Laboratory Information System Market | Ongoing Trends and Recent Developments | Major Key Players like Orchard Software Corporation (US), Sunquest Information Systems Inc. (US), Cerner Corporation (US)

Factors such as the 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.

What the Market Looks Like?

Predicted to grow at a CAGR of 6.3% during the forecast period, the global Laboratory Information Systems Market is estimated to reach USD 2.4 billion by the end of 2024. North America dominated the LIS Market

Based on delivery mode, the LIS Market is segmented into on-premise and cloud-based LIS. The cloud-based LIS segment is expected to register the highest CAGR during the forecast period. Growth in this segment can be attributed to the comparatively lower capital expenses & operational costs incurred in this model, alongside its scalability, flexibility, and affordability. Cloud-based solutions help healthcare organizations share and integrate information from different locations, making the process of data gathering seamless. Moreover, these solutions are comparatively affordable to install and maintain as compared to on-premise solutions, thus contributing to the high growth and popularity of the cloud-based delivery model.

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Based on product, the Laboratory Information Systems Market is segmented into standalone LIS and integrated LIS. The standalone LIS segment accounted for the larger share of the LIS Market in 2018. The ability of standalone LIS to work offline as it is not a part of any software package, coupled with its better affordability, enhanced data security, and user-friendly nature as compared to integrated LIS, are the factors responsible for the large share of the standalone LIS segment.

Based on component, the Laboratory Information Systems 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

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What Drives the Laboratory Information Systems Market?

The growth of the global market for Laboratory Information Systems is primarily influenced by the following factors:

• Rising Prevalence of Chronic Diseases
• Need for Laboratory Automation
• Development of Integrated Laboratory Information System
• Need to Comply With Regulatory Requirements
• Increasing Adoption of LIS to Enhance Lab Efficiency

Geographical growth scenario of Laboratory Information Systems Market:

Geographically, the LIS Market is divided into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The North American market accounted for the largest share of the LIS Market in 2018, primarily due to the increasing prevalence of cancer, favorable reimbursement policies, and favorable initiatives by the government.

Leading market players and strategies adopted:

The prominent players in the Laboratory Information Systems Market include 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), Comp 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)

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