Laboratory Information Systems Market is Estimated To Witness High Growth Owing To Increased Adoption by Small and Medium-Sized Laboratories
A laboratory information system (LIS) is a software that records, manages, and stores data for clinical laboratories. It is used to track samples, capture test results, link instruments and other laboratory equipment, schedule workflows, and more. It enables improved turnaround time for test results, reduced errors, streamlined work processes, and better management of operations. The integrated system acts as the backend database of a clinical laboratory. Market key trends: The laboratory information systems market is witnessing increased adoption by small and medium-sized laboratories. Earlier, larger laboratories could only afford these systems due to high costs. However, lowering prices of LIS solutions and availability of cloud-based The 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. subscription models have made it feasible for smaller players as well. Rising awareness about the benefits of digitization is driving increased demand from all types of laboratories. Cloud-based LIS solutions especially are gaining popularity as they eliminate upfront capital costs and provide on-demand access to results and data. The ability to scale up storage and computing power on the cloud platform suits the dynamic needs of small laboratories. This trend is expected to significantly boost demand over the forecast period. Porter's Analysis Threat of new entrants: Low, as Laboratory Information Systems market is dominated by few established players. New entrants require huge capital investments to compete. Bargaining power of buyers: Moderate, as buyers have option to choose from a few vendors but are dependent on technology. Bargaining power of suppliers: Low, as there are many technology providers and system integrators in this market. Threat of new substitutes: Moderate, as new substitute technologies can replace Laboratory Information Systems but require high switching costs. Competitive rivalry: High, as top players compete on service quality, prices and new features. SWOT Analysis Strengths: Established vendors with large customer base and innovative product offerings. Weaknesses: High infrastructure and maintenance costs. Changing technology landscape increases upgrade and support costs. Opportunities: Growth in emerging markets. Increasing scope due to digitization of healthcare sector. Threats: Cyber threats and data privacy concerns. Stiff competition from open source offerings. Key Takeaways The global Laboratory Information Systems market is expected to witness high growth at a CAGR of 10% over the forecast period, due to increasing demand for automation and integration of laboratory processes. Regional analysis: North America is expected to maintain its dominant share in the global market through 2030 due to rising investments to develop advanced healthcare infrastructure along with initiatives taken by major players. Asia Pacific is anticipated to witness the highest CAGR over the forecast period owing to increasing healthcare expenditure, rising geriatric population and improving healthcare facilities in emerging economies like China and India. Key players operating in the Laboratory Information Systems market are Orchard Software Corporation (US), Clinisys (US), Oracle Corporation (US), Computer Programs and Systems, Inc. (US), and CompuGroup Medical (Germany) among others. Top players are focusing on strategic collaborations and partnerships to expand their geographic presence.
