Laboratory Information System Market to Reach a Value of $3,457.2 Million by 2030
- Published: March 2021
The major driving factors for the laboratory information system (LIS) market are the rising demand for advanced healthcare information systems, rising volume of molecular diagnostic tests, implementation of cloud-based LIS, surging demand for a higher lab productivity, and focus of hospitals on operational cost reduction. Due to the aforementioned factors, the industry is projected to generate $3,457.2 million revenue in 2030, advancing at a CAGR of 6.5% during the forecast period (2020–2030).
During the COVID-19 pandemic, due to the lockdown followed by the strict government regulations on movement, many of the manufacturing plants and research centers were partially closed in order to contain the spread of the coronavirus. However, the rising demand for healthcare services for the geriatric population, which suffers from multiple chronic conditions, led to an increase in the requirement for integrated and cloud-based LIS. As a result, in the third and fourth quarters of 2020, the market started recovering.
Rising Demand for Integration Propelling Installation of Integrated Solutions
On the basis of type, the global LIS market is categorized into standalone and integrated. Of these, integrated is expected to be the faster-growing category in the LIS market during the forecast period. This would mainly be due to the rising demand for LIS integration or LIS interface, and delivery systems in healthcare settings for increased efficiency and a rapid influx of newer technologies within workflow solutions.
Furthermore, on the basis of component, the LIS market is categorized into software and services. Out of these, the software category has dominated the market over the past few years. This was primarily due to the increasing demand for laboratory information management software in hospitals, diagnostic laboratories, academic institutions, and research centers.
Geographically, North America made the largest contribution to the LIS market during the historical period (2014–2019), and it is expected to retain its dominance during the forecast period. This can be mainly attributed to the beneficial reimbursement scenario, regulatory policies that mandate the integration of such solutions in healthcare settings, and rising chronic disease prevalence, especially in the geriatric population. Moreover, the strong presence of market players, such as Abbott Laboratories, Allscripts Healthcare Solutions Inc., and CompuGroup Medical SE & Co. KGaA, is leading to a significant rise in the usage of LIS solutions in the region.
Partnerships and Collaborations Are Most-Effective Strategic Measures in Market
Players in the LIS market are involved in partnerships and collaborations to gain a competitive edge. For instance, in April 2020, Cerner Corporation partnered with the Logansport Memorial Hospital (LMH), a not-for-profit regional medical center in Indiana, for the upgradation of its electronic health record (EHR) system. Through this acquisition, LMH physicians, nurses, and staff will have advanced medical technology to support better healthcare experiences and outcomes.
Similarly, in February 2020, Allscripts Healthcare Solutions Inc. partnered with Manorama Infosolutions Pvt. Ltd., a health information technology (HIT) company, to deliver an integrated healthcare management information system and health information exchange platform to the latter.
The major players operating in the global LIS market include Abbott Laboratories, Orchard Software Corporation, COMPUTER PROGRAMS AND SYSTEMS INC., CompuGroup Medical SE & Co. KGaA, SCC Soft Computer, Comp Pro Med Inc., Schuyler House, LigoLab Information Systems, American Soft Solutions Corp., Common Cents Systems Inc., XIFIN Inc., Cirdan Ltd., Clinical Software Solutions Limited, TECHNIDATA SAS, ClinLab Inc., HEX Laboratory Systems, LabSoft Inc., and ASPYRA LLC.