Publication Month: Oct 2022 | Report Code: TIPTE100000923 | No. of Pages: 195 | Category: Healthcare IT | Status: Published
Laboratory information systems (LIS) are used to manage various tasks in the laboratory, including workflow management, instruments integration, records management, logistics management, decision making, enterprise resource planning, privacy, and security controls. Laboratories generate an ample amount of data that can be managed through LIS. LIS eliminates the chances of patient data getting misplaced or lost. It helps in storing, managing, and processing patient data. This reduces clerical work, improves communication, and improves the quality of information offered to the clinician. The market's growth can be attributed to the rise in the adoption of automation in laboratories and technological advancements in LIS. On the other hand, the limited availability of experts in the healthcare IT domain and the high costs of implementation of LIS are likely to restrain the market growth during the forecast period.
The global laboratory information system (LIS) market is segmented based on product, delivery mode, component, end user, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. This report offers insights and in-depth analysis of the market, emphasizing parameters, such as market trends and market dynamics, and the competitive analysis of the globally leading market players.
|Market Size Value in||US$ 1,104.27 Million in 2021|
|Market Size Value by||US$ 2,176.54 Million by 2028|
|Growth rate||CAGR of 10.4% from 2022 to 2028|
|No. of Pages||195|
|No. of Tables||112|
|No. of Charts & Figures||77|
|Historical data available||Yes|
|Segments covered||Product, Delivery Mode, Component, and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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Laboratory automation is emerging as an approach to minimize human involvement in laboratory processes. With the help of dedicated workstations and system software, automating routine laboratory procedures help increase laboratory efficiency and enables researchers to concentrate on important tasks and avoid human errors. Laboratories are increasingly adopting laboratory information systems (LIS) to maintain stringent regulatory compliance, uplift efficiency and productivity, and drive data security and integrity. According to a study published in the Journal of Lab Automation, errors in fully automated, semi-automated, and manual operations are 1–5%, 1–10%, and 10–30%, respectively. The growing use of digital workstations, automated analyzers, and total laboratory automation (TLA) allows laboratory personnel to reassign activities and contribute a greater value to operations. Moreover, the high volume of data generated by laboratory systems is triggering the demand for effective data processing, analysis, and sharing methods, thereby highlighting the need for efficient and cost-effective solutions such as LIS.
Laboratory management departments are facing many challenges with a rise in the population submitting a larger number of samples to laboratories and the lack of personnel to process those samples. These challenges are compelling them to maintain their laboratory operations, as laboratories have to maintain control over the influx of samples as well as find a way to improve workflow to deliver patient results in a timely manner. According to the 2018 Vacancy Survey of Medical Laboratories by the American Society for Clinical Pathology (ASCP), the field has been experiencing a significant shortage of qualified and certified laboratory professionals.
COVID-19 has made a major impact on the healthcare industry as the coronavirus created havoc across North America as a result the laboratory testing has been performed rapidly. A high percentage of testing was handled through COVID-19-specific LIMS installed in several laboratories, helping technicians ease work, sharing results through emails, and tracking the samples. To help tackle the effect of COVID-19, market players aimed to launch novel solutions in the market. For instance, LabVantage launched COVID-19 LIS, which helped manage the unprecedented acceleration of the laboratory workflow and volume due to the pandemic. Similarly, in March 2020, Ovation, a US-based startup, launched an initiative that was centered on cloud-based LIS and was aimed at enabling independent laboratories to expand their capabilities and effectively double the testing capacity throughout the country.
Based on product, the global laboratory information system (LIS) market is bifurcated into standalone LIS and integrated LIS. In terms of delivery mode, the market is segmented into cloud-based delivery mode, web-based delivery mode, and on-premises delivery mode. Based on component, the global laboratory information system (LIS) market is segmented into software and services. In terms of end user, the market is segmented into hospitals labs, independent labs, and physicians’ office labs. For instance, in July 2020, LabVantage Solutions launched its fully integrated scientific data management system through its LabVantage 8.5 edition.
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Based on component, the global laboratory information system (LIS) market is segmented into software and services. The software segment held a larger share of the market in 2021; however, the services segment is anticipated to register a higher CAGR during the forecast period.
Based on delivery mode, the global laboratory information system (LIS) market is segmented into on-premise delivery mode, web-based delivery mode, and cloud-based delivery mode. In 2021, the cloud-based delivery mode segment held the largest share of the market, and the same segment is expected to grow at the fastest rate in the coming years.
By geography, the global laboratory information system (LIS) market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
The global laboratory information system (LIS) market majorly consists of players such as Thermo Fisher Scientific Inc.; Illumina, Inc.; LABWORKS; LabLynx, Inc.; LabVantage Solutions, Inc.; Francisco Partners; CompuGroup Medical; Hex Labs; AAC Infotray AG; and McKesson Corporation.