Home Medical field Global Laboratory Information Systems Market to be Driven by Increased Demand for Innovative Software Solutions in the Medical Field During the Forecast Period 2021-2026

Global Laboratory Information Systems Market to be Driven by Increased Demand for Innovative Software Solutions in the Medical Field During the Forecast Period 2021-2026

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Expert Market Research’s new report titled “Global Laboratory Information Systems Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026”, gives an in-depth analysis of the global market. Laboratory Information Systems Market, assessing the market based on its segments such as component, product, mode of delivery, end-use, and major regions like North America, Europe, Asia-Pacific, America Latin, the Middle East and Africa. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.

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Key highlights of the report include:

Market Overview (2015-2026)

• Historical market size (2020): 1.8 billion USD
• Forecast CAGR (2021-2026): 6.2%
• Forecasted market size (2026): 2.6 billion USD

The global laboratory information system market has witnessed modest growth over the historical period, owing to the increased need for automation technology in the medical field owing to the rising incidence of chronic diseases.

Industry definition and major segments

A laboratory information system (LIS), also known as a laboratory information management system, is software that helps clinical laboratories manage laboratory activities by recording and storing data. It transmits lab test commands to lab instruments, tracks those commands, and saves the results to a searchable database.

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On the basis of components, the market can be categorized as follows:

Services
Software

Based on product, the market can be divided into:

• Autonomous LIS
• Integrated LIS

Based on the mode of delivery, the market can be divided into:

• On the site
• Cloud-based

On the basis of end-use, the market can be divided into:

• Hospital laboratories
• Independent laboratories
• Laboratories in medical offices
• Others

Regional Laboratory Information System Market includes:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market trends

Globally, North America holds the largest market share and during the forecast period, this region will continue to dictate the market shares. Growing demand for genomic studies and increased government funding and supportive policies that facilitate laboratory automation adoption programs like EHR. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period owing to the growing number of laboratory information system end users establishing themselves in the region.

The increasing incidence of diseases today calls for personalized medicines. Additionally, according to a National Institute of Health (NIH) report, misdiagnoses affect healthcare systems around the world. It is also stated that such errors are encountered by everyone, once in their life, with consequences that can be serious. This resurgence of diseases and the need to eradicate diagnostic errors motivate companies to opt for solutions that increase the accuracy of diagnoses and their results. Further, with progressive exposure to the benefits of using LIS such as integration of electronic records, accurate disease subtyping, and increased efficiency in clinical workflows, the market is expected to propel during the forecast period.

However, high capital costs coupled with high service and maintenance costs deter small and medium enterprises from adopting LIS. This may limit the market growth over the forecast period.

Main market players

The major players in the global market are Orchard Software Corporation, Sunquest Information Systems, Inc., Cerner Corporation, Computer Programs and Systems, Inc., CompuGroup Medical AG, Meditech (Medical Information Technology, Inc.), SCC Soft Computer, Epic Systems Corporation , Comp Pro Med Inc., among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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