Laboratory Information System (LIS) Market worth $4.0 billion | MarketsandMarket

Laboratory Information System (LIS) Market in terms of revenue was estimated to be worth $2.4 billion in 2023 and is poised to reach $4.0 billion by 2028, growing at a CAGR of 10.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as the need for laboratory automation, the development of integrated LIS, and growing investments in the adoption of EHR systems and subsequent integration with LIS primarily drive the growth of this market. Furthermore, the rising emergence of AI and advanced analytics, growing demand for LIS in biobanks and biorepositories, and rising demand for personalized medicine would provide lucrative opportunities to solution providers. AI-powered algorithms can automate routine tasks in the laboratory, such as sample handling, data entry, and result validation. AI can analyze images from laboratory tests, such as histopathology slides or radiology scans, to aid in the diagnosis and detection of abnormalities. Machine learning algorithms can learn from large datasets and provide accurate interpretations, assisting pathologists and radiologists in their evaluations. This reduces manual errors, improves turnaround times, and frees up laboratory staff for more complex tasks.

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The integrated LIS segment is expected to be the fastest-growing laboratory information systems market, by product, during the forecast period.

Based on product, the laboratory information systems market is segmented into standalone LIS and integrated LIS. The integrated LIS segment is expected to grow at a higher CAGR during the forecast period. Integrated LISs allow seamless data sharing & interoperability across various healthcare settings and departments, enabling efficient communication among different stakeholders, such as laboratories, hospitals, clinics, and other healthcare providers. These systems facilitate the exchange of critical patient information, test results, and clinical data, leading to improved patient care coordination and continuity. The growth of the integrated LIS segment can be attributed to the advantages offered by these systems, such as enhanced data sharing & interoperability and robust analytics & reporting capabilities.

The hospital laboratories segment, by end-user, is expected to be the largest laboratory information systems market in 2023

Hospital laboratories would account for the largest share of the global end-user market in 2023. LIS solutions integrate various laboratory processes, including sample management, test ordering, result reporting, and data analysis. This integration reduces manual errors, enhances workflow efficiency, and promotes standardized practices. LIS solutions also provide a centralized platform for storing and managing patient and laboratory data. This enables healthcare professionals to access comprehensive patient information, track results, and analyze trends, leading to informed decision-making and improved patient care.

Asia Pacific is expected to be the fastest-growing laboratory information systems market during the forecast period.

The global market has been divided into regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is anticipated to exhibit the highest CAGR throughout the forecast period. Emerging economies in the Asia Pacific region, such as India and China, present lucrative growth opportunities for market participants. Factors contributing to this growth include the increasing adoption of digital healthcare technologies, improving IT infrastructure, the demand for affordable healthcare, favorable government norms, rising number of chronic diseases, rising standards and quality of hospital care and clinical testing, and the high incidence of cancer and chronic diseases are expected to boost the adoption of laboratory information systems solutions in Asia Pacific.

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Laboratory Information System (LIS) Market Dynamics:

Drivers:

Development of integrated LIS

Restraints:

Lack of integration standards for LIS

Opportunities:

Rising demand for personalized medicine

Challenges:

Requirement of specialized LIS solutions

Key Market Players:

Major players operating in the laboratory information systems market are Orchard Software Corporation (US), Clinisys (US), Oracle Corporation (US), Computer Programs and Systems, Inc. (US), CompuGroup Medical (Germany), Soft Computer Consultants, Inc. (US), American Soft. Solutions Corp. (US), Epic Systems Corporation (US), Altera Digital Health (US), Aspyra (US), Comp Pro Med Inc. (US), Computer Service & Support, Inc. (US), Clinical Software Solutions (US), GPI S.p.A. (Italy), LigoLab Information Systems (US), LabWare (US), LabVantage Solutions, Inc. (US), XiFin, Inc. (US), Seacoast Laboratory Data Systems (US), Veradigm LLC (US), WebPathLab (US), Apex Healthware (US), TECHNIDATA (France), Pathagility (US), HEX Laboratory Systems (US), Clinsis (Nicaragua), Alphasoft (Germany), and Dendi, Inc. (US).

Recent Developments:

In May 2023, Clinisys acquired Promium, a provider of laboratory information management systems for environmental and analytical testing laboratories. This acquisition strengthens Clinisys' position in public health and toxicology diagnostics and supports its global expansion.

In January 2023, Orchard Software Corporation announced the release of its new Enterprise Toxicology solution, which aimed to enhance patient care in toxicology laboratories by providing information system tools. The solution offers features such as an integrated workflow engine, plate mapping tools for patient safety, medication consistency interpretation, and customizable report formats.

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