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Laboratory information systems (LIS) are computer-based software packages used in clinical laboratories to manage workflow, process orders, and track patient samples along with the test results. LIS help in automating the tasks and streamline the process flow from test ordering, sample collection and handling, to test analysis and reporting. They are used across various end-use industries including healthcare facilities like hospitals and clinics, pharmaceutical companies, clinical diagnostic laboratories, and biobanks.
The laboratory information systems market is estimated to be valued at US$2.4 Bn in 2023 and is expected to exhibit a CAGR of 10. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Two major factors driving the growth of laboratory information systems market are growing digitization of labs and the rising adoption of cloud-based LIS. Technological advancements have enabled laboratories to digitally manage lab workflows and access reports remotely, improving the overall efficiency. With increasing digitization, cloud-based LIS are gaining popularity as they enable secure access to information from anywhere using an internet connection. This increases adoption of LIS across small to medium size laboratories. Moreover, growing focus on data analytics and precision medicine has led to generation of large volumes of complex datasets in labs. Cloud-based LIS help effectively store, process and analyze such huge amounts of data. This fuels the adoption of cloud-based LIS over conventional on-premise systems.
Segment Analysis
The laboratory information systems market is segmented based on type into standalone laboratory information management systems and integrated laboratory information management systems. The integrated LIS segment is currently dominating the market as they offer enhanced capabilities such as integrated workflows, centralized data storage, EMR integration, and enterprise networking among others. This makes them more favorable for large healthcare organizations with multiple labs.
PEST Analysis
Political: Governments globally are promoting digitalization of healthcare systems to improve quality of care and reduce costs. This is positively impacting investments in laboratory automation and integration.
Economic: Rising healthcare expenditures coupled with growing pressure to reduce costs is prompting hospitals and labs to invest in digital technologies like LIS that enable efficiency gains.
Social: Growth in chronic and lifestyle diseases is increasing the number of diagnostic tests conducted globally. This is propelling the need for integrating lab data for improved decision making.
Technological: Developments in artificial intelligence, cloud computing and mobile technologies are enabling advanced features in LIS like predictive analytics, cloud-based access and integrated self-service portals.
Key Takeaways
The global laboratory information systems market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing focus on healthcare quality and cost optimization. The North America region currently dominates the market due to widespread digitalization initiatives in the US healthcare sector.
Regionally, the Asia Pacific region is anticipated to witness the fastest growth over the coming years supported by rising medical tourism, favorable government policies promoting healthcare IT, and growing privatization of laboratories in emerging countries.
Key players operating in the laboratory information systems market include Orchard Software Corporation, Clinisys, Oracle Corporation, Computer Programs and Systems, Inc., and CompuGroup Medical among others. Strategic collaborations, new product launches and cloud-based solutions have been the focus areas of leading players to consolidate their market shares.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
