Laboratory information systems (LIS) are software solutions that are used in clinical laboratories to streamline workflows and simplify the process of sending lab samples and retrieving test results. LIS help in automating the entire process, reduce errors, and eliminate manual tasks. There is an increasing need for lab automation among healthcare facilities to improve turnaround times, optimize resource utilization, and enhance data quality.
The global Laboratory Information Systems Market is estimated to be valued at US$ 2.4 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Integration of artificial intelligence and cloud computing in LIS is one of the key trends in the market. Major LIS vendors are focusing on incorporating AI functionalities like machine learning, predictive analytics, and cognitive computing to improve efficiency and generate useful clinical insights from vast amounts of data. Cloud-based LIS offer advantages like remote access, scalability, lower upfront costs, and automatic software updates. This is driving many healthcare facilities to migrate their on-premise LIS to cloud platforms. The ability of cloud and AI-powered LIS to automate routine tasks, detect anomalies, customize workflows, and streamline collaboration is fueling their adoption globally.
Strength: Laboratory information systems provide advanced data management solutions that help improve efficiency of lab operations. They offer electronic health record integration for streamlined workflows.
Weakness: High upfront costs and long implementation times associated with laboratory information systems can pose financial challenges for labs. Interoperability issues also arise during integration with existing IT infrastructure.
Opportunity: Growing need for automating manual processes and improving patient care is creating demand for integrated laboratory solutions. Adoption of cloud-based LIS is also opening new opportunities.
Threats: Cybersecurity threats and data privacy risks come with digitalization of lab processes. Rising pressure to reduce healthcare costs increase pressure on labs to justify investments in new technologies.
The global Laboratory Information Systems market is expected to witness high growth. The market is estimated to reach a value of US$ 2.4 Bn by 2024, expanding at a CAGR of around 10% during the forecast period of 2023 to 2030.
North America currently dominates the market and is expected continue its dominance during the forecast period. High prevalence of chronic diseases and growing trend of hospital laboratory automation and EHR adoption are driving the regional market. The Asia Pacific region is projected to witness fastest growth due to rising healthcare expenditure and improving access to healthcare in major countries.
Key players operating in the Laboratory Information Systems are Orchard Software Corporation (US), Clinisys (US), Oracle Corporation (US), Computer Programs and Systems, Inc. (US), and CompuGroup Medical (Germany) among others. Major players are focusing on developing novel solutions with enhanced capabilities. Strategic collaborations are also common to expand geographical presence and access newer markets.
- Source: Coherent Market Insights, Public sources, Desk research
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