The laboratory information systems market is anticipated to grow from an estimated USD 2.4 billion in 2023 to USD 4.0 billion in 2028, at a CAGR of 10.8% during the forecast period. 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.
Break of primary participants was as mentioned below:
- By Company Type – Tier 1–40%, Tier 2–35%, and Tier 3–25%
- By Designation – C-level–35%, Director-level–25%, Others–40%
- By Region – North America–45%, Europe–30%, Asia Pacific–20%, Middle East & Africa–3%, and Latin America–2%
Key Players in the Laboratory information systems Market
The key players operating in the laboratory information systems market include Orchard Software Corporation (US), Clinisys (US), Oracle Corporation (US), Computer Programs and Systems, Inc. (US), CompuGroup Medical (Germany), Soft Computer Consultants, Inc. (US), American Soft. Solutions Corp. (US), Epic Systems Corporation (US), Altera Digital Health (US), Aspyra (US), Comp Pro Med Inc. (US), Computer Service & Support, Inc. (US), Clinical Software Solutions (US), GPI S.p.A. (Italy), LigoLab Information Systems (US), LabWare (US), LabVantage Solutions, Inc. (US), XiFin, Inc. (US), Seacoast Laboratory Data Systems (US), Veradigm LLC (US), WebPathLab (US), Apex Healthware (US), TECHNIDATA (France), Pathagility (US), HEX Laboratory Systems (US), Clinsis (Nicaragua), Alphasoft (Germany), and Dendi, Inc. (US).
Research Coverage:
The report analyzes the laboratory information systems market and aims to estimate the market size and future growth potential of this market based on various segments such as product, delivery mode, component, end user, and region. The report also includes a product portfolio matrix of various laboratory information systems products & services available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.
Reasons To Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a more significant share of the market. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.
This report provides insights into the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by the top players in the global laboratory information systems market. The report analyzes this market by product, delivery mode, component, and end user.
- Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the global laboratory information systems market
- Market Development: Comprehensive information on the lucrative emerging markets by type, deployment, and end-user
- Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global laboratory information systems market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, competitive leadership mapping, and capabilities of leading players in the global laboratory information systems market.