Laboratory information systems are software solutions that provides an integrated platform to manage patient data, samples and track workflow in different medical laboratories. The systems help streamline workflow, reduce manual errors, enhance reporting capabilities and ensure accurate clinical decision making.
Market key trends:
One of the key trends in the laboratory information systems market is the shift from on-premise models to cloud-based platforms. Cloud-based LIS solutions help laboratories leverage advanced cloud computing capabilities, achieve greater operational efficiencies and realize significant cost savings compared to on-premise models. The scalable architecture of cloud enables delivery of LIS services irrespective of location and facilitates collaboration between distributed healthcare organizations. This significantly benefits healthcare providers with smaller budgets and greater flexibility of operations.
The global Laboratory Information Systems Market is estimated to be valued at US$ 2.4 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Laboratory Information Systems help laboratories streamline workflows and integrate various stages of testing. They help improve productivity and efficiency.
Weakness: High upfront costs involved in adopting new LIS. Require specialized training for employees to get familiar with new software.
Opportunity: Growing need to curb healthcare costs is boosting demand for LIS to reduce manual errors and effort. Rising chronic diseases will increase testing volume in clinical laboratories.
Threats: Data privacy laws pose compliance challenges. Changing technological landscape can make existing LIS obsolete quickly.
Key Takeaways
The global Laboratory Information Systems market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing need to curb medical errors and streamline laboratory processes.
Regional analysis: North America dominates the global LIS market currently due to presence of advanced healthcare infrastructure and stringent regulatory standards regarding lab data management. Asia Pacific laboratory information systems market is poised to grow at fastest pace owing to rising healthcare expenditure, growing clinical trial activity, and increasing patient pool in countries like China and India.
Key players operating in the Laboratory Information Systems market are Orchard Software Corporation (US), Clinisys (US), Oracle Corporation (US), Computer Programs and Systems, Inc. (US), and CompuGroup Medical (Germany) among others. The market is competitive with key players focusing on new product launches, partnerships, and mergers & acquisitions to strengthen their market position. For instance, in 2022, Clinisys launched cloud-based LIS solution to offer flexibility and scalability.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
