Laboratory Information Systems Market - Outlook & Key Findings
- [250 Pages Report] Global Laboratory Information Systems Market shall surge at a CAGR of 10.1% from 2020-2030
- Surging needs for improving laboratory efficiency is accelerating LIS growth prospects
- Service management to account for 3 out of 5 LIS applications across primary healthcare settings
- Strong growth in US will continue, accounting for 50% of overall LIS market
- Cloud-based systems to remain preferred for Laboratory Information Systems Management
Demand for Robust IT-based Solutions to Accelerate Laboratory Information Systems Market Growth Prospects
Laboratory technology is at the forefront of medical advancements. Over the years, a remarkable increase has been observed in Laboratory Information Systems Market with regard to the complexity and nature of testing services. Innovations in laboratory technology have yielded credible advancements in terms of new testing techniques and deployment of sophisticated equipment.
As the amount of data collected and processed during testing is voluminous, the need for automated solutions has increased. The advent of Laboratory Information Systems has helped translate this endeavor into reality, reducing processing time and delivering timely test results. Various on-premise and cloud-based solutions are being deployed across various settings.
Laboratory automation has made significant strides in the field of drug research & discovery, test results management and assay development amongst other functions. In addition, IT-enabled tools have helped laboratory professionals interact with other experts and also undertake various professional development courses to improve laboratory practices.
In 2000, Quest Diagnostics, a prominent independent testing laboratory, started offering consumers direct access to test results through a website titled TheDailyApple.com owned and managed by Caresoft Inc. It offers direct-to-consumer test result reporting to patients, thereby ensuring confidentiality and anonymity to all U.S patients while using Laboratory Information Systems.
Such technological advancements have generated a fertile ground for the proliferation of Laboratory Information Systems Market, poised to reach a valuation of US$ 4.0 Bn by 2030-end.
Need for Automated Workflow Management Heightens Adoption of LIS Services
Implementation of workflow automation solutions have substantially helped laboratories optimize their processes, improving healthcare delivery and quality control. Workflow automation adds efficiency and permits workers to concentrate on more critical tasks such as drug development or API formulations. Workflow automation services lead to synergy leading to better co-ordination among core parties.
With proper Laboratory Information Systems in place, decision-making and lab quality control have significantly improved. New system protocols alert technicians in case of a risk of component failure, paving the way for immediate remediation. Rapid error detection improves work outcomes and performance and reduces maintenance costs.
Players such as Beckman Coulter have a prominent presence when it comes to marketing laboratory information systems services. It’s AutoMate 2500 family sample processing systems offer high impact pre and post-analytical laboratory automation, equipped with an Intelligent Sample Banking (ISB) software enabling optimal performance and use of resources.
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Clinical Grade Systems Providing Significant Traction
Increasing volumes of research to advance medical science has accelerated adoption of laboratory information systems across clinics. Clinical laboratories are a primary source for healthcare data. As the complexities in the healthcare industry rise, there is a need to achieve an equilibrium between operational and financial priorities.
In order to improve efficiency of clinical laboratories, it is imperative to monitor critical components such as customer satisfaction, budgets and delivery of quality services. Clinical labs must envisage their operations and processes to identify bottlenecks, find the root causes and chart a roadmap to streamline operations.
Keeping the aforementioned factors into consideration, CloudLIMS, a prominent cloud-based solutions provider, offers an advanced laboratory information management system which offers a client portal, study management, service & billing management and inventory management facilities. It also offers RFID-based sample lifecycle management and automatic sample accessioning.
Conducive Federal Regulations Facilitates Widespread Entry of Laboratory Information Systems Market Service Providers in North America
North America is poised to carve a niche for itself in the global Laboratory Information Systems Market, capturing 58% of the revenue pie throughout the forecast period. Favorable reimbursement policies for pathology procedures is permitting vendors to acquire firm footing across the U.S market.
Healthcare has been a costly affair for American citizens since time immemorial. Almost 8% of the total U.S healthcare spending is directed towards administrative costs, compared to just 1-3% in 10 other countries, concludes the American Medical Association. This forces healthcare providers to increase the cost of treatment, burdening the patients.
To offset this trend, the healthcare sector is embracing cloud computing laboratory information systems. In 2016, the Health Insurance Portability and Accountability Act (HIPAA) encouraged greater adoption of smart solutions supporting maintenance of electronic medical records (EMRs) to reduce data collection costs, permitting the industry to invest in providing effective treatment.
Paradigm Shift towards Smart Health Solutions Pivoting LIS Market Growth in Europe
The European market is witnessing a significant shift towards an integrated health system. Countries such as Germany, Spain and the United Kingdom are shifting towards automation and reduced manpower. This has enabled healthcare providers to concentrate on providing quality care to all patients.
Smart health incorporating intelligent networked technologies is touted as one of the most promising remedies to the rising per capita expenditure amongst all citizens. The need to reduce medical errors and improve patient safety has prompted European healthcare companies to introduce cloud computing solutions.
Hospitals are actively seeking support from information technology solutions for clinical decision support, driving the laboratory information systems market.
Requirement for Rapid Testing for COVID-19 Upticks Laboratory Information Systems Adoption
The scope for Laboratory Information Systems has widened since the COVID-19 pandemic’s onset. Healthcare providers worldwide are scrambling to incorporate automated solutions to streamline their testing procedures to accommodate the exponential increase in infection rates. While clinics have been leveraging this effectively, upsurge has been noted in hospital settings too.
Since the pandemic’s onset, prominent players in the laboratory information systems landscape are collaborating with public and private sector organizations to employ advanced technologies for implementing COVID-19 testing capabilities. For instance, LabWare Technologies has collaborated with the National Health Service to provide laboratory management software to healthcare settings across the United Kingdom.
At present, clinical laboratories are finding it unnerving to cope with the rapid influx of COVID-19 testing samples, impacting their ability to provide accurate testing. Incorporation of automated solutions is therefore anticipated to relieve these clinics of this uncertainty by promoting efficient testing of voluminous samples.
In conclusion, it is expected that the market will experience a major boost during the short-term forecast, with heavy support from governmental and regulatory authorities to accelerate efficient testing procedures.
Manufacturers to Flood the Global Market with Technologically Enhanced Products
The global laboratory information systems market is highly fragmented, characterized by the presence of over 50 vendors. Majority of the players are emphasizing on product launches in order to reconcile the healthcare industry with the ever-present technological advancements.
Prominent players profiled within this report are: Cerner Corp., Evident, McKesson, Medical Information Technology (MEDITECH), Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical and LabWare.
Players are largely consolidating their manufacturing bases across emerging markets such as China, Russia, India and the United States due to a mushrooming healthcare infrastructure across these regions. Strategic partnerships with local players and distributors are greatly assisting these players in expanding their outreach to remote regions in these countries.
With regard to product launches, Cerner Corporation launched CommunityWorks Foundations, a tailor-made cloud-based technology platform for rural and critical access hospitals in July 2020. This technology shall prove instrumental in reducing overhead costs and reducing lengthy implementation procedures. The platform enables hospitals to maintain electronic health records, reducing immense amount of paperwork.
Recently, in August 2020, Medical Information Technology (MEDITECH) partnered with TECHNATION Health in Canada. This collaboration is aimed at enhancing the privacy and security framework of healthcare providers across the nation, ensuring better patient data security. The solution involves provision of cybersecurity and data sovereignty among other objectives.
Vendors are leveraging advanced laboratory information systems to accurately trace the prognosis of COVID-19 infections. To this end, Epic Systems has recorded increasing application of its SlicerDicer interactive analytics software to determine the pandemic’s connection to blood clots and dementia. This discovery will assist healthcare providers reduce fatalities to a significant extent.
Since May 2020, CompuGroup Medical’s ELVI Telemedicine software has been garnering significant media attention, as it is touted to significantly streamline virtual caregiving facilities across hospitals for COVID-19 patients. The technology is a HIPAA certified solution which delivers a secure peer-to-peer connection which effectively protects patient information.
In 2019, SCC Soft Computer’s SoftLab Version 4.5.5 received the 2015 Edition ONC Health IT Certification from ICSA Labs. The certification supports a diverse health IT system, including the EHR system and a much broader range of care settings. SoftLab Version 4.5.5 was certified in November 2018 by ICSA Labs. The technology is compliant with applicable criteria adopted by the Secretary of Health and Human Sciences.
In August 2020, Bruker announced its support to the International COVID-19 NMR Consortium to investigate the structures, function, dynamics and binding of the SARS-CoV-2 viral RNA and proteins through high field magnetic resonance spectroscopy.
LABORATORY INFORMATION SYSTEMS (LIS) MARKET TAXONOMY
- Independent Laboratories
- North America
- Latin America
- Western Europe
- Eastern Europe