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“The laboratory information systems market is projected to grow at a CAGR of 6.3% during the forecast period.”
The laboratory information systems (LIS) market is projected to reach USD 2.4 billion by 2024 from USD 1.8 billion in 2019, at a CAGR of 6.3%. The need for laboratory automation and increased lab efficiency, development of integrated LIS, the need to comply with regulatory requirements, and the rising prevalence of chronic diseases are driving the growth of the LIS market. Emerging countries and personalized medicine, along with the popularity of cloud-based LIS, are expected to provide significant opportunities for players in the market. However, high maintenance and service costs, the requirement of specialized laboratory units, interfacing issues, and a dearth of skilled professionals will challenge market growth in the coming years.
“The software segment is expected to grow at the highest CAGR during the forecast period.”
Based on component, the LIS market is segmented into software and services. The software segment is projected to grow at the highest CAGR during the forecast period due to the availability of advanced and automated laboratory software, increasing focus of industry players to develop innovative LIS software, and the growing demand for LIS software in developing countries.
“The hospital laboratories segment accounted for the largest share of the LIS market, by end user, in 2018.”
Based on end user, the LIS market is segmented into hospital laboratories, independent laboratories, physician office laboratories, and other end users (blood banks, retail clinics, and nursing homes). In 2018, the hospital laboratories segment accounted for the largest market share, owing to the implementation of LIS in hospitals and hospital laboratories to reduce waiting times for patients and improve the quality of diagnostics. Moreover, LIS can facilitate long-distance discussions with experts and also make digital slide images of specimens (such as blood smears or frozen sections) available online. Owing to these benefits, hospitals across the globe are increasingly adopting LIS.
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“Increasing reimbursement for pathology procedures and rising cancer prevalence in North America to support the growth of the LIS market in North America.”
Geographically, the LIS market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share of the LIS market in 2018. The large market share of North America in the LIS market can be attributed to the increased reimbursement for pathology procedures, rising prevalence of cancer, and the presence of several major players in the US.
Breakdown of supply-side primary interviews:
- By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By Designation: C-level: 35%, D-level: 25%, and Others: 40%
- By Region: North America: 45%, Europe: 20%, APAC: 30%, and the RoW: 5%
The major players in this market include Orchard Software Corporation (US), Sunquest Information Systems Inc. (US), Cerner Corporation (US), Computer Programs and Systems, Inc. (US), CompuGroup Medical AG (Germany), Meditech (US), SCC Soft Computer (US), Epic Systems Corporation (US), Comp Pro Med, Inc. (US), Schuyler House (US), LabWare, Inc. (US), LabHealth (US), American Soft Solutions Corp (US), LigoLab LLC (US), Allscripts Healthcare Solutions, Inc. (US), Common Cents Systems, Inc. (US), XIFIN, Inc. (US), Cirdan Ltd (Ireland), Clinical Software Solutions Ltd (US), TECHNIDATA (France), Aspyra LLC (US), Clinlab, Inc. (US), HEX Labs (US), LabSoft, Inc. (US), and NovoPath, Inc. (US).
- This report studies the LIS market based on delivery mode, product, component, 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 micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.
Key benefits of buying the report
- This report focuses on various levels of analysis, such as industry trends, the market rankings of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the LIS market, 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 higher market shares.