Major laboratory information system developers are increasingly promoting lab automation applications to keep up with the evolving requirements in lab settings following the advent of the covid-19 crisis.
The global laboratory information system (LIS) market is anticipated to exhibit a major 10% CAGR between the years 2020 and 2030. With the high level of contagiousness of the covid-19 virus and the massive rise in number of patients around the world, the demand for testing services and facilities has short up in 2020. Consequently, requirements for laboratory information systems has also jumped, primarily for vaccine research and diagnostic applications. Demand is likely to remain stable post pandemic, with potential for applications in multiple verticals.
“Increasing investments into healthcare and research in emerging economies and the rising popularity of personalized medicine, has generated demand for cloud-based LIS services, and are expected to provide major opportunities for growth to players during the projection period,” says the FMI study.
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Laboratory Information Systems (LIS) Market – Key Takeaways
- Applications at contract research organizations account for significant revenue share, supported by demand from biotech and pharmaceutical companies.
- Cloud-based LIS are more popular owing to easy of deployment along with lower costs and manpower requirements.
- Asia Pacific is reflecting potential for fast growth supported by demand for web-enabled LIS for contract research organizations in the region.
Laboratory Information Systems (LIS) Market – Key Driving Factors
- The requirement to eliminate diagnostic errors, and use of LIS in bolstering accuracy in medicine and life sciences application support demand.
- Advances in lab automation and investments into software research contribute to growth.
Laboratory Information Systems (LIS) Market – Key Constraints
- Shortage of adequately skilled workforce is a major constraint to key market developments.
- High costs associated with adoption of LIS software hampers adoption and market growth.
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The Anticipated Impact of Coronavirus
The coronavirus pandemic is expected to generate major growth opportunities for laboratory information systems developers. Demand for accurate covid-19 testing in large scale volumes has necessitated the use of LIS in diagnostic facilities around the world. Government initiatives towards expanding testing will provide favorable conditions for market growth in the short term. Extensive applications in a wide range of laboratory applications in multiple verticals will support demand even in the post pandemic era.
Competition Landscape
Major manufacturers in the laboratory information system market include but are not limited to CompuGroup Medical and LabWare, Cerner Corp., Roper Technologies Inc., Evident, SCC Soft Computer, McKesson, Epic Systems Corp., and Medical Information Technology.
Laboratory information system manufacturers have been investing in expansion of laboratory testing capabilities with strategic funding and product launch strategies to keep up with the imminent need for the covid-19 situation.
For instance, Sysmex America Inc. has unveiled Caresphere Workflow Solution for clinical laboratory applications for workflow optimization. Verto Health has revealed its acquisition of $ 2 million for seed funding towards the development of LIS integrated with hospital information system and electronic medical records. Further, LabVantage Solutions Inc. has introduced its Medical Suite Laboratory in North America for laboratory information management.
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More About the Report
The FMI’s market research report offers detailed insights on laboratory information system market. The market is scrutinized on the basis of component (software, hardware, and services,), delivery mode (on-premise and cloud based), and end user (hospitals, clinics, independent laboratories, and others) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa).
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