Laboratory Information Systems (LIS) Market

2020 Analysis and Review of Laboratory Information Systems (LIS) Market by Component - Software, Hardware, and Services for 2020-2030

  • 2020-05-08
  • REP-GB-875
  • 90 Tables
  • 90 Figures
  • 159 pages
  • Format: PDF/PPT/Excel
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Laboratory Information Systems (LIS) Market Analysis

Technological intervention and digitization are being transformed in profound ways, and healthcare delivery is no exception. On the supply side, myriads of novel technologies - IT robotics automation, artificial intelligence (AI), precision medicine augmented reality, and virtual reality - are being integrated into healthcare delivery. Amidst the coronavirus (COVID-19) pandemic, medical laboratory professionals are the center of attention. Laboratory information systems (LIS) have triggered several advancements within the laboratory ecosystem for the support of patient care. Expanding at a double-figure CAGR, the value of the laboratory information systems market would surpass US$ 4 Bn in 2030.

Report Scope

Report Metrics

Details

Base year considered

2019

Actual estimates/ Historical data

2015 - 2019

Forecast period

2020 - 2030

Forecast units

Value (USD) Mn

Segments covered

Component, Delivery Mode, End User, and Region

Regions covered

North America (US & Canada), Western Europe (UK, Germany, France, Spain, Italy, Rest of Western Europe), Eastern Europe( Russia & Rest of Eastern Europe), Latin America (Brazil, Mexico, and  Rest of LA), APEJ (China, India, A&NZ and Rest of APEJ) and MEA (GCC, South Africa, and Rest of MEA)

Key Players

Cerner Corp, McKesson Corporation, Medical Information Technology, Inc., and LabWare.

Report coverage

Revenue forecasts, competitive landscape, growth factors, and trends

Laboratory Information Systems (LIS) Market - Key Research Findings

  1. By 2030, laboratory information systems market size will reach US$ 4.2 Bn
  2. The laboratory information systems market is anticipated to expand at a CAGR of 10% during the forecast period of 2020-2030.
  3. The services segment is expected to remain as the most preferred component segment in the laboratory information systems market.
    • The growth of this particular segment can be primarily attributed to growing interest and acceptance of cloud-based laboratory information system integration that handles patient-related data effectively.
  4. North America is projected to account for 50% share of the global laboratory information systems market by the end of 2030.
    • The North America market is estimated to continue to be the opportunistic market for laboratory information system providers, as the market is growing and techniques are increasingly being used in hospitals for providing quality care, which has resulted in increased demand for laboratory information systems as they facilitate systematic documentation, eliminating paper work and chances of errors.
  5. Clinics will continue to be prominent end users in creating significant growth opportunities for LIS market players.
    • Increasing access to advanced healthcare in developed clinics is a major factor continually raising the demand for laboratory information systems. The primary reasons are: better cost management structure, lean structure with respect to manpower employment, need to automate clinical testing for faster generation of results, and lesser chances of disruption between management regarding implementation of software, as these clinics are mostly solely owned.

Key Factors Shaping Laboratory Information Systems Market

Increased Demand for Integrated Medical Systems in Europe

The European region has been marking a shift from independent healthcare units to an integrated healthcare system. This system is strongly observant in the U.K., Spain, and Germany. Under the restricted healthcare budgets in these nations, there is increased demand for automation and reduction in manpower, thus, driving the adoption of laboratory information systems in the region.

Another factor for higher awareness among patients is the continued push for improved patient care by governments across all major European countries. Thus, with increased pressure to reduce medical errors and improve patient safety, driven in part by the general shift towards value-based reimbursement, hospitals are actively seeking support from information technology solutions for clinical decision support, thereby further driving the laboratory information systems market.

Increasing Competition among Hospitals for Providing Quality Care

Increasing competition among healthcare facilities, especially clinics and hospitals, for providing quality care has resulted in rising demand for laboratory information systems, as they facilitate systematic documentation, eliminating paper work and chances of errors associated with clinical tests report writing, thereby enabling a streamlined workflow.

Moreover, laboratory information systems also act as a decision support system for enhancing decision-making in the clinical workflow. This helps improve the quality of healthcare in hospitals and clinics, ultimately increasing the demand for LIS software and services in these facilities.

Impact of COVID-19 on LIS Market

As rapid testing is considered a primary approach to address COVID-19 cases, laboratory administration and management is becoming critical focus areas of the entire healthcare infrastructure. Hospital information systems have become mainstays of rapid growth of the hospitals landscape, and with further technology intervention that continues to fuel the development of adjacent markets as well. Existing clinical laboratories leverage laboratory information systems (LIS) and laboratory information management systems (LIMS) to efficiently handle data and ensure regulatory compliance. As such, laboratories are struggling with the uncertain influx of COVID-19 testing samples, let alone accuracy and reliability. LIS will thus experience exponential demand growth in order to help labs expand their workflow amidst the pandemic.

Laboratory Information Systems Market: Completion Analysis

  • The LIS market is a highly fragmented market space. Approximately more than 50 laboratory information systems market players are present, globally.
  • In high-impact markets such as the U.S. and Europe, there are stringent regulations for the approval of LIS for diagnostic applications. Development of LIS is expected to benefit from the formation of structured risk-based regulatory framework for healthcare IT initiatives. It is expected to facilitate secure exchange of data between clinicians and systems, and thus, protect overall patient safety and secrecy of medical records.
  • Continuous technological advancements are taking place in the healthcare sector to ensure quality care and maintain patient records. Further, increasing consolidation within hospitals and diagnostic laboratories is driving the need for installation of LIS for interoperability across various facilities. Hence, solution providers are focusing towards tailored LIS solutions, thus driving the growth of the LIS market.
    • Some the global key solution providers in the laboratory information systems market are Cerner Corp, McKesson Corporation, Inc., Medical Information Technology, and LabWare
  • Players in the laboratory information systems market are also focussed on emerging markets such as India, China, and Russia, thanks to their significant marketing network of distributors. Moreover, due to strategic partnerships and tie-ups with local sales bodies and presence of international offices in other regions, major players could deliver their service and solution offerings to retain their customer base.

Laboratory Information Systems Market Share by Component

Factors such as low capital expenses (CAPEX) and operational expenses (OPEX), as well as scalability and flexibility, are enabling the wider adoption of cloud-based LIS. Cloud managed services help healthcare companies share and integrate data from various locations, streamlining the process of data gathering. In addition, the model is relatively cost-effective to install and maintain as compared to on-premise LIS. Over the following decade, value creation of cloud-based laboratory information systems would be roughly twice that of on-premise models.

Regional Outlook of LIS Market

North America carves out a significant portion of the global laboratory information systems market size, attributable to the strong foothold of several prominent players in the U.S., and improved reimbursement policies for pathology procedures. The healthcare sector in the U.S. is embracing cloud computing solutions, given the heightening need to lower costs for customized healthcare services. The Health Insurance Portability and Accountability Act (HIPAA) has influenced the U.S. healthcare sector to employ future-ready solutions that support electronic medical records (EMRs), and share data securely and effectively with governments and peers.

Market to Receive Impetus from Diagnostic & Medical Laboratories

Rising need to manage voluminous chunks of data in diagnostic and medical laboratories - small and large - is translating to the mounting adoption of laboratory information systems. LIS help enhance the accuracy of diagnostic tests, thereby improving the efficiency and productivity of laboratories. As such, diagnostic and medical laboratories are substantially focused on integrating automation with lab procedures. Players in the LIS market must tap this opportunity to spur revenue growth and expand their customer reach.

Services hold leading revenue share

Software to witness increasing adoption

Cloud-based LIS remain highly preferable

Adoption of on-premise LIS to slump

Clinics remain primary end user

Hospitals to generate relevant revenue

How Growth will Unfold

Players in the LIS market continue to invest meaningfully in services, owing to their repetitive requirement indispensable nature. End users of laboratory information systems considerably depend on service providers for training, maintenance, data storage, implementing services, consulting, and regular upgrades of solutions.  FMI underlines that, realization from services would be over US$ 2 Bn towards the end of the predefined timeframe. Moving forward, while services would maintain their positive trajectory, hardware and software components are expected to falter markedly in the near term.

Laboratory Information Systems (LIS) Market by Delivery Mode

* This data is only a representation. Actual data may vary and will be available in report.

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Overview

A recent market study published by Future Market Insights on the laboratory information systems (LIS) market includes global industry analysis of 2015-2019 and opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical as well as current growth parameters of the market, growth prospects of the market are obtained with maximum precision.

Laboratory Information Systems (LIS) Market Taxonomy

The global laboratory information systems market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the readers.

Component

  • Software
  • Hardware
  • Services

Delivery Mode

  • On-premise
  • Cloud-based

End User

  • Hospitals
  • Clinics
  • Independent Laboratories
  • Others

Region

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • MEA

What's Included

The report initiates with the executive summary of the laboratory information systems market, which includes a summary of the key findings and statistics of the market. It also includes supply-side and demand-side trends pertaining to the LIS market.

Readers can find the definition and a detailed segmentation of the laboratory information systems market in this chapter, which will help them understand the basic information about the market. Along with this, comprehensive information pertaining to the types of LIS components and their features are provided in this section. This section also explains the global market value analysis and forecasts for the laboratory information systems market during the forecast period. This chapter includes a detailed analysis of the market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2020), and an incremental $ opportunity for the forecast period (2020-2030). Information about the drivers, restraints, and trends of the laboratory information systems market are provided here. This section also includes macroeconomic factors and various opportunities present in the market.

This section provides current COVID19 statistics and probable future impact by product, country and recovery scenario - short-term, mid-term, and long-term impact

Based on component, the laboratory information systems market is segmented into software, hardware, and services. In this chapter, readers can find information about Y-o-Y growth and market attractiveness analysis based on component.

Based on delivery mode, the LIS market is segmented into on-premise and cloud-based. In this chapter, readers can understand the Y-o-Y growth and market attractiveness analysis based on delivery mode.

This chapter provides details about the laboratory information systems market based on end user, and has been classified as hospitals, clinics, independent laboratories, and others. In this chapter, readers can understand the market attractiveness analysis based on end user.

This chapter explains how the laboratory information systems market will grow across various geographic regions such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and the Middle East & Africa.

This chapter includes a detailed analysis of growth of the North America LIS market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the regional trends and market growth based on component, delivery mode, end user, and countries in North America.

This chapter provides the growth scenario of the laboratory information systems market in Latin American countries such as Brazil, Mexico, and the Rest of Latin America. Along with this, assessment of the market across target segments has been provided.

Important growth prospects of the laboratory information systems market based on its end users in several countries such as the U.K., France, Germany, Spain, Italy, and the Rest of Western Europe are included in this chapter.

Important growth prospects of the LIS market across target segments in several countries such as Russia and the Rest of Eastern Europe are included in this chapter.

In this chapter, China, India, Australia & New Zealand, and the Rest of Asia Pacific excluding Japan are the prominent countries in the region. Readers can find detailed information about the growth parameters of the Asia Pacific excluding Japan laboratory information systems market for the forecast period of 2020-2030.

This section highlights the growth prospects of the laboratory information systems market for Japan, during the forecast period of 2020-2030.

This chapter provides information about how the LIS market will grow in major countries in the MEA region, such as GCC Countries, South Africa, and the Rest of MEA, during the forecast period of 2020-2030.

In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the laboratory information systems market, along with a detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured are Cerner Corp (US), Evident (US), McKesson (US), Medical Information Technology (US), Epic Systems Corporation (US), SCC Soft Computer (US), Roper Technologies Inc. (US), CompuGroup Medical (Germany), and LabWare (US).

This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the laboratory information systems market report.

This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the laboratory information systems market.

How the research was conducted?

Primary Research

  • C - Level Executives
  • Service Representatives
  • Sales Heads
  • Portfolio Managers
  • Purchasing Managers
  • Researchers & Academicians 
  • Service Development Heads
  • Strategy Advisors
  • R&D Managers
  • Service Providers
  • Distributors
  • Institute Purchasing Departments
  • Academicians / Contract Manufacturing Managers
  • Industry Experts
  • Current Market Dynamics and Challenges
  • Market Characteristics
  • Market Performance and Growth Quadrants
  • Competition Structure and Market Structure
  • Strategic Growth Initiatives
  • Service Adoption Rate
  • Service Cost
  • Regulatory Landscape
  • Near-term and Long-term Market Growth Prospects
  • Market Segment Splits and Authenticity
  • Opinions on Market Projections and Validity of Assumptions

Secondary Research

  • Industry Magazines 
  • Factiva
    • Industry Associations
    • International Laboratory Information System (LIS) Consortium
    • Asian Synthetic Biology Association
  • Industry Publications
    • Frontiers Publication
    • Hindawi BioMed Research International
    • Taylor & Francis
  • Company Press Releases
  • Annual Reports and Investor Presentations
  • Peer-reviewed Journals
  • Government Websites and Publications
  • Trade Websites
  • Country-specific Regulatory Authorities
  • World Bank, WHO, IMF, OECD

Primary Interview Splits

Primary Interview Splits laboratory information systems market designation

Primary Interview Splits laboratory information systems market stakeholder

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Global Head - Business Development

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Client Partner - Global Business Development

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