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

CHICAGO, July 10, 2023 /PRNewswire/ -- The laboratory information system (LIS) industry is set to witness significant growth and transformation in the near future. With the increasing demand for integrated and streamlined healthcare solutions, LIS is expected to play a vital role in optimizing laboratory operations, enhancing data management, and improving patient care. Advancements in technology, such as cloud computing, interoperability, and data analytics, will revolutionize the LIS landscape, enabling seamless integration with electronic health records (EHRs), telemedicine platforms, and other healthcare systems. This integration will facilitate efficient data exchange, enhance communication between healthcare professionals, and support evidence-based decision-making. Furthermore, the emergence of artificial intelligence and machine learning algorithms will enable automated data interpretation, quality control, and predictive analytics, leading to improved diagnostic accuracy, faster turnaround times, and enhanced patient outcomes. The LIS industry will also witness increased emphasis on cybersecurity and data privacy to safeguard patient information. Overall, the future of the LIS industry holds tremendous potential to revolutionize laboratory workflows, enhance healthcare delivery, and drive innovation in diagnostic medicine.       

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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Laboratory Information System (LIS) Market Scope:

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:

1. Development of integrated LIS

Restraints:

1. Lack of integration standards for LIS

Opportunities:

1. Rising demand for personalized medicine

Challenges:

1. 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.
• In November 2022, Oracle Cerner and LabCorp formed a new collaboration to streamline lab operations for a leading nonprofit Catholic health system. Labcorp would manage hospital-based laboratories in 10 states using Cerner's laboratory information system (LIS), aiming to enhance patient care and improve lab efficiency.
• In November 2022, CompuGroup Medical (CGM) announced two add-on acquisitions in the areas of data solutions and US laboratory information systems. The acquisition of Medicus LIS strengthens CGM's position as a software leader in the independent US laboratory segment, while the acquisition of GHG business operations complements CGM's portfolio of data-based solutions for the healthcare sector.
• In August 2022, Sparta Community Hospital, a critical access hospital in Sparta, Illinois, provided healthcare services to previously underserved areas through their Mobile Health Clinic. The hospital partnered with the Grand American World Trapshooting Championships to offer healthcare services. They leveraged the Evident EHR solution offered by Computer Programs and Systems, Inc. to provide primary care during the event. Sparta Community Hospital runs the full Evident EHR in its inpatient and clinic care settings.

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Laboratory Information System (LIS) Market Advantages:

• Streamlined Workflow and Efficiency: LIS improves laboratory workflow by automating processes such as sample tracking, result entry, and report generation. It streamlines communication between laboratory departments, reducing manual errors and ensuring efficient operations. This leads to increased productivity, faster turnaround times, and enhanced overall efficiency.
• Enhanced Data Management: LIS enables centralized and organized management of laboratory data. It provides a secure repository for storing and accessing patient information, test results, and other relevant data. This facilitates easy retrieval, data sharing, and analysis, leading to improved decision-making, research, and quality control.
• Integration with Healthcare Systems: LIS integrates with other healthcare systems, such as electronic health records (EHRs), picture archiving and communication systems (PACS), and billing systems. This integration enables seamless data exchange and communication between different departments and healthcare professionals. It ensures a holistic view of patient information, promotes interdisciplinary collaboration, and improves continuity of care.
• Quality Assurance and Regulatory Compliance: LIS incorporates quality control measures, ensuring adherence to regulatory standards and accreditation requirements. It facilitates standardization of laboratory procedures, tracks quality indicators, and provides comprehensive audit trails. These features enhance quality assurance, minimize errors, and support compliance with regulatory guidelines.
• Data Analytics and Decision Support: LIS leverages data analytics capabilities to provide valuable insights for clinical decision-making and process optimization. It enables trend analysis, performance monitoring, and identification of potential bottlenecks. With the integration of artificial intelligence and machine learning algorithms, LIS can offer predictive analytics, aiding in early detection of diseases and treatment planning.
• Cost Efficiency and Resource Optimization: LIS optimizes resource utilization by automating manual tasks, reducing paper-based processes, and minimizing duplication of efforts. It helps in inventory management, reducing wastage and unnecessary expenditures. Additionally, LIS aids in optimizing laboratory staffing, ensuring appropriate allocation of resources based on workload and priorities.
• Improved Patient Care and Safety: LIS enhances patient care and safety by reducing errors, improving result accuracy, and facilitating timely access to critical information. It enables real-time alerts for abnormal results, enhances specimen traceability, and ensures proper patient identification. These features contribute to improved diagnostic accuracy, patient management, and patient outcomes.
• Scalability and Adaptability: LIS systems are designed to accommodate the evolving needs of laboratories and healthcare organizations. They can scale up to handle increasing volumes of data and accommodate new tests and technologies. Additionally, LIS systems are adaptable to various laboratory settings, including clinical laboratories, research institutions, and reference laboratories.

In summary, the LIS market offers advantages such as streamlined workflow, enhanced data management, integration with healthcare systems, quality assurance, data analytics and decision support, cost efficiency, improved patient care and safety, and scalability. These advantages contribute to the growing importance of LIS in modern healthcare settings and highlight its potential to optimize laboratory operations, improve patient outcomes, and drive efficiency in healthcare delivery.

High-Throughput Screening Market - Report Highlights:

• Market Overview: This edition includes updated market dynamics and market ecosystems specific to the laboratory information systems market.
• Industry Trends: This new edition includes an updated market map, value chain analysis, revenue shift analysis, case studies, technology analysis, market ecosystem, regulatory landscape, Porter's Five Forces analysis, and trends/disruptions impacting customers' businesses that are specific to the laboratory information systems market.
• Company Profiles: In this edition, 28 players have been profiled, and the product portfolios of the key players have been updated. It also includes updated financial information from 2020 to 2022/2021 (wherever available).
• Recent Developments: Recent developments help understand the market trends and growth strategies adopted by the key players. For instance, in this market, product launches and enhancements increased during 2021–2023. Therefore, updated information for the mentioned period is provided.
• Latest Product Portfolio: Tracking the products offered by the companies helps in improved analysis of the market segmentation. This edition provides updated product portfolios of the companies profiled.

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