The global laboratory information system (LIS) market size was US$1,756.2 million in 2019. The global laboratory information system (LIS) market is forecast to reach the value of US$3439 by growing at a compound annual growth rate (CAGR) of 6.3% during the forecast period from 2021–2030.
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A laboratory information system (LIS) is a software solution that controls the collection, processing, and storage of data generated by laboratories. It helps simplify laboratory processes and reduces specimen handling time, improves turnaround time, and increases production.
factors Influencing
- Due to rising cases of chronic diseases, the increasing geriatric population, and the accelerating demand for enhancing quality in laboratory diagnosis, the market may witness soaring growth in the coming years.
- Growing initiatives and the introduction of innovative products may fuel market growth in the coming years.
- Rising knowledge regarding the benefits of laboratory information systems (LIS) and accelerating demand for integrated healthcare systems may propel the growth of the laboratory information system (LIS) globally.
- High expenses associated with laboratory information systems (LIS) may hamper the market growth in the coming years.
Geographic Analysis
Geographically, North America accounts for the largest laboratory information system market, owing to the rising prevalence of chronic diseases, regulatory demands in the United States, and mounting government initiatives in the region. In addition, increasing business activities pertaining to the development of healthcare and IT are forecast to fuel the market growth during the forecast period.
Furthermore, rising healthcare spending, increasing demand for high-quality cancer diagnosis, and accelerating need for an integrated healthcare system are driving the growth of the North American laboratory information system market.
During the projected period, the laboratory information system market in Asia-Pacific is forecast to expand significantly. It is due to the region’s rapidly growing population, increasing cancer diagnostic programs, and booming demand for an integrated healthcare system. Furthermore, increasing healthcare spending and government plans to improve healthcare structure would drive the market growth during the analysis period.
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COVID-19 Impact Analysis
The demand for the laboratory information system (LIS) increased during the pandemic period as the entire healthcare sector was overburdened with a pool of patients. With the growing number of cases every day, the demand for a laboratory information system (LIS) increased to manage the collection, processing, and storage of data generated by laboratories.
The emergence of this national emergency raised awareness regarding the expansion of the healthcare sector. As a result, the governments of various countries have begun working on the expansion of the healthcare sector. The market players in the global laboratory information system (LIS) market may witness profitable opportunities in the future as a result of the pandemic.
Competitors in the Market
- Cerner Corporation
- Mckesson Corporation
- Compugroup Medical AG
- EPIC Systems Corporation
- Computer Programs and Systems, Inc. (CPSI)
- International Business Machines (IBM) Corporation
- Orchard Software Corporation
- SCC Soft Computer
- Other prominent players
Market segmentation
By Product
- Standalone LIS
- Integrated LIS
By Component
- Services
- Software
By Delivery Mode
- On-premise
- Cloud-based
By Delivery Mode
- Hospital Laboratories
- Independent Laboratories
- POLs
- Other end-users
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
- The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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