Laboratory Information Systems (LIS) Market Size is set to Grow at a Remarkable Pace in the Coming Years

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iCrowdNewswire   Jan 27, 2021  3:00 AM ET

A laboratory information system (LIS) is a comprehensive information system developed and configured to process, store and manage information pertaining to industrial and medical-related laboratories which include clinical and analytical laboratories. LIS plays an important role in streamlining the process and generating high-quality data to support effective clinical decisions. The LIS provides information that helps hospitals in the diagnosis, prevention, management and treatment of diseases, and acts an indicator for public health. 

The global laboratory information systems market is projected to reach a valuation of USD 20,757.12 million by 2025. It is predicted to exhibit a CAGR of 7.1% during the forecast period. It is expected to face massive demand owing to its ability to improve the efficiency of hospitals.

Regional Analysis

The global laboratory information systems (LIS) market, based on region, is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

The Americas is likely to dominate the global laboratory information systems (LIS) market owing to the increasing adoption of healthcare IT software and subsidies and incentives from the government. It is expected to reach USD 20,757.12 million by 2025 with a CAGR of 7.1% from 2019 to 2025 owing to many key players and technologically advanced healthcare infrastructure in this region. Other factors influencing the regional market growth are web-based information systems, cloud computing, and modernized healthcare infrastructure.

Europe is the second-largest market for LIS owing to the increasing incidence of diseases and growing awareness about novel technologies to assist in laboratory functions. Support from government agencies owing to the ability of the software to expedite normal processes can bode well for the global laboratory information systems market. Massive demand for genomics and metabolomics can propel the market growth.

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Segmentation

The global laboratory information systems (LIS) market has been segmented into application, components, and delivery.

Based on application, the global market has been segmented into clinical, drug discovery, and industrial.

Based on components, the global market has been segmented into software, hardware, and services.

Based on delivery, the global market is divided into on-premise based and cloud-based.

Competition Outlook

Medical Information Technology Inc., McKesson Corporation, LabWare Inc, IBM, Abbott Laboratories, Roper Industries, Thermo Fisher Scientific Inc., TCG Lifesciences Pvt. Ltd, and Cerner Corporation are key players of the global laboratory information systems market. Partnerships and distribution agreements are key strategies undertaken by players to sustain their market hold.

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