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Laboratory Information Systems (LIS) Market worth $2.4 billion by 2026 - Size, Industry Trends, Key Players and Forecast
Laboratory Information Systems Market
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The Growth in this Laboratory Information Systems Market can be primarily attributed to the need for laboratory automation, development of integrated laboratory information systems, need to comply with regulatory requirements, rising prevalence of chronic diseases, and growing adoption of LIS to enhance lab efficiency.
Laboratory information systems (LIS) help streamline laboratory processes to decrease specimen handling time, increase productivity, and improve turnaround time.
The COVID-19 pandemic has had a significant impact on the world's population and economy. As a result of the pandemic, healthcare facilities face immense pressure to create a well-coordinated environment where all clinical functions are connected internally, and the organization operates in coordination with other healthcare units. The novel coronavirus pandemic has exerted enormous strain on the functioning of healthcare and life sciences industries. Research laboratories focused on developing treatments or vaccines for COVID-19 need an effective end-to-end solution to improve the quality, productivity, and rapidity of the vaccine manufacturing process. This is likely to increase the uptake of informatics solutions, such as LIS.
Standalone LIS to register the highest growth in the LIS product market
Based on product, the LIS market is segmented into standalone LIS and integrated LIS. In standalone software, service providers maintain and upgrade the software, while integrated software is used mainly as an application by end users. The standalone LIS segment is expected to account for the largest share of 59.4% of the laboratory information systems market in 2021. Standalone LIS can work offline and is user-friendly compared to the integrated LIS. Standalone LIS has data models tailored specifically to manage laboratory operations and data, which differ fundamentally from EHRs, HISs, or other information systems.
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On-premise LIS to hold the largest segment of the LIS market
Based on the delivery mode, the market is segmented into on-premise and cloud-based LIS. The on-premise LIS segment is expected to account for the largest share of 69.7% of the laboratory information systems market in 2021. On-premise delivery allows end users to use solutions from multiple vendors, which enables customizations as per end user requirements. While on-premise solutions hold the larger share of this market, a growing number of healthcare providers are opting for cloud-based LIS due to its advantages, such as cost-effectiveness and ease of use.
North American laboratory information systems market to dominate the market during the forecast period
North America dominated the laboratory information systems market in 2020 and is expected to grow at an 8.7% CAGR during the forecast period. The large share of the North American market can be attributed to the increasing cancer prevalence, favorable reimbursement policies, and favorable initiatives by regional governments. The developed infrastructure and growth in demand for digitalized technologies across North America are driving the implementation of different analytical solutions among industries.
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Some of the prominent players operating in the laboratory information systems market are Orchard Software Corporation (US), Sunquest Information Systems (US), Cerner Corporation (US), CompuGroup Medical (Germany), Computer Programs and Systems Inc. (US), Meditech (US), SCC Soft Computer (US), Epic Systems Corporation (US), Comp Pro Med (US), American Soft Solutions Corp. (US), Allscripts Healthcare Solutions, Inc. (US), WebPathLab (US), XIFIN (US), Clinsis (Nicaragua), Computer Service and Support (CSSLIS) (US), ASPYRA LLC (US), Apex Healthware (US), Pathagility (US), LabVantage Solutions (US), HEX Laboratory Systems (US), LigoLab Information Systems (US), TECHNIDATA (France), Seacoast Laboratory Data Systems (US), Alphasoft GmbH (Germany) and Dendi, Inc. (US), among others.
Mr. Aashish Mehra
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