A laboratory information system (LIS) is a software that records, manages, and stores data for clinical laboratories. It is used to track samples, capture test results, link instruments and other laboratory equipment, schedule workflows, and more. It enables improved turnaround time for test results, reduced errors, streamlined work processes, and better management of operations. The integrated system acts as the backend database of a clinical laboratory.
Market key trends:
The laboratory information systems market is witnessing increased adoption by small and medium-sized laboratories. Earlier, larger laboratories could only afford these systems due to high costs. However, lowering prices of LIS solutions and availability of cloud-based 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.
subscription models have made it feasible for smaller players as well. Rising awareness about the benefits of digitization is driving increased demand from all types of laboratories. Cloud-based LIS solutions especially are gaining popularity as they eliminate upfront capital costs and provide on-demand access to results and data. The ability to scale up storage and computing power on the cloud platform suits the dynamic needs of small laboratories. This trend is expected to significantly boost demand over the forecast period.
Porter's Analysis
Threat of new entrants: Low, as Laboratory Information Systems market is dominated by few established players. New entrants require huge capital investments to compete.
Bargaining power of buyers: Moderate, as buyers have option to choose from a few vendors but are dependent on technology.
Bargaining power of suppliers: Low, as there are many technology providers and system integrators in this market.
Threat of new substitutes: Moderate, as new substitute technologies can replace Laboratory Information Systems but require high switching costs.
Competitive rivalry: High, as top players compete on service quality, prices and new features.
SWOT Analysis
Strengths: Established vendors with large customer base and innovative product offerings.
Weaknesses: High infrastructure and maintenance costs. Changing technology landscape increases upgrade and support costs.
Opportunities: Growth in emerging markets. Increasing scope due to digitization of healthcare sector.
Threats: Cyber threats and data privacy concerns. Stiff competition from open source offerings.
Key Takeaways
The global Laboratory Information Systems market is expected to witness high growth at a CAGR of 10% over the forecast period, due to increasing demand for automation and integration of laboratory processes.
Regional analysis: North America is expected to maintain its dominant share in the global market through 2030 due to rising investments to develop advanced healthcare infrastructure along with initiatives taken by major players. Asia Pacific is anticipated to witness the highest CAGR over the forecast period owing to increasing healthcare expenditure, rising geriatric population and improving healthcare facilities in emerging economies like China and India.
Key players operating in the Laboratory Information Systems market are Orchard Software Corporation (US), Clinisys (US), Oracle Corporation (US), Computer Programs and Systems, Inc. (US), and CompuGroup Medical (Germany) among others. Top players are focusing on strategic collaborations and partnerships to expand their geographic presence.
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.
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.Global Laboratory Information Systems Market: DriversIncreasing prevalence of chronic diseases is expected to propel growth of the global laboratory information systems market over the forecast period.
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.Global Laboratory Information Systems Market: RestraintsThe cost of implementing a LIS is very high.
Therefore, laboratories, especially in emerging economies, may find is difficult to migrate from manual record-keeping to LIS.
LIS data could be misused intentionally or unintentionally or could be accessed illegally or by unauthorized persons at hospitals, clinics or healthcare facilities.Get PDF Brochure Of This Research Report @: https://www.coherentmarketinsights.com/insight/request-pdf/58Global Laboratory Information Systems Market: OpportunitiesEmergence of medical tourism in various countries in Asia Pacific, especially Vietnam, Thailand, Malaysia, Indonesia, India, and Philippines is expected to create lucrative growth opportunities for players in the global laboratory information systems market.
For instance, according to India Brand Equity Foundation’s January 2019 release, the estimated Foreign Tourist Arrivals (FTAs) in India on medical purpose during the years 2015, 2016, and 2017 were 2,33,918, 4,27,014, and 4,95,056 respectively.Moreover, increasing incidences of various diseases in Asia Pacific has led to high demand for diagnostic tests in the region.
Laboratory information management solutions have become an essential part of hospitals and reference laboratories, as they help obtain accurate information and assist medical practitioners in informed decision making.
This software enables users to obtain, store, recover, and manage laboratory data on inventory supplies, timely maintenance of equipment, and test outputs.
Moreover, the software enhances the treatment procedure by providing precision in test results.
Besides, the surging application of automated equipment in medical laboratories will amplify the adoption of laboratory information software globally.Receive Sample Copy of this Report: https://www.psmarketresearch.com/market-analysis/laboratory-information-system/report-sampleApart from this, the increasing cases of cardiovascular diseases (CVDs), cancer, and human immunodeficiency virus (HIV) infection will propel the requirement for diagnostic tools and tests to understand the complexity of the cases.
The diagnosis of these life-threatening diseases requires advanced technologies for minimum errors and precise results, so that medical professionals can offer the best-possible treatment plans.Make an Enquiry before Purchase:https://www.psmarketresearch.com/send-enquiry?enquiry-url=laboratory-information-systemMedical laboratories can deploy the software on various platforms.
The mode of delivery segment of the laboratory information system market is, therefore, categorized into web-based, on-premises, and cloud-based.
