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Laboratory Information Systems (LIS) - Global Market Trajectory & Analytics

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    Report

  • 744 Pages
  • February 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 4805643

Global Laboratory Information Systems (LIS) Market to Reach US$2.4 Billion by the Year 2026


LIS is advanced software that stores and manages data in laboratories, and is used for sending test orders, recording laboratory test results, sorting data in databases. These platforms are widely used by clinics, hospitals and diagnostic laboratories to maintain data related to tests and medical history of patients, track data quality and send laboratory test orders. The demand for LIS is driven by their ability to enhance productivity, allow precise and accurate diagnosis, reduce diagnostic errors and improve patient satisfaction. The global market is poised to register significant growth in the future due to various factors such as rising incidence of chronic diseases, the huge volume of test data obtained from clinical testing, the need for enhanced lab automation and efficiency. The global market for these systems is also propelled by increasing adoption of digital solutions to store, retrieve and maintain data in real-time. These systems are offered by sophisticated analytic tools to deal with healthcare issues and improve overall productivity. The market is gaining from the need to reduce diagnostic errors, use of LIS to boost laboratory workflow efficiency, and incorporation of these systems with EHR systems. However, factors such as high maintenance cost, shortage of skilled professionals, and need for specialized laboratories remain key challenges for the market. On the other hand, huge investments by governments in LIS, increasing need for customized systems with data security functions and availability of advanced platforms are expected to present new growth avenues for the market. Rising adoption of laboratory automation and advances in R&D, particularly in biotechnology and pharmaceutical industries, are slated to push the market growth.

Amid the COVID-19 crisis, the global market for Laboratory Information Systems (LIS) estimated at US$1.7 Billion in the year 2022, is projected to reach a revised size of US$2.4 Billion by 2026, growing at a CAGR of 9.2% over the analysis period. Standalone, one of the segments analyzed in the report, is projected to grow at a 6.6% CAGR to reach US$1.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Integrated segment is readjusted to a revised 12.2% CAGR for the next 7-year period. This segment currently accounts for a 41.9% share of the global Laboratory Information Systems (LIS) market. Based on product, standalone LIS segment is poised to hold a major share of the market during the analysis period, owing to key factors such as user-friendly nature, enhanced data security, affordability, and ability to work offline. As standalone LIS are not part of a software package, their ability to work offline augments its implementation. Technological innovations is also expected to further boost demand for standalone LIS. Integrated LIS is projected to witness faster growth during the analysis period. Against a backdrop of rising adoption of EMR, healthcare institutions are striving to achieve interoperability and standardization. This in turn spurred the shift from best-of-breed or standalone LIS to deployment of enterprise-wide integrated LIS. Integrated LIS lower dependencies on interfaces, vendor contracts, and total cost of ownership.



The U.S. Market is Estimated at $825.5 Million in 2022, While China is Forecast to Reach $148.5 Million by 2026


The Laboratory Information Systems (LIS) market in the U.S. is estimated at US$825.5 Million in the year 2022. The country currently accounts for a 52.9% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$148.5 Million in the year 2026 trailing a CAGR of 12.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7% and 7.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.1% CAGR while Rest of European market (as defined in the study) will reach US$166.8 Million by the close of the analysis period. The US is at the forefront of adoption of LIS systems and dominates the global market, owing to favorable reimbursement policies in the country, for pathology procedures. The region is exhibiting strong gains on account of technological advancements and expansion of the healthcare sector, encompassing clinical research laboratories and diagnostic centers. Europe is another lucrative market for LIS. Developed countries like Germany for instance, are increasingly embracing automation in healthcare for reducing need for workforce. Healthcare providers in such markets are eagerly focusing on deploying automation like LIS for providing quality care to patients. The LIS market in Asia-Pacific, mainly China, is projected to post the fastest growth rate in the coming years due to extensive penetration of these systems in the region on account of surge in personalized medicine demand in the country and also rapid propagation of cloud LIS.

Select Competitors (Total 254 Featured) -

  • Cerner Corporation
  • Cirdan
  • Comp Pro Med, Inc.
  • CompuGroup Medical AG
  • Margy Tech Pvt Ltd.
  • McKesson Corporation
  • Meditech
  • Orchard Software Corporation
  • Soft Computer Consultants Inc.
  • Sunquest Information Systems, Inc.
  • XIFIN Inc.

What's New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the publisher's digital archives and Research Platform
  • Complimentary updates for one year
Frequently Asked Questions about the Global Market for Laboratory Information Systems (LIS)

What is the estimated value of the Global Market for Laboratory Information Systems (LIS)?

The Global Market for Laboratory Information Systems (LIS) was estimated to be valued at $1.7 Billion in 2022.

What is the growth rate of the Global Market for Laboratory Information Systems (LIS)?

The growth rate of the Global Market for Laboratory Information Systems (LIS) is 9.0%, with an estimated value of $2.4 Billion by 2026.

What is the forecasted size of the Global Market for Laboratory Information Systems (LIS)?

The Global Market for Laboratory Information Systems (LIS) is estimated to be worth $2.4 Billion by 2026.

Who are the key companies in the Global Market for Laboratory Information Systems (LIS)?

Key companies in the Global Market for Laboratory Information Systems (LIS) include Cerner Corporation, Cirdan, Comp Pro Med, Inc., CompuGroup Medical AG, Margy Tech Pvt Ltd., McKesson Corporation, Meditech, Orchard Software Corporation and Sunquest Information Systems, Inc..

Table of Contents

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of Covid-19 and a Looming Global Recession
  • The Never-Ending “Race” Between the Virus & Vaccines Continues. Amidst this Chaotic Battle, Where is the World Economy Heading Now & Beyond?
  • Omicron Variant Brings Back Memories & Fears of the Worst Part of the 2020 Pandemic
  • EXHIBIT 1: Time is of Essence! What We Know So Far - “Vaccine Efficiency Against New Strains”
  • With New Strains Emerging at an Alarming Rate, Focus Shifts to Booster Doses & Vaccine Tweaking. But How Practical Is It to Implement Them?
  • EXHIBIT 2: With Vaccinated Population Showing Signs of Declining Clinical Protection, Booster Doses Are Emerging Into a Necessity to Restore Vaccine Effectiveness: Number of Booster Doses Administered Per 100 People by Country as of December 2021
  • With IMF Making an Upward Revision of Global GDP for 2022, Companies Are Bullish About a Continuing Economic Comeback Despite a Prolonging Pandemic
  • EXHIBIT 3: A Strong Yet Uncertain Recovery Shaped by New Variants Comes Into Play: World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Overwhelming COVID-19 Testing Volumes Elevate Demand for Laboratory Information Systems
  • EXHIBIT 4: Laboratory Information Systems (LIS) - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for 254 Players Worldwide in 2022 (E)
  • A Prelude to Laboratory Information Systems (LIS)
  • Functions of an Effective LIS
  • Global Laboratory Information Systems Market to Witness Rapid Growth
  • Standalone LIS Holds Major Share
  • Services Segment Dominates the LIS Market, Software to Witness Higher Growth during the Forecast Period
  • On-Premise LIS Holds Major Share Due to Customization Benefits
  • Cloud-based LIS Model to Grow in Prominence due to Many Benefits Offered over Traditional, On-Premise Models
  • US Holds Clear Edge over Other Regions, Asia-Pacific to Exhibit Fastest Growth
  • RECENT MARKET ACTIVITY

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Introduction of Advanced Technologies Fuel Demand for Laboratory Information Systems
  • Digitization of Healthcare Drives Integration of LIS
  • Accelerating Pace of Digital Pathology Increase Adoption
  • Increasing Concerns Pertaining to Data Integrity Fuel Demand for Laboratory Information Systems
  • Introduction of Stringent Data Protection Guidelines Propel Demand for Laboratory Information System Software
  • Use of Easy to Integrate Laboratory Information Systems Gain Momentum
  • Artificial Intelligence Gains Prominence
  • EXHIBIT 5: AI Spending in Healthcare & Life sciences in US$ Million for Years 2020 & 2025
  • Burgeoning Population and Rising Incidence of Chronic Diseases: A Key Market Driver for LIS
  • EXHIBIT 6: Fatalities by Heart Conditions - Estimated Percentage Breakdown for Cardiovascular Disease, Ischemic Heart Disease, Stroke, and Others
  • EXHIBIT 7: Global Cancer Incidence: Number of New Cancer Cases in Million for the Years 2018, 2020, 2025, 2030, 2035 and 2040
  • EXHIBIT 8: Breakdown of Total Number of Cancer Cases by Cancer Site: 2020
  • EXHIBIT 9: Rising Diabetes Prevalence Presents Opportunity for iPSCs Market: Number of Adults (20-79) with Diabetes (in Millions) by Region for 2017 and 2045
  • Aging Demographics Add to the Global Burden of Chronic Diseases, Presenting Opportunities for Laboratory Information System/LIS market
  • EXHIBIT 10: Expanding Elderly Population Worldwide: Breakdown of Number of People Aged 65+ Years in Million by Geographic Region for the Years 2019 and 2030
  • Growing Adoption of Laboratory Automation Drives the Need for LIS
  • Rise of Laboratory 4.0 to Spur the Adoption of LIS
  • EXHIBIT 11: World Laboratory Automation Market in US$ Billion for Years 2018, 2020, 2022, 2024 & 2026
  • Laboratory Information Systems Gain Traction amidst Growing Need to Enhance Workflow Efficiencies and Reduce Costs
  • Rise in Molecular Testing Volumes to Elevate Demand
  • EXHIBIT 12: Global Genetic Testing Market in US$ Million: 2015, 2020, & 2025
  • Improving Healthcare Expenditure to Turbo Charge Future Growth of the Market
  • EXHIBIT 13: World Healthcare Expenditure (In US$ Billion) for the Years 2017-2023
  • EXHIBIT 14: Elderly Healthcare Expenditure as a % of GDP
  • Need to Improve Diagnostics Accuracy
  • Increasing Popularity of Enterprise LIS
  • Rise in Consolidation of Healthcare Providers Creates Need for Robust and Comprehensive LIS
  • Growing Emphasis on Personalized Medicine to Support Growth
  • EXHIBIT 15: Global Personalized Medicine Market: Revenues in US$ Million for the Years 2019, 2021, 2023 and 2025
  • Rise in Investment in R&D Activity to Spur Growth
  • Shortage of Trained Professionals Hinders Adoption Rate

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Laboratory Information Systems (LIS) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Market Analytics

CANADA


JAPAN


CHINA

EUROPE

  • Laboratory Information Systems (LIS) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Market Analytics

FRANCE


GERMANY


ITALY


UNITED KINGDOM


REST OF EUROPE


ASIA-PACIFIC


REST OF WORLD

IV. COMPETITION

  • Total Companies Profiled: 254

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Cerner Corporation
  • Cirdan
  • Comp Pro Med, Inc.
  • CompuGroup Medical AG
  • Margy Tech Pvt Ltd.
  • McKesson Corporation
  • Meditech
  • Orchard Software Corporation
  • Soft Computer Consultants Inc.
  • Sunquest Information Systems, Inc.
  • XIFIN Inc.