Laboratory Information System Market - Growth, Trends, and Forecast (2019 - 2024)

The Market is segmented by Component (Software and Service), Mode of Delivery, Component, End User, and Geography

Market Snapshot

LIS 1
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

9.1%

Key Players:

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Market Overview

The laboratory information system is the software that is used to store and manage the data in laboratories. These systems are widely being used in hospitals and clinics to maintain the records of the patient’s medical history and to send the laboratory test orders. The laboratory information system (LIS) is driven by the rising demand of the lab automation and advancement in the R&Ds labs, especially in the pharmaceutical and biotechnological laboratories.

Diagnostics errors are complex and it is very important to eradicate the errors. As per the report of National Institute of Health (NIH), urgent change is required to address the diagnostic errors that are affecting the quality of healthcare systems across the world. Diagnostic errors continue to exist throughout all the types of care including common and rare diseases and affects the huge number of patients. In addition, NIH has stated that a person faces diagnostic error at least once in his lifetime, sometimes with the severe consequences. To remove the diagnostic errors, companies are coming up with the novel software that has accuracy and provides true results. As per the NIH report, the concerned committee has stated that to achieve better diagnostics, it is very important to collaborate among healthcare professionals, patients, and their families. The patients and their families are expected to take part in the diagnostics to improve patient care and facilitating an accurate and timely diagnosis by taking inputs from the families. This indicates that efforts are being taken to improve the quality of diagnosis. Such improvements done by the concerned committees are expected to contribute to the growth of the LIS market.

As per the survey of Healthcare Information and Management Systems Society (HIMSS), scarcity of the skilled healthcare IT labors and professionals is the major point of concern in the healthcare industry. Developed nations are also facing the challenge of a lack of skilled labors. The US healthcare industry is facing the shortage of skilled labors in the healthcare IT sector even though the country has well-established industry and people have higher adaptability to the novel technologies. This lack of skilled labors is ultimately affecting the market of Laboratory Information System (LIS). People who lack system and data integration knowledge cannot operate the LIS software. For the end-users of LIS, it is very difficult to find a person who can handle the software with ease. Therefore, it becomes one of the major challenges for end-users to implement LIS in the point of care. Developing countries like India are growing rapidly in terms of population but the healthcare facilities provided are not up to the mark. To implement services like LIS in India, scarcity of tech-friendly professionals becomes the major factor that restricts the end-users from using LIS. This affects the overall market of LIS. The high cost of LIS software is another factor that is hindering the growth of the market.

Scope of the Report

As per the scope of this report, Laboratory information system is the software that is used to store and manage the data in laboratories. These systems are widely being used in hospitals and clinics to maintain the records of the patient’s medical history and to send the laboratory test orders.

By Component
Software
Services
By Mode of Delivery
On-premise
Cloud-based
ByEnd User
Hospital
Clinic
Other End Users
Geography
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Cloud-based is Expected to Hold Largest Share of Global Laboratory Information System Market, Over the forecast period

The Cloud-based segment will dominate in the LIS market as with the cloud based setup, data can be accessed by the multiple locations, multiple systems and from multiple branches all these factors are augmenting the growth of cloud based mode of delivery. Furthermore, reduced IT manpower, cost effective data management and easy deployability are also some of the factors for the growth of the segment.

LIS 2

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North America Region Holds the Largest Market Share of Laboratory Information System Market

North America accounts for the largest share of the market studied. This can be primarily attributed to well-established healthcare IT sector in the region and government efforts to make the access of laboratory services easy, which is expected to augment the growth of the market studied over the forecast period.

LIS 3

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Competitive Landscape

The market competition is set to intensify as several key players are focusing on expansion of their Laboratory Information System portfolio through acquisition and collaboration with companies. The Laboratory Information System market is expected to open up several opportunities for new players as well as currently established market leaders.

Major Players

  1. Abbott Laboratories
  2. LabWare
  3. McKesson Corporation
  4. Thermo Fisher Scientific
  5. LabLynx

* Complete list of players covered available in the table of contents below

LIS 4

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Demand for Bio-banking

      2. 4.2.2 Increasing Focus on Improvisation of Laboratory

      3. 4.2.3 Technological Advancements in LIMS Offerings

    3. 4.3 Market Restraints

      1. 4.3.1 Cost Associated with Implementation of Laboratory Information Management System

      2. 4.3.2 Rising Data Security and Privacy Concerns

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Component

      1. 5.1.1 Software

      2. 5.1.2 Services

    2. 5.2 By Mode of Delivery

      1. 5.2.1 On-premise

      2. 5.2.2 Cloud-based

    3. 5.3 ByEnd User

      1. 5.3.1 Hospital

      2. 5.3.2 Clinic

      3. 5.3.3 Other End Users

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 US

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 UK

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Abbott Laboratories

      2. 6.1.2 LabVantage

      3. 6.1.3 LabWare

      4. 6.1.4 McKesson Corporation

      5. 6.1.5 Thermo Fisher Scientific

      6. 6.1.6 LabLynx

      7. 6.1.7 Computing Solutions

      8. 6.1.8 Labworks LLC

      9. 6.1.9 Siemens

      10. 6.1.10 Dassault Systemes

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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