(PharmaNewsWire.Com, May 20, 2020 ) The laboratory information systems market is projected to reach USD 2.4 billion by 2024 from USD 1.8 billion in 2019, at a CAGR of 6.3%. Factors such as the rising prevalence of chronic diseases, the need for laboratory automation & increasing lab efficiency, and the development of integrated LIS are driving the growth of the LIS market.
By delivery mode, cloud-based LIS to register the highest CAGR during the forecast period
Based on delivery mode, the LIS market is segmented into on-premise and cloud-based LIS. The cloud-based LIS segment is expected to register the highest CAGR during the forecast period. Growth in this segment can be attributed to the comparatively lower capital expenses & operational costs incurred in this model, alongside its scalability, flexibility, and affordability. Cloud-based solutions help healthcare organizations share and integrate information from different locations, making the process of data gathering seamless. Moreover, these solutions are comparatively affordable to install and maintain as compared to on-premise solutions, thus contributing to the high growth and popularity of the cloud-based delivery model.
By product, the standalone LIS segment accounted for the largest market share in 2018
Based on product, the LIS market is segmented into standalone LIS and integrated LIS. The standalone LIS segment accounted for the larger share of the LIS market in 2018. The ability of standalone LIS to work offline as it is not a part of any software package, coupled with its better affordability, enhanced data security, and user-friendly nature as compared to integrated LIS, are the factors responsible for the large share of the standalone LIS segment.
North America dominated the LIS market in 2018; this trend to continue during the forecast period
Geographically, the LIS market is divided into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The North American market accounted for the largest share of the LIS market in 2018, primarily due to the increasing prevalence of cancer, favorable reimbursement policies, and favorable initiatives by the government.
Orchard Software Corporation (US), Sunquest Information Systems Inc. (US), Cerner Corporation (US), Computer Programs and Systems, Inc. (US), CompuGroup Medical AG (Germany), Meditech (US), SCC Soft Computer (US), Epic Systems Corporation (US), Comp Pro Med, Inc. (US), Schuyler House (US), LabWare, Inc. (US), LabHealth (US), American Soft Solutions Corp. (US), LigoLab LLC (US), Allscripts Healthcare Solutions, Inc. (US), Common Cents Systems, Inc. (US), XIFIN, Inc. (US), Cirdan Ltd (Ireland), Clinical Software Solutions Ltd (US), TECHNIDATA (France), Aspyra LLC (US), Clinlab, Inc. (US), HEX Labs (US), LabSoft, Inc. (US), and NovoPath, Inc. (US) are the key players in the LIS market.
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