Global Laboratory Information System (LIS) Market Outlook to 2024 - Significant Growth Potential of Emerging Countries Presents Lucrative Avenues

Dublin, July 01, 2019 (GLOBE NEWSWIRE) -- The "Laboratory Information System /LIS Market by Product (Standalone, Integrated), Component (Services, Software), End-user (Hospital Labs, Independent Labs, Pols), Delivery Mode (On-Premise, Cloud-Based), Analysis - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The laboratory information systems (LIS) market is projected to reach USD 2.4 billion by 2024 from USD 1.8 billion in 2019.

The need for laboratory automation and increased lab efficiency, development of integrated LIS, the need to comply with regulatory requirements, and the rising prevalence of chronic diseases are driving the growth of the LIS market. Emerging countries and personalized medicine, along with the popularity of cloud-based LIS, are expected to provide significant opportunities for players in the market. However, high maintenance and service costs, the requirement of specialized laboratory units, interfacing issues, and a dearth of skilled professionals will challenge market growth in the coming years.

The software segment is expected to grow at the highest CAGR during the forecast period

Based on the component, the LIS market is segmented into software and services. The software segment is projected to grow at the highest CAGR during the forecast period due to the availability of advanced and automated laboratory software, increasing the focus of industry players to develop innovative LIS software, and the growing demand for LIS software in developing countries.

The hospital laboratory segment accounted for the largest share of the LIS market, by the end user, in 2018

Based on end users, the LIS market is segmented into hospital laboratories, independent laboratories, physician office laboratories, and other end users (blood banks, retail clinics, and nursing homes). In 2018, the hospital laboratory segment accounted for the largest market share, owing to the implementation of LIS in hospitals and hospital laboratories to reduce waiting times for patients and improve the quality of diagnostics. Moreover, LIS can facilitate long-distance discussions with experts and also make digital slide images of specimens (such as blood smears or frozen sections) available online. Owing to these benefits, hospitals across the globe are increasingly adopting LIS.

Increasing reimbursement for pathology procedures and rising cancer prevalence in North America to support the growth of the LIS market in North America

Geographically, the LIS market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share of the LIS market in 2018. The large market share of North America in the LIS market can be attributed to the increased reimbursement for pathology procedures, rising prevalence of cancer, and the presence of several major players in the US.

Research Coverage

This report studies the LIS market based on delivery mode, product, component, end user, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro-markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.

Key Benefits of Buying the Report

• This report focuses on various levels of analysis, such as industry trends, the market rankings of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the LIS market, and high-growth regions and their drivers, restraints, challenges, and opportunities.
• The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner higher market shares.

Key Topics Covered

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Breakdown of Primaries
2.1.2.3 Key Industry Insights
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study

3 Executive Summary

4 Premium Insights
4.1 Laboratory Information Systems: Market Overview
4.2 Geographic Analysis: North American LIS Market, By Delivery Mode
4.3 US: Laboratory Information Systems Market Share, By Component and Delivery Mode
4.4 Geographical Snapshot of the Laboratory Information Systems Market

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Market Drivers
5.2.1.1 Rising Prevalence of Chronic Diseases
5.2.1.2 Need for Laboratory Automation
5.2.1.3 Development of Integrated Laboratory Information Systems
5.2.1.4 Need to Comply With Regulatory Requirements
5.2.1.5 Increasing Adoption of LIS to Enhance Lab Efficiency
5.2.2 Restraints
5.2.2.1 High Maintenance and Service Costs
5.2.3 Opportunities
5.2.3.1 Growing Popularity of Cloud-Based LIS
5.2.3.2 Significant Growth Potential of Emerging Countries
5.2.3.3 Personalized Medicine
5.2.4 Challenges
5.2.4.1 Interfacing With Diverse Laboratory Instruments
5.2.4.2 Requirement of Specialized LIS Solutions
5.2.4.3 Data Storage Challenges
5.2.4.4 Dearth of Trained Professionals

6 Laboratory Information Systems Market, By Component
6.1 Introduction
6.2 Services
6.2.1 Heavy Dependency of End Users on Service Providers to Drive the Growth of This Market Segment in the Coming Years
6.3 Software
6.3.1 Software Segment to Witness Higher Growth During the Forecast Period

7 Laboratory Information Systems Market, By Product
7.1 Introduction
7.2 Standalone LIS
7.2.1 Enhanced Data Security and User-Friendly Nature - Major Factors Supporting the Adoption of Standalone LIS
7.3 Integrated LIS
7.3.1 Integrated LIS Segment to Witness Higher Growth During the Forecast Period

8 Laboratory Information Systems Market, By Delivery Mode
8.1 Introduction
8.2 On-Premise
8.2.1 On-Premise Delivery is Preferred Due to the Advantages Related to the Customization of Solutions
8.3 Cloud-Based
8.3.1 Cloud-Based LIS Segment to Register Higher Growth During the Forecast Period

9 Laboratory Information Systems Market, By End User
9.1 Introduction
9.2 Hospital Laboratories
9.2.1 Affordability and Availability of Integrated LIS Solutions to Drive Their Demand in Hospital Laboratories
9.3 Independent Laboratories
9.3.1 Rising Demand for Managing Workflows, Enhancing Billing Processes and Improving Turnaround Times in Independent Laboratories to Drive the Demand for LIS
9.4 Physician Office Laboratories
9.4.1 LIS Assists Physicians in Laboratory and Clinical Functions and Secure Access to Lab Results
9.5 Other End Users

10 Laboratory Information Systems Market, By Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 Favorable Regulatory and Reimbursement Scenarios in the US Have Driven the use of LIS
10.2.2 Canada
10.2.2.1 Growing Need for Quality Cancer Diagnosis in Canada to Support Market Growth
10.3 Europe
10.3.1 Germany
10.3.1.1 Growing Focus of Market Players Will Drive the Growth of the German LIS Market
10.3.2 UK
10.3.2.1 Government Initiatives Likely to Propel the Adoption of LIS in the UK
10.3.3 France
10.3.3.1 Rising Geriatric Population to Create a Potential Market for Digital Healthcare in France
10.3.4 Italy
10.3.4.1 Conferences Supporting the Growth of the LIS Market in Italy
10.3.5 Spain
10.3.5.1 Growing R&D Activities and Expenditure to Drive Market Growth in Spain
10.3.6 RoE
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Healthcare Infrastructure Improvements to Support Market Growth in China
10.4.2 Japan
10.4.2.1 Rising Geriatric Population and the Increasing Burden of Chronic Diseases to Drive Market Growth in Japan
10.4.3 India
10.4.3.1 Rapid Growth in the Healthcare Industry to Drive the Demand for Laboratory Information Systems in India
10.4.4 Australia & New Zealand
10.4.4.1 Implementation of HCIT Programs in Australia & New Zealand to Support Market Growth
10.4.5 Rest of Asia Pacific
10.5 Rest of the World
10.5.1 Latin America
10.5.1.1 Rising Awareness of HCIT Solutions to Support Market Growth in LATAM Countries Such as Brazil
10.5.2 Middle East & Africa
10.5.2.1 Healthcare Infrastructure Development to Drive Market Growth in the Middle East

11 Competitive Landscape
11.1 Overview
11.1.1 Market Ranking of Players, 2018
11.2 Competitive Leadership Mapping
11.2.1 Visionary Leaders
11.2.2 Innovators
11.2.3 Dynamic Differentiators
11.2.4 Emerging Companies
11.3 Competitive Scenario
11.3.1 Solution Launches
11.3.2 Solution Enhancement
11.3.3 Partnerships, and Agreements
11.3.4 Acquisitions

12 Company Profiles
12.1 Orchard Software Corporation
12.2 Sunquest Information Systems Inc. (Acquired By Roper Technologies Inc.)
12.3 Cerner Corporation
12.4 Computer Programs & Systems Inc. (CPSI)
12.5 CompuGroup Medical AG
12.6 Meditech (Medical Information Technology Inc.)
12.7 SCC Soft Computer
12.8 Epic Systems Corporation
12.9 Comp Pro Med Inc.
12.10 Schuyler House

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Related Topics: Hospital Information Systems