North America Laboratory Information Systems (LIS) Market report is the broad market research report which studies the challenges, market structures, opportunities, driving forces, emerging trends, and competitive landscape of Healthcare industry. Moreover, the report revises general market conditions, estimates market share and possible sales volume of Healthcare industry, figure out the probable market for a new product to be launched and discover the most appropriate method for the distribution of certain product. By taking into consideration specific base year and historic year, calculations in the report have been performed which interprets the market performance in the forecast years by giving information about what the market definition, classifications, applications, and engagements are.
North America laboratory information systems (LIS) market was valued at USD 1166.38 million in 2021 and is expected to reach USD 2358.42 million by 2029, registering a CAGR of 9.20% during the forecast period of 2022-2029.
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The data for clinical laboratories is managed, recorded, and stored using a laboratory information system (LIS) software. This technology makes it easier to order lab tests, transmit them to the instruments in the lab, and track and record the results in a searchable database. It is widely used in hospitals, clinics, independent laboratories, and other settings to maintain data monitoring and management, track data quality, maintain security, and bill end users.
Laboratory Information Systems (LIS) Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increased Requirement of Laboratory Automation
The determinants such as the lack of laboratory personnel and the need for manual intervention in lab procedures can both be effectively addressed by laboratory automation. The automation of the ordinary lab processes with the use of dedicated workstations and instrument-programming software further boosts the lab efficiency. Individual researchers are free to concentrate on crucial tasks and produce high-quality data. Automation in the lab increases accuracy while reducing human error caused by routine chores like pipetting and shifting plates. Laboratory information systems greatly facilitate, advance, and improve the productivity and efficiency of laboratory procedures, which effectively meet this demand.
- Growth in Healthcare Expenditure
The need for LIS systems is being driven by an increase in healthcare expenditure in both established and significant developing nations, as increased spending gives healthcare facilities more purchasing power, which encourages the use of LIS. For instance, it is anticipated that between 2019 and 2028, US healthcare expenditure will increase at a rate of 5.4%. The cost of healthcare was approximately $4 trillion in 2020 and is anticipated to increase to $6.19 trillion by 2028. The boost in healthcare expenditure further positively impacts the laboratory information systems (LIS) market.
The growth in global disposable income and urbanization further bolsters the market’s growth rate. The surge in the sedentary lifestyle will further accelerate the market's overall growth. Moreover, the increase in lifestyle diseases such as obesity, hypertension, cancers, and diabetes also further bolsters the market’s growth rate over the forecast period.
Some of the major players operating in the laboratory information systems (LIS) market are
- Orchard Software Corporation (U.S.)
- CliniSys (U.S.)
- Cerner Corporation (U.S.)
- Siemens (Germany)
- CompuGroup Medical (Germany)
- CPSI (U.S.)
- Meditech (U.S.)
- Thermo Fisher Scientific (U.S.)
- Abbott (U.S.)
- Illumina, Inc. (U.S.)
- SCC Soft Computer (U.S.)
- Epic Systems Corporation (U.S.)
- Comp Pro Med (U.S.)
- American Soft Solutions Corp. (U.S.)
- Eusoft Ltd. (Italy)
- Allscripts Healthcare Solutions, Inc. (U.S.)
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North America Laboratory Information Systems (LIS) Market Scope
The laboratory information systems (LIS) market is segmented on the basis of product, type, components, delivery mode and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Standalone
- Integrated
Type
- Clinical
- Anatomical
Components
- Services
- Software
Delivery Mode
- Cloud-Based
- On Premises
End Use
- Hospitals
- Clinics
- Anatomical Pathology Laboratories
- Blood Banks
- Molecular Diagnostic Laboratories
- Others
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The research examines the characteristics of the target market, as well as recent developments and patterns, industry opportunities, growth rates, sector expansion strategies, and emerging technologies. The North America Laboratory Information Systems (LIS) market research report offered a very useful resource that can help stakeholders, manufacturers, decision-makers, and market participants to become familiar with all the factors impacting the growth of the global market. The report includes SWOT, and market analyses to provide a deep and clear understanding of aspects of the North America Laboratory Information Systems (LIS) market.
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