DUBLIN--(BUSINESS WIRE)--The "Laboratory Information System /LIS Market by Product (Standalone, Integrated), Component (Services, Software), End-user (Hospital Labs, Independent Labs, Pols), Delivery Mode (On-Premise, Cloud-Based), Analysis - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The laboratory information systems (LIS) market is projected to reach USD 2.4 billion by 2024 from USD 1.8 billion in 2019.
The need for laboratory automation and increased lab efficiency, development of integrated LIS, the need to comply with regulatory requirements, and the rising prevalence of chronic diseases are driving the growth of the LIS market. Emerging countries and personalized medicine, along with the popularity of cloud-based LIS, are expected to provide significant opportunities for players in the market. However, high maintenance and service costs, the requirement of specialized laboratory units, interfacing issues, and a dearth of skilled professionals will challenge market growth in the coming years.
The software segment is expected to grow at the highest CAGR during the forecast period
Based on the component, the LIS market is segmented into software and services. The software segment is projected to grow at the highest CAGR during the forecast period due to the availability of advanced and automated laboratory software, increasing the focus of industry players to develop innovative LIS software, and the growing demand for LIS software in developing countries.
The hospital laboratory segment accounted for the largest share of the LIS market, by the end user, in 2018
Based on end users, the LIS market is segmented into hospital laboratories, independent laboratories, physician office laboratories, and other end users (blood banks, retail clinics, and nursing homes). In 2018, the hospital laboratory segment accounted for the largest market share, owing to the implementation of LIS in hospitals and hospital laboratories to reduce waiting times for patients and improve the quality of diagnostics. Moreover, LIS can facilitate long-distance discussions with experts and also make digital slide images of specimens (such as blood smears or frozen sections) available online. Owing to these benefits, hospitals across the globe are increasingly adopting LIS.
Increasing reimbursement for pathology procedures and rising cancer prevalence in North America to support the growth of the LIS market in North America
Geographically, the LIS market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share of the LIS market in 2018. The large market share of North America in the LIS market can be attributed to the increased reimbursement for pathology procedures, rising prevalence of cancer, and the presence of several major players in the US.
- Rising Prevalence of Chronic Diseases
- Need for Laboratory Automation
- Development of Integrated Laboratory Information Systems
- Need to Comply With Regulatory Requirements
- Increasing Adoption of LIS to Enhance Lab Efficiency
- High Maintenance and Service Costs
- Growing Popularity of Cloud-Based LIS
- Significant Growth Potential of Emerging Countries
- Personalized Medicine
- Interfacing With Diverse Laboratory Instruments
- Requirement of Specialized LIS Solutions
- Data Storage Challenges
- Dearth of Trained Professionals
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Laboratory Information Systems Market, By Component
7 Laboratory Information Systems Market, By Product
8 Laboratory Information Systems Market, By Delivery Mode
9 Laboratory Information Systems Market, By End-user
10 Laboratory Information Systems Market, By Region
11 Competitive Landscape
12 Company Profiles
- Cerner Corporation
- Comp Pro Med Inc.
- CompuGroup Medical AG
- Computer Programs & Systems Inc. (CPSI)
- Epic Systems Corporation
- Meditech (Medical Information Technology Inc.)
- Orchard Software Corporation
- Roper Technologies Inc.
- SCC Soft Computer
- Schuyler House
- Sunquest Information Systems Inc.
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