Laboratory Information System (LIS) Market, Growth Factors, Types and Application, Demand & Supply Chain Analysis, Forecast to 2024

The global laboratory information system market size is expected to reach USD 3.2 billion by 2024, with a CAGR of 8.5% during the forecast period (2018 – 2024). The major factors leading to the considerable growth in the laboratory information system market due to the growing geriatric population, increasing prevalence of chronic diseases, increasing need for precise and quality laboratory diagnosis. Moreover, with the mounting research and development for personalized medicine, and increasing need for integrated healthcare system are supporting the growth of the laboratory information system market, globally.

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Market Segmentation

Insight by Product

Based on product, the laboratory information system market is categorized into:

Standalone

Integrated

Of the two categories, standalone LIS hold the larger share in the market and the integrated LIS market is predicted to grow at the faster CAGR during the forecast period. With the increasing adoption of cloud-based solutions, along with the lower maintenance and service charge the demand for integrated LIS is anticipated to increase significantly in the coming years.

Insight by Component

On the basis of component, the market is segmented into:

Software

Services

Software solutions being the key component of a LIS hold the larger share in the market. However, the LIS services market is predicted to observe the faster growth during the forecast period as the end users require software training, upgrading, and software maintenance post-installation along with other LIS services for the efficient operations of LIS.

Insight by Delivery Mode

Based on delivery mode, the market is segmented into:

On-Premise

Web-Based

Cloud-Based

Of all, the on-premise category accounted the largest share in the laboratory information system market due to customization characteristic of this delivery mode, and data securities. However, clod-based LIS market is anticipated to growth at the fastest rate during the forecast period.

Insight by End User

Based on delivery mode, the market is segmented into:

Hospital Laboratories
Independent Laboratories
Physician Office Laboratories
Other End Users

Among all the end users, the independent laboratory is expected to observe the fastest growth in demand in the LIS market, at the fastest CAGR of 9.4% during the forecast period, globally. The demand for the LIS is the largest in the hospital as it is the largest end user section with large number of diagnostic tests and laboratory assessments.

Industry Dynamics

Growth Drivers

Factors that have been acting as the driving factors for the growth of this industry are:

Increasing occurrence of chronic diseases
Aging population
Escalating demand for quality and precision of laboratory diagnosis
Expanding awareness of LIS
Mounting requirement for integrated healthcare system

Challenges

Key factors hindering the growth of the LIS market are:

The high cost of laboratory information system
Interoperability and technical issues with laboratory information system
Dearth of skilled professionals and requirement of specialized laboratory units for chemistry, hematology, and microbiology.

Geographic Overview

North America — US, Canada, and Mexico
Europe — Germany, U.K., France, Italy, Spain, and Rest of Europe
Asia Pacific — Japan, China, India, Australia, South Korea, and Rest of Asia-Pacific
Rest of the World — Brazil, South Africa, Saudi Arabia, U.A.E., and Others

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Of all the different regions, North America account for the largest share of the largest laboratory information system market, globally. The key factor leading to the largest LIS market size in North America are high prevalence of chronic diseases, mandatory regulatory standards in the U.S., and increasing research and development for personalized medicines.

Asia-Pacific is observed to witness significant growth in the laboratory information system market during the forecast period, as the region comprises of a large population with chronic diseases, increasing cancer research and diagnostic initiatives, increasing demand for the integrated healthcare system, and mounting awareness of LIS.

Competitive Insight

The key players operating in the global laboratory information system market are: Cerner Corporation, SCC Soft Computer, Mckesson Corporation, Compugroup Medical AG, EPIC Systems Corporation, Computer Programs and Systems, Inc., International Business Machines, and Orchard Software Corporation.

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This release was published on openPR.