Laboratory Information Systems (LIS) is Estimated to Witness High Growth Owing to Opportunity to Improve Laboratory Workflow Efficiency

Saya Bonde

Laboratory Information Systems (LIS) is Estimated to Witness High Growth Owing to Opportunity to Improve Laboratory Workflow Efficiency

Laboratory information systems (LIS) are computer-based solutions that are designed to streamline workflows and facilitate the connection and exchange of information between different departments or work areas in laboratories. They help in managing patient test orders, specimen processing and testing, resultentry and storage, and reporting. LIS helps in automating workflows and streamlining processes in laboratories, which allows staff to focus more on high-value tasks rather than administrative duties.

The global 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 Opportunity:

The opportunity to improve laboratory workflow efficiency through LIS solutions is projected to drive the market growth over the forecast period. LIS helps in reducing manual paperwork, replacing handwritten data with digital data, and automating redundant tasks, which allows staff to focus more on important tasks. This improves operational efficiency and turnaround time in laboratories. LIS also helps in reducing errors associated with manual data entry and improves data accuracy. Moreover, integrated LIS solutions help link together different departments in the laboratories, streamlining communication and information exchange. The opportunity to gain these benefits through LIS adoption is expected to significantly drive the demand.

Porter’s Analysis

Threat of new entrants: The high switching costs for laboratories to adopt new LIS system and stringent regulations act as a barrier for new entrants in the market.

Bargaining power of buyers: The presence of numerous established players providing LIS solutions increases competition and bargaining power of buyers.

Bargaining power of suppliers: The availability of alternative components from other suppliers puts less pressure on price negotiation.

Threat of new substitutes: Alternate point of care solutions pose a potential threat but LIS being a tailored solution for large labs, threat of substitution remains low.

Competitive rivalry: Intense competition among key players to gain greater market share through product innovations and partnerships.

SWOT Analysis

Strength: Tailor-made solutions to suit specific workflow needs. Integration capabilities with other hospital and lab systems.

Weakness: High upfront costs and maintenance expenses. lengthy installation and implementation periods.

Opportunity: Growing lab automation and adoption of cloud-based LIS. Increasing chronic diseases driving diagnostic test volumes.

Threats: Cyber security threats and data breaches. Regulatory changes affecting functionality and features.

Key Takeaways

The global Laboratory Information Systems market is expected to witness high growth supported by rising volumes of diagnostic tests and automation. The global 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.

The market in North America holds the largest share currently owing to established healthcare infrastructure and presence of major players. However, Asia Pacific is poised to grow at fastest pace during the forecast period backed by expanding healthcare sector and focus on digital transformation of laboratories in major countries 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. Regional players are focusing on partnerships to enhance geographical presence and service offerings. Leading companies are investing in new product launches and acquisitions for sustaining their market position.

Saya Bonde

Laboratory Information Systems (LIS) Market Research Report CAGR Growth of 9.95% and Predictive Business Strategy by 2027 | Potential Players Are SSC Soft Computer.

John Martin 2021-02-09

Laboratory information system (LIS) market is a type of computer-based software that is used to manage, verify and store the data from all stages of medical processes.

The physicians and lab technicians are used to coordinate varieties of inpatient and outpatient medical testing.Need for laboratory automation is the vital factor escalating the market growth, also rising emphasis on improving the quality of diagnostics, increasing use of laboratory information systems, rising development of integrated laboratory information systems, rising need to comply with regulatory requirements and rising adoption of LIS to enhance lab efficiency are the major factors among others driving the laboratory information systems (LIS) market.

Moreover, rising popularity of cloud-based LIS, significant growth potential of emerging countries and rising personalized medicine will further create new opportunities for laboratory information systems (LIS) market in the forecasted period of 2020-2027.Laboratory information systems (LIS) market is expected to gain market growth in the forecast period of 2020 to 2027.

Data Bridge Market Research analyses the market to grow at a CAGR of 9.95% in the above-mentioned forecast period.

Rising Prevalence of chronic diseases drives the laboratory information systems (LIS) market.This Laboratory Information Systems (LIS) Market research report intensely analyses the potential of the market with respect to current scenario and the future prospects by considering several industry aspects of Cardinal Health industry.

The report also recognizes and analyses the rising trends along with major drivers, challenges and opportunities in the market.

Global Antimicrobial Additives Market Is Estimated To Witness High Growth Owing To Increasing Concerns Regarding Hygiene and Rising Demand for Antibacterial Plastics

Yashvi Gadhiya 2023-08-16

The global antimicrobial additives market is estimated to be valued at USD 2. The increasing concern regarding hygiene and the rising demand for antibacterial plastics are driving the growth of the antimicrobial additives market. Firstly, the growing concern regarding hygiene and the need for effective microbial control in various industries are propelling the demand for antimicrobial additives. For example, in healthcare facilities, antimicrobial additives are used in medical devices, hospital furniture, and equipment to prevent the spread of infections. Silver has long been recognized for its antimicrobial properties and is widely used in the production of antimicrobial additives.

Laboratory Information Systems: Ensuring Compliance and Regulatory Standards

Roger 2024-03-28

Some key benefits of implementing an LIS include improved turnaround time, enhanced data management and access, integration with other systems, and compliance with regulatory guidelines. Compliance and Audit Trailing SimplifiedCompliance with regulatory standards and maintaining meticulous audit trails have become mission-critical needs for regulated labs. Care providers can quickly pull up complete patient histories and current test orders/results from their electronic health record (EHR) systems. Templates can be created to output test results in formats suitable for different departments like pathology, microbiology or blood banks based on their specific needs. In summary, well-implemented Laboratory Information Systems empower laboratories with accurate insights, standardization, automation and flexibility required to thrive in modern healthcare environments.

Laboratory Information Systems Market is Estimated To Witness High Growth Owing To Increased Adoption by Small and Medium-Sized Laboratories

Omkar Patel 2023-12-12

However, lowering prices of LIS solutions and availability of cloud-based The Laboratory Information Systems Market is estimated to be valued at US$ 2. Porter's Analysis Threat of new entrants: Low, as Laboratory Information Systems market is dominated by few established players. Threat of new substitutes: Moderate, as new substitute technologies can replace Laboratory Information Systems but require high switching costs. 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. Key players operating in the Laboratory Information Systems market are Orchard Software Corporation (US), Clinisys (US), Oracle Corporation (US), Computer Programs and Systems, Inc.

How Do Laboratory Information Systems Improve Lab Test Results?

Pramod Kumar 2021-06-21

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.

Global Laboratory Information Systems Market Is Estimated To Witness High Growth Owing To Increasing Demand for Efficient Data Management and Growing Adoption of Laboratory Automation Platforms

Ben Wood 2023-10-09

The Laboratory Information Systems Market is estimated to be valued at US$ 2. The increasing demand for efficient data management and the growing adoption of laboratory automation platforms are driving the growth of the Laboratory Information Systems Market. SWOT Analysis: Strength: The laboratory information systems market is expected to witness high growth due to the increasing demand for efficient data management and integration in laboratories. Weakness: One weakness of the laboratory information systems market is the high cost associated with implementing and maintaining these systems. Additionally, the market faces competition from alternative solutions such as laboratory information management systems (LIMS) and electronic medical record (EMR) systems.

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