North America will continue to hold a significant share of the LIS market during the forecast period.

Northrook, IL -- (SBWire) -- 03/13/2020 --The Laboratory Information System Market is projected to reach USD 2.4 billion by 2024 from USD 1.8 billion in 2019, at a CAGR of 6.3% during the forecast period.

Rising prevalence of chronic diseases, the need for laboratory automation & increased lab efficiency, and the development of integrated LIS are driving the growth of the LIS market. In addition, emerging countries and personalized medicine, along with the popularity of cloud-based LIS, are expected to provide significant opportunities for players in the market. However, high maintenance and service costs, the requirement of specialized laboratory units, interfacing issues, and a dearth of skilled professionals will challenge market growth in the coming year.

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The rising emphasis on improving the quality of diagnostics will drive the adoption of the LIS among hospital laboratories.

Based on end user, the LIS market is segmented into hospital laboratories, independent laboratories, physician office laboratories, and other end users (blood banks, retail clinics, and nursing homes). The hospital laboratories segment accounted for the largest market share in 2018. The use of LIS in hospitals and hospital laboratories can significantly reduce waiting times for patients and improve the quality of diagnostics. Moreover, LIS can facilitate long-distance discussions with experts and also make digital slide images of specimens (such as blood smears or frozen sections) available online. Owing to these benefits, hospitals across the world are increasingly adopting LIS.

The heavy dependency of end users on service providers will drive the services segment in the LIS market.

Based on component, the LIS market is segmented into services and software. The services segment accounted for the largest market share in 2018. The large share of this segment can be attributed to their indispensable nature and repetitive requirement. End users of LIS rely heavily on service providers for consulting, data storage, implementing services, training, maintenance, and regular upgrades of solutions.

Geographically, North America accounted for the largest share of the LIS market in 2018. The large market share of North America in the LIS market can be attributed to the increased reimbursement for pathology procedures, rising prevalence of cancer, and the presence of several major players in the US.

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Leading Companies

Orchard Software Corporation (US), Sunquest Information Systems Inc. (US), Cerner Corporation (US), Computer Programs and Systems, Inc. (US), CompuGroup Medical AG (Germany), Meditech (US), SCC Soft Computer (US), Epic Systems Corporation (US), Comps Pro Med, Inc. (US), Schuyler House (US), LabWare, Inc. (US), LabHealth (US), American Soft Solutions Corp (US), LigoLab LLC (US), Allscripts Healthcare Solutions, Inc. (US), Common Cents Systems, Inc. (US), XIFIN, Inc. (US), Cirdan Ltd (Ireland), Clinical Software Solutions Ltd (US), TECHNIDATA (France), Aspyra LLC (US), Clinlab, Inc. (US), HEX Labs (US), LabSoft, Inc. (US), and NovoPath, Inc. (US) are the key players in the LIS market.