Laboratory Information System (LIS) Market Outlook and Forecasts 2022
A laboratory information system (LIS) is a software that stores, manages and processes data from all phases of medical tests and processes. The latest report on “Global Laboratory Information System (LIS) Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast” added by DecisionDatabases.com provides a complete market outlook to those seeking in-depth market knowledge. The study provides market forecast and estimates in terms of revenue and volume during the forecast period from 2015 to 2022. Rising prevalence of chronic diseases, increasing adoption of LIS technology to enhance lab workflow efficiency and stringent government initiatives to support IT implementation in the healthcare sector are major growth drivers, which are anticipated to fuel demand for laboratory information system market over the coming years.
Lab technicians and physicians use LIS to coordinate varieties of outpatient and inpatient medical testing, such as hematology, immunology, chemistry & microbiology. It is a healthcare technology, which holds clinical data. In addition, integration of LIS & EHR system and growing preference of LIS to reduce the diagnostic errors will open new growth avenues for LIS market in the near future. Supportive medical reimbursement policy for laboratories tests, especially in the U.S., will further aid to the market growth of LIS technology in the forthcoming years.
Over the past few years, the popularity of LIS technology has grown-up due to the emergence of automation in laboratories to make them more efficient & productive. Growing preference for automated data management by reducing manual errors & work along with a precision & quality diagnosis has triggered the growth of the LIS market. LIS has also helped patients to share & access their health information with a lesser risk of disruption and faster results generation after clinical testing. However, the high cost of LIS and lack of skilled healthcare IT professionals to analyze & integrate data from various resources to generate lab information are major factors hampering the growth of laboratory information system market.
The global laboratory information system market has been segmented based on product into standalone LIS and integrated LIS. The standalone LIS is a leading product segment and is expected to grow at a significant rate over the forecast period owing to its growing popularity for various medical diagnoses due to its ability to work offline and autonomously for laboratories coupled with its user-friendly nature as compared to integrated systems. The laboratory information system market has been further segmented based on delivery mode into on-premise LIS, web-based LIS, and cloud-based LIS.
The on-premise delivery mode segment is anticipated to grow at the highest CAGR over the coming years on account of its growing demand due to its advantages of enhanced data safety and customization of systems based on healthcare provider globally. Furthermore, the LIS market has been segmented based on component and end-user.
North America is a major market for LIS and is projected to continue its dominance during the forecast period due to rising chronic diseases incidences, growing preference for quality diagnostics, favorable medical reimbursement policies, and supportive initiatives undertaken by governments in the region. Asia Pacific is a fastest growing market for LIS and is expected to witness a double-digit growth in the study period owing to the burgeoning patient population, rising governmental initiatives in the healthcare industry, the presence of key industry players and growing adoption of innovative disease-diagnosis technologies in the region.
The key industry players include Cerner Corporation, Mckesson Corporation, Sunquest Information Systems, Inc., EPIC Systems Corporation, Meditech (Medical Information Technology, Inc.), Compugroup Medical AG, Computer Programs and Systems, Inc. (CPSI), Merge Healthcare, Inc., SCC Soft Computer, and Orchard Software Corporation. A large number of key players are adopting the strategies of new product launches, product deployments, and partnerships to have an edge over other competitors.
In April 2016, Illumina, Inc. has launched a BaseSpace® Suite, an advanced LIS software tools, and solutions to facilitate genomics research and precision medicine.
In Dec 2013, Roche has launched the FLOW System for laboratory developed testing.
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