Major Players of Laboratory Information Systems Market are Cerner Corporation, McKesson Corporation, Epic Corporation Inc, Medical Information Technology Inc, SCC Soft Computer, Sunquest Information Systems Inc, CompuGroup Medical AG, Computer Programs and Systems Inc, Merge Healthcare Inc and Orchard Software Corporation. .
New York, 17 Feb. 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Laboratory Information System Global Market Report 2022” – https://www.reportlinker.com/p06229180/?utm_source=GNW
The global laboratory information systems market is expected to grow from $1.96 billion in 2021 to $2.24 billion in 2022 at a compound annual growth rate (CAGR) of 14.5%. The growth is primarily due to businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote work and the closure of business activities that have resulted in operational challenges. The market is expected to reach $3.07 billion in 2026 with a CAGR of 8.2%.
The laboratory information system market includes revenue generated by companies offering laboratory information system software products and related services. A laboratory information system is software or a database that helps efficiently manage a clinical laboratory for storing, processing and tracking data, used by hospitals, laboratories, medical offices and clinics to optimize their workflow.
The main types of products in laboratory information systems are stand-alone LISs and integrated LISs. Stand-alone LIS use data models developed exclusively to manage laboratory data and activities, and they are fundamentally different from electronic health record (HER) data models.
The various components include software, services and are used by various industries such as hospital labs, independent labs, medical office labs, etc.
The growing demand for laboratory automation is a major driver for the growth of the laboratory information system market. An increasing number of people undergo a series of tests, which, in turn, increases the load on laboratories.
Clinical laboratories are hiring more healthcare personnel to reduce the workload of existing staff and minimize the number of errors associated with it to increase the efficiency and effectiveness of laboratory operation for accurate results. According to the Bureau of Labor Statistics, about 12,000 more clinical laboratory professionals are needed each year to keep up with demand, but only half of them are entering the field.
Thus, laboratories opt for automation to facilitate the work. For example, TriCore Reference Laboratories in Albuquerque, Mexico, introduced automation into their 20% of instrumentation, which runs nearly 80% of the lab’s samples and screens, helping the lab manage and optimize its functions for faster and more accurate results.
High costs associated with the implementation and maintenance of laboratory information systems are expected to limit the growth of the laboratory information systems market.
Operating costs include costs related to software licensing, training of caregivers, maintenance and service costs. Laboratories may opt for the cheaper version due to the high cost of the software, even when the need is for a more expensive version. reduce lab load, causing operational instability.
Therefore, the high cost of a laboratory information system is expected to hamper the market.
A cloud-based laboratory information system is expected to become the major trend in the laboratory information system market. Cloud computing is associated with the sharing of computing resources and services, including storage and servers over the Internet for reduced cost, speed, productivity, and system security in the network.
The cloud system in laboratory information systems offers various advantages such as cost efficiency, better results and progress without space constraints. For example, APEX Laboratory Information System from Apex HealthWare, LLC, Arxspan Laboratory Software? by Bruker Software Solutions, Orchard Software Corporation’s Orchard Laboratory Information System are cloud-based systems that improve efficiency, reduce errors and improve patient care.
Thus, a cloud-based laboratory information system is expected to gain traction in the laboratory information system market.
In October 2019, Francisco Partners, an American technology-focused private equity firm, acquired Orchard Software Corporation, a private company specializing in the development of laboratory information systems (LIS), for an undisclosed amount. This acquisition should fuel innovations and bring new technologies to orchard customers using the experience of Francisco’s partners.
Orchard Software Corporation was founded in 1993 and is a pioneer in laboratory information systems, deploying its software in medical practices, clinics, hospitals and small laboratories.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the Laboratory Information System market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, Korea of the South, the United Kingdom and the United States.
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