As per our report, the size of the global laboratory information system market is estimated to grow USD 2.24 billion by 2024 from USD 1.47 Billion in 2019 and registering a CAGR of 8.8% during the forecast period.
LIS will be used to manage various aspects of a medical laboratory. It is a computer system integrated with hardware and software for the effective management of healthcare information in laboratories.
MARKET DRIVERS
The primary factor that is significantly driving the growth of the global laboratory information system (LIS) market is the rise in the prevalence of chronic diseases.
Rise in the adoption rate of laboratory information systems owing to the beneficial features of these systems such as integration of electronic records with the LIS, accurate subtyping of diseases, and better efficiency of clinical workflows, are significantly contributing to the growth of the laboratory information system market. Increasing demand for innovative and advanced technologies led to rising in the account of research and development activities in the field of genomics and personalized medicine; these factors are catalyzing the growth of the global laboratory information systems market.
The emergence of novel and innovative laboratory information systems that are offering enhanced customer services and support are supposed to create lucrative growth opportunities for key market players in this industry during the forecast period. Increasing demand for laboratory information systems in clinical research in countries like India, China, Brazil, Singapore, Malaysia, and Middle Eastern countries are boosting the LIS market to a further level.
Consistently increasing demand for personalized medicine is likely to provide an additional boost to the laboratory information systems market to climb new growth heights.
MARKET RESTRAINTS
High costs associated with the service and maintenance of laboratory information systems are posing a significant challenge to the stakeholders in the market, resulting in restraining the growth of the global laboratory information system market. Budget constraints in the small and medium scale laboratories are limiting the adoption rate of technologically advanced systems, which is limiting the growth of laboratory information systems business.
Lack of stringent regulations and standards is another significant opportunity for the key players in economically emerging countries and is assumed to expand the market during the projection period.
REPORT COVERAGE
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
|
Segments Covered |
By Component, Delivery Mode, End-User and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
This research report on the Global Laboratory Information System Market has been segmented and sub-segmented into the following categories and analyzed market size & forecast for each segment until 2024.
Laboratory Information System Market - By Component:
Based on the component, the LIS software segment is estimated to witness the highest CAGR during the foreseen period. Availability of advance and automated laboratory software, rise in focus of industry players to develop innovative LIS and also the growing demand for LIS software in emerging industries are majorly attributing the growth of this segment.
Laboratory Information System Market - By Delivery Mode:
Based on delivery mode, Cloud-based models have become prominent and account for the most substantial portion as practical solutions, promoting the Global Laboratory Information Systems market growth.
Laboratory Information System Market - By End User:
Based on the End-User analysis, the hospital's segment has acquired the most significant market share in the global LIS market in 2019. Increasing usage of hospitals and hospital laboratories is the primary factor expanding the growth of this segment.
Laboratory Information System Market - By Region:
Geographically, the North American market is dominating the Global Laboratory Information System Market and is foreseen it to multiply during the forecast period. Factors such as rise in prevalence of cancer, presence of key market players in the region, availability of advanced healthcare systems, and encouraging reimbursement policies in the area for pathology procedures.
European LIS market is expected to showcase promising growth during the forecast period. Factors such as growing occurrence rate of chronic diseases, increasing awareness about new technologies, associated with different laboratories are majorly driving the European market.
However, the Asia-Pacific region is estimated to witness the quickest growth rate during the review period. Increasing healthcare expenditure, and advancements in the healthcare IT sector are propelling the market growth. Enlarging the effectiveness of medical laboratories, the growing stipulation for error-free diagnosis is fueling the growth. Japan is dominating the region with the largest share over the market, which is followed by China and India. Emerging countries like Singapore, Australia, India and China market is growing by the factors like increasing geriatric population, rising patient pool and improving healthcare facilities are boosting the growth of the laboratory information system market during the analysis period.
The Latin America region is projected to have stable and steady growth during the foreseen period. Growing awareness about electronic healthcare record systems and their increasing prominence incorporated with assisting government programs and policies are predicted to surge the Latin American LIS market during the forecast period.
The Middle East & Africa region is predicted to have the least share of the LIS market due to the existence of middle-income countries is driving the market growth. However, the lack of healthcare awareness and advanced technology are restricting market growth over the period. Of this region, Saudi Arabia and UAE dominate the region in terms of the market which owes to a good economy, expert professionals, and availability of new and recent technologies.
TOP COMPANIES IN THE MARKET
List of key competitors in the global laboratory information system market profiled in this report are Cerner Corporation, Mckesson, Epic System Corporation, Medical information technology, SCC Soft Computer, Sunquest Information systems, Labware, Compugroup Medical and Evident.
The global LIS market is aided by the increasing initiatives from government and industry players in the healthcare IT sector and laboratory services.
RECENT MARKET HAPPENIGS
In July 2019, the Cerner Corporation announced that that the company is looking to collaborate strategically with Amazon Inc., to improve its productivity and enhance business operations by adopting a cloud platform offered by Amazon Web Services. The company expects to boost its services, and to provide better solutions for their customers by integrating machine learning, artificial intelligence into healthcare.
LabVantage Solutions, Inc., has developed a medical suite for laboratory solutions called LabVantage medical suite based not their laboratory information mage meant system platform. The medical suite is mainly designed to integrate significant laboratory disciplines such as genomics, microbiology, pathology, and other functions in the laboratory. The medical suite has witnessed an increasing adoption rate in Europe owing to the benefits offered by it, such as efficient data exchanging options, scheduled workflows and robust business intelligence tools that are available with the suite.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Component
5.1.1 LIS Services
5.1.2 LIS Software
5.1.3 LIS Hardware
5.2 By End-User
5.2.1 Hospitals
5.2.2 Independent Laboratories
5.2.3 Clinical Laboratories
5.2.4 Others
5.3 By Delivery Mode
5.3.1 Cloud Based
5.3.2 On-Premises
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 McKesson
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Cerner Corporation
8.3 Epic System Corporation
8.4 Medical information technology
8.5 SCC Soft computer
8.6 Sunquest Information systems
8.7 Labware
8.8 Compugroup Medical
8.9 Evident
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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