Chicago, Aug. 15, 2023 (GLOBE NEWSWIRE) -- In the near future, the Laboratory Information System (LIS) industry is poised to undergo transformative advancements, redefining the way medical laboratories operate and manage their data. With the integration of cutting-edge technologies such as artificial intelligence, machine learning, and automation, LIS platforms will not only streamline and optimize the entire laboratory workflow, from sample collection to result interpretation, but also enable data-driven insights for more accurate diagnoses and personalized treatment strategies. Cloud-based LIS solutions will become the norm, facilitating seamless data sharing and collaboration among healthcare institutions while maintaining stringent data security measures. Moreover, LIS systems will be designed with enhanced interoperability, allowing smooth integration with electronic health records (EHR) systems and other healthcare IT infrastructure. This convergence of innovation promises to elevate efficiency, accuracy, and patient care standards within the LIS industry, ultimately shaping a future where laboratory diagnostics play an even more pivotal role in healthcare decision-making.
Laboratory Information System (LIS) market in terms of revenue was estimated to be worth $2.4 Billion in 2023 and is poised to reach $4.0 Billion by 2028, growing at a CAGR of 10.8% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The growth of this market is influenced primarily due to the increasing adoption of LIS in biobanks and biorepositories, as well as the development of integrated LIS and the need to curtail escalating healthcare costs. However, high maintenance and service costs are expected to restrain the market growth during the forecast period.
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Laboratory Information System (LIS) Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $2.4 Billion |
| Estimated Value by 2028 | $4.0 Billion |
| Growth Rate | Poised to grow at a CAGR of 10.8% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Component, Delivery Mode, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising demand for personalized medicine |
| Key Market Drivers | Development of integrated LIS |
Laboratory Information System (LIS) market major players covered in the report, such as:
- 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)
- Dendi Inc. (US)
- and Among Others
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This research report categorizes the global laboratory information systems market by product, delivery mode, component, end user, and region
On the basis of product, the global laboratory information systems market has been segmented as follows:
- Standalone LIS
- Integrated LIS
On the basis of component, the global laboratory information systems market has been segmented as follows:
- Software
- Services
On the basis of delivery mode, the global laboratory information systems market has been segmented as follows:
- On-premise LIS
- Cloud-based LIS
On the basis of end-user, the global laboratory information systems market has been segmented as follows:
- Hospital Laboratories
- Independent Laboratories
- Physician Office Laboratories
- Other End Users
On the basis of region, the global laboratory information systems market has been segmented as follows:
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
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The key stakeholders in the Laboratory Information System (LIS) market include:
- Laboratory information systems solution providers
- Platform providers
- Technology providers
- Healthcare providers
- Hospitals
- Clinics
- System Integrators
- Physician groups and organizations
- Clinical laboratories, medical laboratories, research laboratories, and other healthcare facilities
- Forums, alliances, and associations
- Distributors
- Venture capitalists
- Government organizations
- Institutional investors and investment banks
- Investors/Shareholders
- Consulting companies in the LIS sector
- Raw material and component manufacturers
Recent Developments:
- In May 2023, Clinisys acquired Promium, a provider of laboratory information management systems for environmental and analytical testing laboratories. This acquisition strengthens Clinisys' position in public health and toxicology diagnostics and supports its global expansion.
- In January 2023, Orchard Software Corporation announced the release of its new Enterprise Toxicology solution, which aimed to enhance patient care in toxicology laboratories by providing information system tools. The solution offers features such as an integrated workflow engine, plate mapping tools for patient safety, medication consistency interpretation, and customizable report formats.
- In November 2022, Oracle Cerner and LabCorp formed a new collaboration to streamline lab operations for a leading nonprofit Catholic health system. Labcorp would manage hospital-based laboratories in 10 states using Cerner's laboratory information system (LIS), aiming to enhance patient care and improve lab efficiency.
- In November 2022, CompuGroup Medical (CGM) announced two add-on acquisitions in the areas of data solutions and US laboratory information systems. The acquisition of Medicus LIS strengthens CGM's position as a software leader in the independent US laboratory segment, while the acquisition of GHG business operations complements CGM's portfolio of data-based solutions for the healthcare sector.
- In August 2022, Sparta Community Hospital, a critical access hospital in Sparta, Illinois, provided healthcare services to previously underserved areas through their Mobile Health Clinic. The hospital partnered with the Grand American World Trapshooting Championships to offer healthcare services. They leveraged the Evident EHR solution offered by Computer Programs and Systems, Inc. to provide primary care during the event. Sparta Community Hospital runs the full Evident EHR in its inpatient and clinic care settings.
Frequently Asked Questions (FAQs) of Laboratory Information System (LIS) Market:
Which are the major companies in the laboratory information system (LIS) market? What are their major strategies to strengthen their market presence?
Some of the key players in the laboratory information system (LIS) market are Orchard Software Corporation (US), Clinisys (US), Oracle Corporation (US), Computer Programs and Systems, Inc. (US), and CompuGroup Medical (Germany), among others. Product launches and enhancements were the key strategies adopted by the leading companies to strengthen their laboratory information system (LIS) market presence.
What are the drivers for the laboratory information system (LIS) market?
Increasing demand for efficient and streamlined laboratory operations and the need for lab automation is driving market expansion, as are increased partnerships and collaborations among competitors. The rapid increase in data generated by laboratory systems has necessitated the development of effective approaches for data storage, analysis, and sharing.
Which region is expected to register the highest growth during the forecast period?
Asia Pacific market is expected to register the highest CAGR primarily due to the increasing adoption of digital healthcare technologies, increasing public and private funding, improving IT infrastructure, the demand for affordable healthcare, rising standards and quality of hospital care and clinical testing, and the high incidence of cancer and chronic diseases are expected to boost the adoption of laboratory information system (LIS) solutions in the Asia Pacific.
Which segment, by delivery mode, is expected to witness a higher adoption during the forecast period?
Based on delivery mode, the market is segmented into on-premise LIS and cloud-based LIS. The cloud segment is expected to grow at a higher CAGR during the forecast period due to the high agility and scalability offered by cloud-based LIS solutions.
What is the total CAGR expected to be recorded for the laboratory information system (LIS) market during 2023-2028?
The CAGR is expected to record a CAGR of 10.8% from 2023-2028.
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Report Objectives:
- To define, describe, and forecast the laboratory information systems market, by product, component, delivery mode, end-user, and region
- To provide detailed information regarding the major drivers, restraints, opportunities, and challenges influencing market growth
- To strategically analyze micro-markets with respect to individual growth trends, prospects, and contributions to the overall laboratory information systems market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the laboratory information systems market in five main regions (along with their respective key countries): North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
- To provide key industry insights such as supply chain analysis, regulatory analysis, patent analysis, and recession impact analysis
- To profile the key players in the laboratory information systems market and comprehensively analyze their core competencies
- To track and analyze competitive developments such as product launches & enhancements, partnerships, acquisitions, sales contracts, agreements, collaborations, expansions, and R&D activities of the leading players in the laboratory information systems market
- To benchmark players within the laboratory information systems market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offering
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