Northbrook, IL 60062 -- (SBWire) -- 11/03/2023 --Laboratory Information System (LIS) Market by Product (Standalone, Integrated), Component (Services, Software), Delivery Mode (On-premise & Cloud-based), End User (Hospital Laboratories, Independent Laboratories, POLs) and Region - Global Forecast to 2028", is projected to reach USD 4.0 billion by 2028, from USD 2.4 billion in 2023, at a CAGR of 10.8% from 2023 to 2028. Factors such as the need for laboratory automation, the development of integrated LIS, and growing investments in the adoption of EHR systems and subsequent integration with LIS primarily drive the growth of this market. Furthermore, the rising emergence of AI and advanced analytics, growing demand for LIS in biobanks and biorepositories, and rising demand for personalized medicine would provide lucrative opportunities to solution providers. AI-powered algorithms can automate routine tasks in the laboratory, such as sample handling, data entry, and result validation. AI can analyze images from laboratory tests, such as histopathology slides or radiology scans, to aid in the diagnosis and detection of abnormalities. Machine learning algorithms can learn from large datasets and provide accurate interpretations, assisting pathologists and radiologists in their evaluations. This reduces manual errors, improves turnaround times, and frees up laboratory staff for more complex tasks.
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Key Market Players:
Major players operating in the laboratory information systems market are 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), and Dendi, Inc. (US).
Laboratory Information System (LIS) Market Dynamics:
Drivers:
- Development of integrated LIS
Restraints:
- Lack of integration standards for LIS
Opportunities:
- Rising demand for personalized medicine
Challenges:
- Requirement of specialized LIS solutions
The integrated LIS segment is expected to be the fastest-growing laboratory information systems market, by product, during the forecast period.
Based on product, the laboratory information systems market is segmented into standalone LIS and integrated LIS. The integrated LIS segment is expected to grow at a higher CAGR during the forecast period. Integrated LISs allow seamless data sharing & interoperability across various healthcare settings and departments, enabling efficient communication among different stakeholders, such as laboratories, hospitals, clinics, and other healthcare providers. These systems facilitate the exchange of critical patient information, test results, and clinical data, leading to improved patient care coordination and continuity. The growth of the integrated LIS segment can be attributed to the advantages offered by these systems, such as enhanced data sharing & interoperability and robust analytics & reporting capabilities.
The hospital laboratories segment, by end-user, is expected to be the largest laboratory information systems market in 2023
Hospital laboratories would account for the largest share of the global end-user market in 2023. LIS solutions integrate various laboratory processes, including sample management, test ordering, result reporting, and data analysis. This integration reduces manual errors, enhances workflow efficiency, and promotes standardized practices. LIS solutions also provide a centralized platform for storing and managing patient and laboratory data. This enables healthcare professionals to access comprehensive patient information, track results, and analyze trends, leading to informed decision-making and improved patient care.
Asia Pacific is expected to be the fastest-growing laboratory information systems market during the forecast period.
The global market has been divided into regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is anticipated to exhibit the highest CAGR throughout the forecast period. Emerging economies in the Asia Pacific region, such as India and China, present lucrative growth opportunities for market participants. Factors contributing to this growth include the increasing adoption of digital healthcare technologies, improving IT infrastructure, the demand for affordable healthcare, favorable government norms, rising number of chronic diseases, 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 systems solutions in Asia Pacific.
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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.
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Laboratory Information System (LIS) Market 2023 – Industry Size, Trend Analysis, Current Growth, Top Major Players & Forecast to 2028
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.