Laboratory Information System Market Worth $3,457.2 Million by 2030: P&S Intelligence
NEW YORK, March 18, 2021 /PRNewswire/ -- Due to the increasing geriatric population and rising prevalence of chronic diseases, the footfall at medical laboratories and diagnostic centers is surging. This factor is expected to propel the global laboratory information system (LIS) market size from $1,756.2 million in 2019 to $3,457.2 million by 2030, at a 6.5% CAGR between 2020 and 2030. This is because with the increasing number of tests, laboratories and diagnostic centers are in need of substantially augmenting their productivity, according to P&S Intelligence.
Thus, the laboratory information system market is growing as LISs allow the medical staff to obtain, store, manage, and retrieve patient data for effective analysis and diagnosis. Moreover, these solutions easily integrate with the equipment used at laboratories, and they also provide accurate data. Additionally, they enhance the coordination among standalone laboratories and hospitals, thereby helping select cost-effective tests and, ultimately, improving patient outcomes.
Key Findings of Global Laboratory Information System Market
- Usage of cloud-based LIS solutions gaining rapid popularity
- Demand for LIS solutions surging during COVID-19
- LIS solutions being used to raise laboratory productivity
- Personalized medicine key opportunity area for LIS vendors
- North America witnessed widest adoption of LIS historically
- Market players entering into partnerships and collaborations
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When the COVID-19 pandemic first started to spread, the laboratory information system market was negatively affected, because the development of the related software and provision of associated services were halted. However, as the patient count increased unchecked, the demand for LIS solutions began to rise again. This was because of a sudden surge in the number of people visiting diagnostic laboratories for COVID tests, which put a strain on the operations of such medical facilities.
In the past, the standalone bifurcation held the larger share in the laboratory information system market, on the basis of type. Standalone LISs are cost-effective and user-friendly, can work offline, and offer stronger protection to data.
The software bifurcation, under the component segment of the laboratory information system market, is expected to witness the higher CAGR, of 6.8%, in the coming years. With the rising awareness of improving the laboratory productivity, various components of LISs, including barcode readers, result detectors, and labels, are being integrated with each other and automated. The integration of analytical instruments with LIS software can decrease the chances of error and quicken up the workflow.
In the near future, the laboratory information system market will continue to be dominated by the on-premises category, based on delivery mode. Due to the confidentiality of the patient data, most laboratories and diagnostic centers prefer to deploys LIS on their own systems. Apart from data security, the on-premises delivery mode offers higher reliability and flexibility.
Browse detailed report with COVID-19 impact analysis on Laboratory Information System Market Research Report: By Type (Standalone, Integrated), Component (Software, Services), Delivery Mode (Cloud-Based, Web-Based, On-Premises), End User (Hospital Laboratories, Independent Laboratories, Physician Laboratories) – Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/laboratory-information-system
Hospital laboratories are the largest end users in the laboratory information system market, and they will continue being so throughout the decade. Due to the increasing prevalence of chronic diseases and booming geriatric population, hospitals are being constructed around the world. In addition, the increasing footfall at hospital laboratories as a result of the growing awareness on early disease diagnosis is driving the demand for LIS solutions here.
Asia-Pacific (APAC) is expected to experience the fastest growth in the laboratory information system market in the years to come. Due to the rising cases of chronic diseases, the number of diagnostic centers is rising in the region. Moreover, regional governments are promoting the digitization of the healthcare infrastructure, which is propelling the adoption of LIS solutions here.
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Major players in the global laboratory information system market are Orchard Software Corporation, CompuGroup Medical SE, COMPUTER PROGRAMS AND SYSTEMS INC., SCC Soft Computer, Schuyler House, Comp Pro Med Inc., LigoLab Information System, Common Cents Systems Inc. (ApolloLIMS), American Soft Solutions Corp., XIFIN Inc., Clinical Software Solutions Limited, Cirdan Ltd., TECHNIDATA SAS, HEX Laboratory Systems, ClinLab Inc., LabSoft Inc., Allscripts Healthcare Solutions Inc., ASPYRA LLC, LabVantage Solutions Inc., McKesson Corporation, LabWare Inc., Medical Information Technology Inc., Sunquest Information Systems Inc., International Business Machines Corporation (IBM), Cerner Corporation, PerkinElmer Inc., Epic Systems Corporation, Thermo Fisher Scientific Inc., Agilent Technologies Inc., and Abbott Laboratories.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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SOURCE P&S Intelligence
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