriatric population, and supportive government policies for the R&D of new technologies for LIS drives the market growth in this region. Apart from this, the rising demand for advanced diagnostic and laboratory services in this region drives the growth of LIS market.
Market Players Outlook
Key players of the LIS are Cerner Corp., Dassault Systemes, Mckesson Corp., Orchard Software Corp., Sysmex Europe GmbH, Thermo Fisher Scientific Inc., SSC Soft Computer, and others. In order to sustain strong position in the market these players adopt different marketing strategies such as mergers and acquisitions, R&D, product launch, and geographical expansion so on. For instance, In June 2020, LabLynx, Inc company had launched a new C-SiC Kit (Covid-information sample kit) important new component in its overall COVIDLiMS informatics solution for laboratories. The company's new kit is designed to offer accurate testing for COVID-19, and to manage ongoing risk for business and organization.
The Report Covers
Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global laboratory information system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.