North America Laboratory Information Systems (LIS) Market, By Product (Standalone, Integrated), Type (Clinical, Anatomical), Components (Services, Software), Delivery Mode (Cloud-Based, On Premises), End Use (Hospitals, Clinics, Anatomical Pathology Laboratories, Blood Banks, Molecular Diagnostic Laboratories, Others) – Industry Trends and Forecast to 2029.
Laboratory Information Systems (LIS) Market Analysis and Size
Over the past few years, innovations in laboratory information systems' features have been driven by improvements in medical technology. They are used as an enterprise resource planning tool and for sample tracking, managing a variety of informatics-related tasks. These systems enable users to collect patient information and enter it into databases for improved patient management. Consequently, such determinants aid the market in gaining traction over forecasted timeline.
North America laboratory information systems (LIS) market was valued at USD 1166.38 million in 2021 and is expected to reach USD 2358.42 million by 2029, registering a CAGR of 9.20% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Laboratory Information Systems (LIS) Market Scope and Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Million, Volumes in Units, Pricing in USD
Product (Standalone, Integrated), Type (Clinical, Anatomical), Components (Services, Software), Delivery Mode (Cloud-Based, On Premises), End Use (Hospitals, Clinics, Anatomical Pathology Laboratories, Blood Banks, Molecular Diagnostic Laboratories, Others)
U.S., Canada, Mexico
Market Players Covered
Orchard Software Corporation (U.S.), CliniSys (U.S.), Cerner Corporation (U.S.), Siemens (Germany), CompuGroup Medical (Germany), CPSI (U.S.), Meditech (U.S.), Thermo Fisher Scientific (U.S.), Abbott (U.S), Illumina, Inc. (U.S.), SCC Soft Computer (U.S.), Epic Systems Corporation (U.S.), Comp Pro Med (U.S.), American Soft Solutions Corp. (U.S.), Eusoft Ltd. (Italy), and Allscripts Healthcare Solutions, Inc. (U.S.)
The data for clinical laboratories is managed, recorded, and stored using a laboratory information system (LIS) software. This technology makes it easier to order lab tests, transmit them to the instruments in the lab, and track and record the results in a searchable database. It is widely used in hospitals, clinics, independent laboratories, and other settings to maintain data monitoring and management, track data quality, maintain security, and bill end users.
Laboratory Information Systems (LIS) Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Increased Requirement of Laboratory Automation
The determinants such as the lack of laboratory personnel and the need for manual intervention in lab procedures can both be effectively addressed by laboratory automation. The automation of the ordinary lab processes with the use of dedicated workstations and instrument-programming software further boosts the lab efficiency. Individual researchers are free to concentrate on crucial tasks and produce high-quality data. Automation in the lab increases accuracy while reducing human error caused by routine chores like pipetting and shifting plates. Laboratory information systems greatly facilitate, advance, and improve the productivity and efficiency of laboratory procedures, which effectively meet this demand.
- Growth in Healthcare Expenditure
The need for LIS systems is being driven by an increase in healthcare expenditure in both established and significant developing nations, as increased spending gives healthcare facilities more purchasing power, which encourages the use of LIS. For instance, it is anticipated that between 2019 and 2028, US healthcare expenditure will increase at a rate of 5.4%. The cost of healthcare was approximately $4 trillion in 2020 and is anticipated to increase to $6.19 trillion by 2028. The boost in healthcare expenditure further positively impacts the laboratory information systems (LIS) market.
The growth in global disposable income and urbanization further bolsters the market’s growth rate. The surge in the sedentary lifestyle will further accelerate the market's overall growth. Moreover, the increase in lifestyle diseases such as obesity, hypertension, cancers, and diabetes also further bolsters the market’s growth rate over the forecast period.
- Emergence Of Cloud-Based Services
The emergence of cloud-based services is estimated to generate lucrative opportunities for the market, which will further expand the future laboratory information systems (LIS) market's growth rate. The cloud-based laboratory information systems (LIS) solutions don't need any upfront capital investments for hardware, which eases the load on healthcare systems, decreases the need for IT workers, and offers quick and safe data transfer. Adopting cloud-based solutions assists to manage the massive amounts of data produced by these operations and lower the overall cost of ownership of the system. Moreover, the advantages such improved data accessibility, cost-effectiveness, and real-time analysis further provides major growth potential for the market.
- Increment in Market Expansion Strategies
Additionally, the various strategies the market players adopt further offer numerous growth opportunities within the market. The massive laboratory information systems (LIS) investments, the growing demand for customized systems with data security features, and the availability of cutting-edge platforms are all projected to open up new market growth opportunities. The market is expected to increase as a result of rising laboratory automation adoption and research and development advancements, notably in the biotechnology and pharmaceutical industries.
- High Cost of Service and Maintenance
The high maintenance and service expenses associated with the system is one of the significant growth limitation for the market. The maintenance costs of IT solutions exceeds the cost of the product itself. Moreover, the cost of service and maintenance, which includes adapting the software to changing user needs, is recurring and accounts for roughly 20-30% of the overall cost of ownership. Additionally, the expenditures associated with training and implementation add up to about 15% of the final cost. Consequently, the small and medium-sized laboratories cannot invest in these systems, which restricts their acceptance.
- Concerns Regarding Data Breach
A significant issue that could impede market expansion is the growing concern over the leak of private patient data from healthcare facilities as a result of cyberattacks. For instance, between July 2020 and June 2021, ransomware and other assaults resulted in the theft of more than 3.34 million healthcare records on an average monthly basis in the US. Patient names, residences, diagnoses, contact information, and insurance details are among the information that was released. Due to network outages brought on by ransomware attacks in 2020, the American health services business UHS suffered a loss of approximately $67 million. For up to $1,000 per, these documents can be purchased and utilized for nefarious purposes like insurance fraud and the falsification of passports. The possibility of the data breach is therefore estimated to be significant challenge for the laboratory information systems (LIS) market over the forecast period.
This laboratory information systems (LIS) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the laboratory information systems (LIS) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Laboratory Information Systems (LIS) Market
The laboratory information systems (LIS) market was positively impacted by the outbreak of COVID-19. For COVID-19 research, diagnostic or research laboratories must manage several steps (such as test management, sample handling, inventory control, packaging, and shipment modules). This will probably lead to an increase in the use of LIS and other informatics solutions. Since the beginning of the outbreak, the Belgium national reference testing center has used laboratory information systems to run more than 25,000 COVID PCR tests concurrently with routine standard testing, according to a study that was published in the Journal of the American Medical Informatics Association in August 2020. Additionally, businesses have started offering laboratory informatics, particularly for the COVID-19 testing.
For instance, Lab Vantage’s COVID-19 LIMS is a robust, flexible, and simple-to-use system that can be quickly modified to meet the increasing demand for diagnostic testing in PHLs and the flexibility to manage workflows for different types of testing. As a result, the need for laboratory informatics has increased throughout the pandemic as a result of LIMS's ability to manage the enormous amount of testing samples during the COVID, prevent manual errors, and streamline the process.
- In February 2022, The BICO Company Biosero, Inc., which creates laboratory automation systems to facilitate scientific discoveries, introduced several new products and features to its Green Button Go software package. The combination of these solutions offers customers a wide range of cutting-edge capabilities to streamline, manage, and improve the output of their automated lab equipment.
- In December 2020, Schuyler House and its popular laboratory information system, SchuyLab, were bought by CompuGroup Medical. One of the most long-lastingly successful systems in the physician office lab and reference lab markets has been the LIS. Through the acquisition, CompuGroup can strengthen its position in the US market.
North America Laboratory Information Systems (LIS) Market Scope
The laboratory information systems (LIS) market is segmented on the basis of product, type, components, delivery mode and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- On Premises
- Anatomical Pathology Laboratories
- Blood Banks
- Molecular Diagnostic Laboratories
Laboratory Information Systems (LIS) Market Regional Analysis/Insights
The laboratory information systems (LIS) market is analyzed and market size insights and trends are provided by country, product, type, components, delivery mode and end-user as referenced above.
The countries covered in the laboratory information systems (LIS) market report are U.S., Canada and Mexico in North America.
United States will dominate the North America laboratory information systems (LIS) market because of the rising investment toward healthcare sector and technological advancement within the region. Moreover, the increased prevalence of chronic diseases is further estimated to accelerate the expansion over the forecast period. Additionally, hospitals' growing need for laboratory information systems for effective patient information monitoring will support regional market expansion.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Laboratory Information Systems (LIS) Market Share Analysis
The laboratory information systems (LIS) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to laboratory information systems (LIS) market.
Some of the major players operating in the laboratory information systems (LIS) market are
- Orchard Software Corporation (U.S.)
- CliniSys (U.S.)
- Cerner Corporation (U.S.)
- Siemens (Germany)
- CompuGroup Medical (Germany)
- CPSI (U.S.)
- Meditech (U.S.)
- Thermo Fisher Scientific (U.S.)
- Abbott (U.S.)
- Illumina, Inc. (U.S.)
- SCC Soft Computer (U.S.)
- Epic Systems Corporation (U.S.)
- Comp Pro Med (U.S.)
- American Soft Solutions Corp. (U.S.)
- Eusoft Ltd. (Italy)
- Allscripts Healthcare Solutions, Inc. (U.S.)