A $2.4 Billion Global Opportunity for Laboratory Information Systems (LIS) by 2026 - New Research from StrategyR

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Mar 10, 2022, 08:50 ET

SAN FRANCISCO, March 10, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Laboratory Information Systems (LIS) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace

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Laboratory Information Systems (LIS) - FEB 2022 Report

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Edition: 8; Released: February 2022
Executive Pool: 751
Companies: 254 - Players covered include Cerner Corporation; Comp Pro Med, Inc.; CompuGroup Medical AG; Meditech; Orchard Software Corporation; Soft Computer Consultants Inc.; Schuyler House; Sunquest Information Systems, Inc.; and Others.
Coverage: All major geographies and key segments
Segments: Product (Standalone, Integrated); Deployment (On-Premise, Cloud); Component (Services, Software); End-Use (Hospital Laboratories, Independent Laboratories, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Laboratory Information Systems (LIS) Market to Reach US$2.4 Billion by the Year 2026
LIS is advanced software that stores and manages data in laboratories, and is used for sending test orders, recording laboratory test results, sorting data in databases. These platforms are widely used by clinics, hospitals and diagnostic laboratories to maintain data related to tests and medical history of patients, track data quality and send laboratory test orders. The demand for LIS is driven by their ability to enhance productivity, allow precise and accurate diagnosis, reduce diagnostic errors and improve patient satisfaction. The global market is poised to register significant growth in the future due to various factors such as rising incidence of chronic diseases, the huge volume of test data obtained from clinical testing, the need for enhanced lab automation and efficiency. The global market for these systems is also propelled by increasing adoption of digital solutions to store, retrieve and maintain data in real-time. These systems are offered by sophisticated analytic tools to deal with healthcare issues and improve overall productivity. The market is gaining from the need to reduce diagnostic errors, use of LIS to boost laboratory workflow efficiency, and incorporation of these systems with EHR systems. However, factors such as high maintenance cost, shortage of skilled professionals, and need for specialized laboratories remain key challenges for the market. On the other hand, huge investments by governments in LIS, increasing need for customized systems with data security functions and availability of advanced platforms are expected to present new growth avenues for the market. Rising adoption of laboratory automation and advances in R&D, particularly in biotechnology and pharmaceutical industries, are slated to push the market growth.

Amid the COVID-19 crisis, the global market for Laboratory Information Systems (LIS) estimated at US$1.7 Billion in the year 2022, is projected to reach a revised size of US$2.4 Billion by 2026, growing at a CAGR of 9.2% over the analysis period. Standalone, one of the segments analyzed in the report, is projected to grow at a 6.6% CAGR to reach US$1.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Integrated segment is readjusted to a revised 12.2% CAGR for the next 7-year period. This segment currently accounts for a 41.9% share of the global Laboratory Information Systems (LIS) market. Based on product, standalone LIS segment is poised to hold a major share of the market during the analysis period, owing to key factors such as user-friendly nature, enhanced data security, affordability, and ability to work offline. As standalone LIS are not part of a software package, their ability to work offline augments its implementation. Technological innovations is also expected to further boost demand for standalone LIS. Integrated LIS is projected to witness faster growth during the analysis period. Against a backdrop of rising adoption of EMR, healthcare institutions are striving to achieve interoperability and standardization. This in turn spurred the shift from best-of-breed or standalone LIS to deployment of enterprise-wide integrated LIS. Integrated LIS lower dependencies on interfaces, vendor contracts, and total cost of ownership.

The U.S. Market is Estimated at $825.5 Million in 2022, While China is Forecast to Reach $148.5 Million by 2026
The Laboratory Information Systems (LIS) market in the U.S. is estimated at US$825.5 Million in the year 2022. The country currently accounts for a 52.9% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$148.5 Million in the year 2026 trailing a CAGR of 12.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7% and 7.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.1% CAGR while Rest of European market (as defined in the study) will reach US$166.8 Million by the close of the analysis period. The US is at the forefront of adoption of LIS systems and dominates the global market, owing to favorable reimbursement policies in the country, for pathology procedures. The region is exhibiting strong gains on account of technological advancements and expansion of the healthcare sector, encompassing clinical research laboratories and diagnostic centers. Europe is another lucrative market for LIS. Developed countries like Germany for instance, are increasingly embracing automation in healthcare for reducing need for workforce. Healthcare providers in such markets are eagerly focusing on deploying automation like LIS for providing quality care to patients. The LIS market in Asia-Pacific, mainly China, is projected to post the fastest growth rate in the coming years due to extensive penetration of these systems in the region on account of surge in personalized medicine demand in the country and also rapid propagation of cloud LIS. More

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