A laboratory information systems are used for management and data storage of medical records for clinical laboratories. These systems are used by physicians and laboratory technicians for managing patient medical records such as inpatient and outpatient medical test such as immunological, hematological, and others for future reference. Increasing demand for personalized medicine in treatment of various diseases is expected to propel growth of the global laboratory information systems market.

 

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Global Laboratory Information Systems Market: Drivers

 

Increasing prevalence of chronic diseases is expected to propel growth of the global laboratory information systems market over the forecast period. For instance, according to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were registered due to cancer worldwide in 2018.

 

Moreover, increasing demand for laboratory automation and development of integrated LIS is also expected to boost growth of the market. For instance, in December 2019, Dorado Health System, a 4-hospital academic system, licensed Health Gorilla to integrate with Dorado's IT systems, including electronic medical record systems and laboratory information systems, to aggregate clinical documents for every patient managed by the system.

 

North America region held dominant position in the global laboratory information systems market in 2018, accounting for 57.5% share in terms of volume, followed by Europe.

 

Global Laboratory Information Systems Market: Restraints

 

The cost of implementing a LIS is very high. Therefore, laboratories, especially in emerging economies, may find is difficult to migrate from manual record-keeping to LIS. Such scenario is expected to hinder growth of the global laboratory information systems market.

 

Moreover, privacy and security concerns of LIS are also expected to hamper growth of the market. LIS data could be misused intentionally or unintentionally or could be accessed illegally or by unauthorized persons at hospitals, clinics or healthcare facilities.

 

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Market Trends/Key Takeaways

 

The demand for cloud-based LIS is increasing as the approach requires lower capital expenses and operational costs compared to on premise-based LIS. Cloud-based solutions aid healthcare organizations share and integrate information from different locations, making the process of data gathering seamless.

 

The demand for standalone LIS is increasing compared to integrated LIS as standalone LIS has the ability to work offline as it is not a part of any software package. It also offers enhanced data security and user-friendly interface.

 

Global Laboratory Information Systems Market: Competitive Landscape

 

Major players operating in the global laboratory information systems market include, Cerner Corp., Sunquest Information Systems, Inc., Evident, McKesson, Orchard Software, Medical Information Technology, Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical, and LabWare.

 

Global Laboratory Information Systems Market: Key Developments

 

Key players in the market are focused on adopting M&A strategies to enhance their market share. For instance, in October 2019, Orchard Software, a laboratory information system vendor, was acquired by Francisco Partners, a leading technology-focused, private equity firm.

 

Key players in the market are focused on acquiring tenders to enhance their market share. For instance, in February 2018, Sunquest Information Systems, Inc. received a 10-year tender to provision laboratory-related software solutions and services for the State of Queensland, Australia.

 

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