Laboratory Information System Industry Scenario, Segments Analysis, Growth Drivers and Key Players - McKesson, LabVantage Solutions, Inc, Abbott, LabWare, Thermo Fisher Scientific

The global laboratory information systems market is growing moderately, driven by increasing demand for advanced healthcare monitoring systems, better efficiency of laboratories, and hospitals and laboratories prioritizing for information systems. The LIS plays an important role in generating information effectively and accurately, which helps in clinical decisions.

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Driven by technological improvement in healthcare services across the globe, the market for LIS was valued at $1,438.5 million in 2014. Further, the LIS market is expected to grow at a CAGR of 7.3% during the period 2015 to 2020, to reach $2,184.1 million by 2020. Rising need for improved laboratory efficiency, especially in the healthcare sector, is playing an important role in the overall growth of the LIS market. There are several other factors encouraging the market, such as significant investments from healthcare IT companies and surge in number of hospitals realizing the importance of LIS.

The application market of LIS has been categorized as clinical, drug discover and industrial. By application, the Clinical LIS segment accounted for the largest share in the global LIS market and it reported CAGR of 7.6% during 2011 to 2014, the highest among all segments. The growth of clinical LIS market was mainly driven by increasing numbers of tests and higher cost due to the emergence of new technologies.

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Based on the components, the LIS market can be classified as software, hardware and services. The software segment accounted for the major portion of the global LIS market, followed by hardware and services. The software segment witnessed a CAGR of 7.2% during the period 2011 to 2014, the highest growth among all the components.

The LIS can be classified into web-based, cloud-based and on-premise, based on the mode of delivery. Web-based LIS is the preferred means of delivery as people now tend to access the laboratory reports through internet on their computers and smartphones. The on-premise delivery mode has witnessed slightly higher growth rate historically in European and Asia-Pacific markets, compared to the North American market. The cloud based technology is emerging at a fast rate and it is expected to overrun the growth of other methods.

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The global LIS market is in growing phase in most of the countries and there are few large vendors holding the significant market share. Many new players are also entering the market, and the consolidation of small players with large players is shaping the competitive landscape. The competition in the LIS market is tough and the market players are trying to sustain themselves by differentiating their LIS products from their competitors. STARLIMS Corporation, Sunquest Corporation, McKesson, LabWare and LabVantage are some of the leading market players offering LIS solutions.

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