Global Laboratory Information System (LIS) Markets, 2023-2028: Lucrative Opportunities in Emerging Countries and Rising Demand for Personalized Medicine
11 Sep 2023
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
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Source: PRNewswire
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:
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
Oracle Corporation
Computer Programs and Systems, Inc.
Soft Computer Consultants, Inc. (SCC Soft Computer)
Epic Systems Corporation
Altera Digital Health
Computer Service & Support, Inc.
Clinical Software Solutions
GPI S.p.A.
Ligolab Information System
Xifin, Inc.
Seacoast Laboratory Data Systems
Veradigm LLC
Other Players
WebPathLab
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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