Laboratory Information Systems (LIS) Market by Product, Component, Delivery Mode, End-user and Region – Global Forecasts to 2026 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Laboratory Information Systems (LIS) Market by Product (Standalone, Integrated), Component (Services, Software), Delivery Mode (On-premise, Cloud-based), End User (Hospital Labs, Independent Labs, POLs, Other End Users) & Region – Global Forecasts to 2026” report has been added to ResearchAndMarkets.com’s offering.

The laboratory information systems market is projected to reach USD 2.4 billion by 2026 from an estimated USD 1.5 billion in 2021, at a CAGR of 9.0% during the forecasted period.

A laboratory information system (LIS) is a software solution that handles the receiving, processing, and storage of information generated by laboratories. LIS helps streamline laboratory processes to decrease specimen handling time, increase productivity, and improve turnaround time. Growth in the LIS market can be primarily attributed to the rising prevalence of chronic diseases, the need for laboratory automation& increased lab efficiency, and the development of integrated LIS. The surge in demand for personalized medicine and the growing popularity of cloud-based LIS is expected to provide significant opportunities to the market players, especially in emerging economies. However, high maintenance and service costs, the requirement of specialized laboratory units, interfacing issues, and a dearth of skilled professionals are likely to challenge market growth in the coming years.

Integrated LIS to be the fastest-growing segment in the product market

Based on product, the LIS product market is segmented into standalone LIS and integrated LIS. The standalone LIS held the largest market share in 2020, however, the integrated LIS is expected to witness the highest growth of 9.6% during the forecast period. Integrated LIS enables users to easily switch from one type of application to another without exiting the program. Currently, several large hospitals are replacing standalone systems with integrated systems. Increasing end-user preference for single solutions with multiple modules further supports the demand for integrated LIS. As a result, the demand for integrated LIS is expected to increase among end users in the coming years.

Services segment to hold the largest share of the component market

Based on component, the LIS market is segmented into services and software. The services segment accounted for the largest market share of 67.7% in 2020. The large share of this segment can be attributed to their indispensable nature and repetitive requirement. This is because end users of LIS rely heavily on service providers for consulting, data storage, implementing services, training, maintenance, and regular solution upgrades. Heavy dependency of end users on service providers will further drive segment growth in the coming years.

The US to dominate the laboratory information systems market in North America

North America is expected to account for the largest share of 41.9% of the global laboratory information systems market in 2021, followed by Europe (36.3%), Asia Pacific (16.5%) and the RoW (5.3%). The US is the largest market for LIS globally due to its well-established economy and the financial ability of end users in the country to deploy advanced technologies. The increasing R&D expenditure in the country is driving the adoption of laboratory information systems for the efficient management of data in hospitals, laboratories, and ancillary areas.

Market Dynamics

Drivers

• Need for Laboratory Automation
• Development of Integrated Lis
• Rising Prevalence of Chronic Diseases
• Growing Demand for Lis in Biobanks/Biorepositories
• Need to Comply with Regulatory Requirements
• Increasing Adoption of Lis to Enhance Lab Efficiency

Restraints

• High Maintenance and Service Costs
• Lack of Integration Standards for Lis

Opportunities

• Growing Popularity of Cloud-Based Lis
• Growth Potential of Emerging Countries
• Rising Demand for Personalized Medicine

Challenges

• Interfacing with Diverse Laboratory Instruments
• Requirement of Specialized Lis Solutions
• Data Storage Challenges
• Dearth of Trained Laboratory Professionals

Companies Mentioned

• Allscripts Healthcare Solutions
• Alphasoft Gmbh
• American Soft Solutions Corp.
• Apex Healthware
• Aspyra
• Cerner Corporation
• Clinsis
• Comp Pro Med
• Compugroup Medical
• Dendi
• Epic Systems Corporation
• Hex Laboratory System
• Labvantage Solutions
• Ligolab Information Systems
• Meditech
• Orchard Software Corporation
• Pathagility
• SCC Soft Computer
• Seacoast Laboratory Data Systems
• Sunquest Information Systems
• Technidata
• Webpathlab
• Xifin

For more information about this report visit https://www.researchandmarkets.com/r/wsm701

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