Laboratory Information Systems Market -Latest Innovations, Drivers and Industry Key Events 2018-2026 | Cerner Corp., Sunquest Information Systems, Inc., Evident, McKesson, Orchard Software

Laboratory Information System (LIS) is a healthcare IT tool that captures, records, and manages patient’s data that has been gathered and captured during the medical processes and tests. The stored information is saved in LIS database for future reference. LIS offers features such as patient check in, patient demographics, order entry, specimen processing, and result entry.

The global laboratory information systems market is estimated to account for US$ 3,266.2 Mn in terms of value by the end of 2027.

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Global Laboratory Information Systems Market: Drivers

Increasing prevalence of chronic diseases is expected to propel growth of the global laboratory information systems market over the forecast period. For instance, according to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were registered due to cancer worldwide in 2018.

Moreover, increasing demand for laboratory automation and development of integrated LIS is also expected to boost growth of the market. For instance, in December 2019, Dorado Health System, a 4-hospital academic system, licensed Health Gorilla to integrate with Dorado's IT systems, including electronic medical record systems and laboratory information systems, to aggregate clinical documents for every patient managed by the system.

North America region held dominant position in the global laboratory information systems market in 2018, accounting for 57.5% share in terms of volume, followed by Europe.

Market Trends/Key Takeaways

The demand for cloud-based LIS is increasing as the approach requires lower capital expenses and operational costs compared to on premise-based LIS. Cloud-based solutions aid healthcare organizations share and integrate information from different locations, making the process of data gathering seamless.

The demand for standalone LIS is increasing compared to integrated LIS as standalone LIS has the ability to work offline as it is not a part of any software package. It also offers enhanced data security and user-friendly interface.

Global Laboratory Information Systems Market: Competitive Landscape

Major players operating in the global laboratory information systems market include, Cerner Corp., Sunquest Information Systems, Inc., Evident, McKesson, Orchard Software, Medical Information Technology, Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical, and LabWare.

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Global Laboratory Information Systems Market: Key Developments

Key players in the market are focused on adopting M&A strategies to enhance their market share. For instance, in October 2019, Orchard Software, a laboratory information system vendor, was acquired by Francisco Partners, a leading technology-focused, private equity firm.

Key players in the market are focused on acquiring tenders to enhance their market share. For instance, in February 2018, Sunquest Information Systems, Inc. received a 10-year tender to provision laboratory-related software solutions and services for the State of Queensland, Australia.

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