Laboratory Information Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Laboratory Information Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : February, 2023 | Healthcare IT

Report Digest

Laboratory Information Systems Market: Overview

The laboratory information systems market is estimated to observe considerable growth during the forecast period of 2020-2030. The rising popularity of these systems can be attributed on the back of factors such as enhanced turnaround time, reduced specimen handling time, and increased productivity.

Laboratory information systems are software that process, manage, and store data from all stages of medical tests and processes. The prime objective of these systems is delivering complete and accurate information to the laboratory staff, customers, and managers. The main functions of laboratory information systems are collection and analyzing laboratory data, report data to administration, report test results for patient care, etc. The benefits associated with the use of laboratory information systems will bring considerable growth opportunities.

On the basis of product, the laboratory information systems market can be segmented into standalone LIS and integrated LIS. On-premise and cloud-based are the delivery modes of laboratory information systems. The utilization of laboratory information systems market in independent laboratories, hospital laboratories, POLs, and others is anticipated to invite extensive growth prospects for the global market.

Laboratory automation is an emerging solution for tackling the shortage of lab professionals and decreasing manual intervention in lab processes. Automation helps in providing high-quality data and allows individual researchers to focus on other significant tasks. Furthermore, lab automation decreases human errors that occur due to repetitive tasks such as moving plates and pipetting, eventually enhancing accuracy. All these factors play an important role in increasing the growth rate of the laboratory information systems market.

However, the maintenance and service costs etched with laboratory information systems are high. This factor may prove to be a restraint for the laboratory information systems market. Due to the high costs, numerous small and medium-sized laboratories are left out of the consumer base. This aspect serves as a hindrance for the growth of the laboratory information systems market. Nevertheless, the players in the laboratory information systems market are focusing on launching affordable laboratory information systems market to increase their consumer base.

Laboratory Information Systems Market: Competitive Insights

The laboratory information systems market is consolidated with numerous players vying for a leading position among other competitors. The players are involved in fierce competition. The players also invest extensively in research and development activities. These activities assist the players in developing the systems with more features and innovation, ultimately contributing to the growth of the laboratory information systems market.

Some well-entrenched players in the laboratory information systems market are Orchard Software Corporation, SCC Soft Computer, American Soft Solutions Corp., Comp Pro Med, Sunquest Information Systems, and Allscripts Healthcare Solutions, Inc.

Laboratory Information Systems Market: Recent Developments

The laboratory information systems market is abuzz with developments. Many players in the laboratory information systems market indulge in strategic collaborations like mergers, acquisitions, joint ventures, and partnerships. These collaborations help in increasing the influence of the players in the laboratory information systems market, eventually adding to the growth structure. Some notable developments in the laboratory information systems market are as follows:

  • CompuGroup Medical recently acquired Schuyler House, a laboratory information systems company to expand its portfolio of lab system software.
  • Rover Labs launched Rover CloudLIS, a cloud-based laboratory information system developed to simplify COVID-19 test registration, reporting, and tracking.

Laboratory Information Systems Market: Regional Dimensions

North America’s laboratory information systems market is expected to hold a dominating position during the forecast period of 2020-2030. A well-developed healthcare infrastructure with the rising demand for digitalized technologies will serve as vital growth factors for the laboratory information systems market. Furthermore, the presence of key players in the region will prove to be a significant growth aspect.

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5-Point Growth Formula

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The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

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Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?