Laboratory Information System Market (Component - Software, and Services; Delivery Mode - Cloud-based, and On-premises; Product - Standalone, and Integrated): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on laboratory information system market provides in-depth analysis of segments and sub-segments in the global as well as regional laboratory information system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional laboratory information system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global laboratory information system market.

Market Insight:

The global laboratory information system market was valued at USD 2.05 billion in 2022 and is expected to reach USD 3.46 billion in 2030, with a CAGR of 5.89% during the forecast period 2023-2030.

A Laboratory Information System (LIS) is a specialized healthcare information system designed to manage and store clinical data related to medical processes and tests conducted in clinical laboratories. Typically, LIS software facilitates the ordering of laboratory tests, tracks these orders, and records the results in a searchable database. Traditionally, LIS has played a crucial role in public health institutions and their associated labs by managing and reporting vital data concerning infection status, immunology, and the care and treatment of patients. Healthcare professionals, including physicians and lab technicians, rely on LIS to coordinate a wide range of medical testing, both inpatient and outpatient, encompassing areas such as hematology, chemistry, immunology, and microbiology. These systems are prevalent in well-developed healthcare systems.

The implementation of LIS brings about several advantages, including the reduction of transcription errors and time-saving in the data capture process. Enhanced efficiency, cost reduction, and ease of maintenance are driving factors for the adoption of LIS. It allows for the automated generation of reports and quick access to information. Furthermore, LIS streamlines tasks and processes, reducing workload and stress on the core system. It offers various formats for financial, operational, inventory, reports, and tests. Modern LIS solutions, like Care Data Informatics, empower laboratory owners to analyze data, identify trends, make accurate predictions, and ultimately increase revenue. However, challenges such as a shortage of skilled professionals and the high development cost of software hinder the growth of the LIS market. LIS systems also enable a paperless environment and ensure compliance through a structured approach. Moreover, the rapid evolution of diagnostic and medical laboratories presents growth opportunities for healthcare information systems, particularly in the emerging LIS market.

North America is expected to hold the most significant share in the LIS market, driven by the widespread adoption of new healthcare technologies. Countries like the United States and Canada have implemented healthcare IT systems extensively, contributing to market growth. Europe, with its technological advancements in healthcare and a growing focus on data management and governance, occupies the second-largest market share in the LIS sector. The Asia-Pacific region is anticipated to experience the fastest growth during the forecast period. The key driver in this region is the efficiency enhancement that LIS brings to healthcare data management.

Report Scope of the Laboratory Information System Market:

Segment wise revenue contribution in the global laboratory information system market

The report on global laboratory information system market provides a detailed analysis of segments in the market based on Component, Delivery Mode, Product, and End User.

Segmentation Based on Component

·       Software

·       Services

Segmentation Based on Delivery Mode

·       Cloud-based

·       On-premises

Segmentation Based on Product

·       Standalone

·       Integrated

Segmentation Based on End User

·       Diagnostic Laboratories

·       Hospitals & Clinics

·       Others

Company Profiled:

·       Healthcare Solutions, Inc.

·       Athenahealth

·       Agfa-Gevaert N.V.

·       Oracle Cerner

·       Epic Systems Corporation

·       GE HealthCare

·       Medidata

·       MCKESSON CORPORATION

·       NextGen Healthcare, Inc.

·       Siemens Healthcare GmbH

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the laboratory information system market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.