Overview and Scope
A laboratory information system (LIS) is a computer system that assists in managing many aspects of a medical laboratory, including the input, processing, and storage of information and data
Sizing and Forecast
The laboratory information system market size has grown strongly in recent years. It will grow from <b>$2.43 billion in 2023 to $2.63 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. </b> The growth in the historic period can be attributed to technological advancements, growing demand for healthcare services, data management and integration, quality assurance and reporting.
The laboratory information system market size is expected to see strong growth in the next few years. It will grow to <b>$3.79 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. </b> The growth in the forecast period can be attributed to digital transformation, personalized medicine, artificial intelligence (ai) and machine learning, point-of-care testing (poct). Major trends in the forecast period include integration with electronic health records (ehr), cloud-based lis, data security and privacy, laboratory automation.
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Segmentation & Regional Insights
The laboratory information system market covered in this report is segmented –
1) By Product: Standalone LIS, Integrated LIS
2) By Component: Software, Services
3) By End User: Hospital Laboratories, Independent Laboratories, Physician Office Laboratories, Other End Users
<b>North America</b> was the largest region in the healthcare services market in 2023. <b>Western Europe</b> was the second largest region in the healthcare services market. The regions covered in the laboratory information system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising demand for lab automation is a major factor driving the growth of the laboratory information system market. A growing number of people are undergoing a series of tests, which in turn, increases the burden on the laboratories. The clinical laboratories are hiring more healthcare personnel to reduce the amount of workload on existing staff and minimize the number of errors associated with it in order to increase the efficiency and efficacy of the lab’s functioning for accurate results. According to the Bureau of Labor Statistics, around 12,000 additional clinical laboratory professionals are required every year to meet the demand, however, only half of the number is entering the field. Thus, laboratories opt for automation to ease the work. For instance, TriCore Reference Laboratories in Albuquerque, MexiCo., introduced automation in its 20% of instrumentation, which performs almost 80% of the lab’s samples and displays helping the lab in managing and optimizing its functions for faster and accurate results.
Key Industry Players
Major companies operating in the laboratory information system market include <b>Cerner Corporation, McKesson Corporation, Epic Corporation Inc., Medical Information Technology Inc., SCC Soft Computer Inc., Sunquest Information Systems Inc., CompuGroup Medical AG, Computer Programs and Systems Inc., Merge Healthcare Inc., Orchard Software Corporation, Abbott Laboratories, LabWare Inc., Thermo Fisher Scientific Inc., LigoLab LLC, Clinisys Group Ltd., Labvantage Solutions Inc., Labgen LIS, Polytech LIS, Avalon GloboCare Corp, NovoPath Inc., LABTRACK LIMS, Dendi Inc., Agilent Technologies Inc., QA Studio, Cirdan Imaging Ltd., Ovation Services Private Ltd., BioData Inc., Technidata AG, Psyche Systems Corporation, Data Innovations LLC</b>
The laboratory information system market report table of contents includes:
1. Executive Summary
2. Laboratory Information System Market Characteristics
3. Laboratory Information System Market Trends And Strategies
4. Laboratory Information System Market – Macro Economic Scenario
5. Global Laboratory Information System Market Size and Growth
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26. South America Laboratory Information System Market
27. Brazil Laboratory Information System Market
28. Middle East Laboratory Information System Market
29. Africa Laboratory Information System Market
30. Laboratory Information System Market Competitive Landscape And Company Profiles
Top Major Players:
- Cerner Corporation
- McKesson Corporation
- Epic Corporation Inc
- Medical Information Technology Inc.
- SCC Soft Computer Inc
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