Global Laboratory Information Systems Market (2021 to 2026) - Rising Demand for Personalized Medicine Presents Opportunities

Dublin, Sept. 15, 2021 (GLOBE NEWSWIRE) -- 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.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Laboratory Information Systems: Market Overview
4.2 North American Lis Market, by Delivery Mode, 2020
4.3 Laboratory Information Systems Market, by Product, 2021 Vs. 2026
4.4 Laboratory Information Systems Market, by Component, 2021 Vs. 2026
4.5 Laboratory Information Systems Market, by Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Need for Laboratory Automation
5.2.1.2 Development of Integrated Lis
5.2.1.3 Rising Prevalence of Chronic Diseases
5.2.1.4 Growing Demand for Lis in Biobanks/Biorepositories
5.2.1.5 Need to Comply with Regulatory Requirements
5.2.1.6 Increasing Adoption of Lis to Enhance Lab Efficiency
5.2.2 Restraints
5.2.2.1 High Maintenance and Service Costs
5.2.2.2 Lack of Integration Standards for Lis
5.2.3 Opportunities
5.2.3.1 Growing Popularity of Cloud-Based Lis
5.2.3.2 Growth Potential of Emerging Countries
5.2.3.3 Rising Demand for Personalized Medicine
5.2.4 Challenges
5.2.4.1 Interfacing with Diverse Laboratory Instruments
5.2.4.2 Requirement of Specialized Lis Solutions
5.2.4.3 Data Storage Challenges
5.2.4.4 Dearth of Trained Laboratory Professionals
5.3 Impact of COVID-19 on the Lis Market
5.4 Porter's Five Forces Analysis
5.5 Pricing Analysis
5.6 Technology Analysis
5.6.1 Machine Learning
5.6.2 Artificial Intelligence
5.6.3 Internet of Things
5.6.4 Blockchain
5.6.5 Cloud Computing
5.7 Regulatory Analysis
5.7.1 North America
5.7.2 Europe
5.7.3 Asia-Pacific
5.7.4 Middle East and Africa
5.7.5 Latin America
5.8 Ecosystem
5.9 Value Chain Analysis
5.10 Case Study Analysis
5.10.1 Case Study 1
5.10.2 Case Study 2
5.10.3 Case Study 3

6 Laboratory Information Systems Market, by Product
6.1 Introduction
6.2 Standalone Lis
6.2.1 Enhanced Data Security and User-Friendly Nature of Standalone Lis Supports Its Adoption
6.3 Integrated Lis
6.3.1 Increasing End-User Preference for Single Solutions with Multiple Modules Supports the Demand for Integrated Lis

7 Laboratory Information Systems Market, by Component
7.1 Introduction
7.2 Services
7.2.1 Heavy Dependency of End-users on Service Providers to Drive Segment Growth in the Coming Years
7.3 Software
7.3.1 Software Segment to Witness Higher Growth During the Forecast Period Owing to Shift Towards Laboratory Automation

8 Laboratory Information Systems Market, by Delivery Mode
8.1 Introduction
8.2 On-Premise Laboratory Information Systems
8.2.1 On-Premise Delivery is Preferred as End-users Can Use Customized Solutions
8.3 Cloud-Based Laboratory Information Systems
8.3.1 Cloud-Based Lis Segment to Register Higher Growth During the Forecast Period

9 Laboratory Information Systems Market, by End-user
9.1 Introduction
9.2 Hospital Laboratories
9.2.1 Affordability and Availability of Integrated Lis Solutions to Drive Their Demand in Hospital Laboratories
9.3 Independent Laboratories
9.3.1 Rising Demand for Managing Workflows, Enhancing Billing Processes, and Improving Turnaround Times in Independent Laboratories to Drive the Demand for Lis
9.4 Physician Office Laboratories
9.4.1 Lis Assists Physicians in Laboratory and Clinical Functions and Offers Secure Access to Lab Results
9.5 Other End-users

10 Laboratory Information Systems Market, by Region

11 Competitive Landscape
11.1 Overview
11.2 Market Ranking
11.3 Market Share Analysis
11.4 Company Evaluation Quadrant
11.4.1 Stars
11.4.2 Emerging Leaders
11.4.3 Participants
11.4.4 Pervasive Players
11.5 Company Evaluation Quadrant for Emerging Players
11.5.1 Progressive Companies
11.5.2 Responsive Companies
11.5.3 Starting Blocks
11.5.4 Dynamic Companies
11.6 Competitive Benchmarking
11.6.1 Overall Company Footprint
11.6.2 Company Product Footprint
11.6.3 Company Region Footprint
11.7 Competitive Scenario
11.7.1 Product Launches & Approvals
11.7.2 Deals
11.7.3 Other Developments

12 Company Profiles
12.1 Key Players
12.1.1 Orchard Software Corporation
12.1.1.1 Business Overview
12.1.1.2 Products & Services Offered
12.1.1.3 Recent Developments
12.1.1.4 Analyst's View
12.1.1.4.1 Right to Win
12.1.1.4.2 Strategic Choices Made
12.1.1.4.3 Weaknesses and Competitive Threats
12.1.2 Sunquest Information Systems
12.1.2.1 Business Overview
12.1.2.2 Products & Services Offered
12.1.2.3 Recent Developments
12.1.2.4 Analyst's View
12.1.2.4.1 Right to Win
12.1.2.4.2 Strategic Choices Made
12.1.2.4.3 Weaknesses and Competitive Threats
12.1.3 Cerner Corporation
12.1.3.1 Business Overview
12.1.3.2 Products & Services Offered
12.1.3.3 Recent Developments
12.1.3.4 Analyst's View
12.1.3.4.1 Right to Win
12.1.3.4.2 Strategic Choices Made
12.1.3.4.3 Weaknesses and Competitive Threats
12.1.4 Computer Programs and Systems
12.1.4.1 Business Overview
12.1.4.2 Products & Services Offered
12.1.4.3 Recent Developments
12.1.4.4 Analyst's View
12.1.4.4.1 Right to Win
12.1.4.4.2 Strategic Choices Made
12.1.4.4.3 Weaknesses and Competitive Threats
12.1.5 Compugroup Medical
12.1.5.1 Business Overview
12.1.5.2 Products & Services Offered
12.1.5.3 Recent Developments
12.1.5.4 Analyst's View
12.1.5.4.1 Right to Win
12.1.5.4.2 Strategic Choices Made
12.1.5.4.3 Weaknesses and Competitive Threats
12.1.6 Scc Soft Computer
12.1.6.1 Business Overview
12.1.6.2 Products & Services Offered
12.1.6.3 Recent Developments
12.1.7 American Soft Solutions Corp.
12.1.7.1 Business Overview
12.1.7.2 Products & Services Offered
12.1.8 Allscripts Healthcare Solutions
12.1.8.1 Business Overview
12.1.8.2 Products & Services Offered
12.1.8.3 Recent Developments
12.1.9 Epic Systems Corporation
12.1.9.1 Business Overview
12.1.9.2 Products & Services Offered
12.1.10 Meditech
12.1.10.1 Business Overview
12.1.10.2 Products & Services Offered
12.1.11 Aspyra
12.1.11.1 Business Overview
12.1.11.2 Products & Services Offered
12.2 Other Players
12.2.1 Comp Pro Med
12.2.2 Webpathlab
12.2.3 Computer Service and Support (Csslis)
12.2.4 Apex Healthware
12.2.5 Labvantage Solutions
12.2.6 Ligolab Information Systems
12.2.7 Xifin
12.2.8 Seacoast Laboratory Data Systems
12.2.9 Technidata
12.2.10 Pathagility
12.2.11 Hex Laboratory System
12.2.12 Clinsis
12.2.13 Alphasoft Gmbh
12.2.14 Dendi

13 Appendix

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