Global Laboratory Information System Market Size, Trends, and Analysis- Forecasts To 2026 By Component (Services, Software), By Product (Integrated LIS, Standalone LIS), By Delivery Mode (Cloud-Based, On-Premise), By End-User (Independent Laboratories, Hospital Laboratories, Physician Office Laboratories, Others), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Laboratory Information System Market: Insights
LIS refers to a collection of systems and hardware that are part of an integrated healthcare workflow. LIS is a digitally recorded knowledge, which is preferred by the clinical and analytical laboratories. During the projected timeline, growing expenditure on R&D activities and increasing incidence of chronic diseases are expected to drive the market growth. The LIS plays a vital role in the efficient and reliable generation of information, which assists in clinical decisions. The demand for LIS is expected to be growing over the coming years, which is driven by technological advances in healthcare services across the globe. Furthermore, it is expected that growing awareness of electronic health record systems and their increasing importance, along with supportive government initiatives and policies, will increase the demand for laboratory information systems (LIS) between 2020 and 2026.
Laboratory Information System Market: By Delivery Mode
The market can be split into cloud-based and on-premise based on the delivery mode segment. The cloud-based modelwill be the largest market shareholderin terms of revenue over the expected timeline. With the cloud-based configuration, data from the different branches, departments, and locations can be accessed.
Laboratory Information System Market: By Component
As per the component-based outlook, the segment of the marketis services and software. The largest market share in 2019 was the serviceswhich areattributed to the growing need for LIMS maintenance, support, and validation. Furthermore, the development of the segment is also augmented by the increasing demand for LIMS outsourcing solutions.
Laboratory Information System Market: By Product
This market can be divided into two segments, namely, integrated LIS and standalone LIS, based on the type of product.In terms of revenue over the projected timeframe, the standalone LIS will be the largest market shareholder. This is attributed to the capacity of standalone LIS to operate offline, high data security, and its user-friendly workflow in comparison to integrated LIS.
Laboratory Information System Market: By End-User
Based on the research analysis, the end-user market can be divided into four segments: independent laboratories, hospital laboratories, and physician office laboratories. In2019, hospital labswere analyzed to be the largest shareholder in the market.In clinics and hospital laboratories, the use of LIS has significantly reduced patient waiting times and has enhanced the quality of diagnostics.
Laboratory Information System Market: By Region
It is anticipated that the North American region will be the dominant region in the market from 2020 to 2026. The need forhigh-end diagnosis for cancer and rising funding by the government over the projected timeframe is expected to help the North American market be the largest one. Increasing demand for genomic studies and rising R&D investments would add to the growth.On the other hand, due to the penetration of healthcare companies in countries like China, India, Japan, Australia, Malaysia, Singapore, and others, along with the increasing awareness of HCIT solutions, the Asia Pacific region will be the fastest-growing region.
Laboratory Information System Market: Share & Competitor Analysis
In this market, the key players competing are Orchard Software Corporation, Cerner Corporation, Compugroup Medical AG, SCC Soft Computer, Comp Pro Med, Inc., Sunquest Information Systems, Inc. (Acquired By Roper Technologies, Inc.), Computer Programs and Systems, Inc. (CPSI), Meditech (Medical Information Technology, Inc.), EPIC Systems Corporation, Schuyler House, among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In May 2019, Evident entered into a strategic collaboration/ partnership with the Sunnybrook Health Sciences Centre, Canada, to establish the information system solution based hospital for Canadian patients.
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The Global Laboratory Information System Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Laboratory Information System Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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