Laboratory Information System (LIS) Market worth $4.0 billion by 2028, growing at a CAGR of 10.8%
The global laboratory information systems market size is projected to reach USD 4.0 billion by 2028, from USD 2.4 billion in 2023, at a CAGR of 10.8% from 2023 to 2028. The growth of this market is influenced primarily due to the increasing adoption of LIS in biobanks and biorepositories, as well as the development of integrated LIS and the need to curtail escalating healthcare costs. However, high maintenance and service costs are expected to restrain the market growth during the forecast period.
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The laboratory information systems (LIS) industry is witnessing several key trends that are shaping its development and future trajectory. There is a growing emphasis on interoperability and integration of LIS with other healthcare systems. Many LIS systems now offer mobile applications, allowing laboratory staff to access patient data, test results, and other information on their smartphones or tablets. LIS systems are evolving to offer advanced analytics and AI capabilities, including data mining, trend analysis, and predictive modeling. These features enable laboratories to identify trends, patterns, and correlations, supporting decision-making, quality improvement, research, and population health management.
Based on delivery mode, the laboratory information systems market is segmented into on-premise LIS and cloud-based LIS. The cloud-based LIS segment is expected to be the fastest-growing laboratory information systems market from 2023 to 2028. There is a notable shift towards cloud-based LIS solutions. Cloud-based LIS solutions have gained popularity due to their flexibility, scalability, and cost-effectiveness. Cloud platforms allow for easy accessibility, remote collaboration, and data storage, eliminating the need for extensive hardware infrastructure and maintenance. Factors such as on-demand self-serving analytics, no upfront capital investment for hardware, extreme capacity flexibility and scalability, and a pay-as-you-go pricing model will boost the demand for cloud-based LIS in the coming years.
Based on product, the laboratory information systems market is segmented into standalone LIS and integrated LIS. The standalone LIS segment is expected to dominate the laboratory information systems market during the forecast period. The ability of standalone LIS to work offline, its affordability, enhanced data security, and user-friendly nature compared to integrated LIS is responsible for the higher implementation of these systems. Standalone LIS is mainly used in small hospitals, reference laboratories, independent laboratories, and specialized testing facilities that do not require integration with a broader healthcare information network.
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Laboratory information systems offers numerous market opportunities, including a growing focus on personalized medicine and targeted therapies, increasing demand for efficient data management, integration with electronic health records (EHR), and rising demand for mobile applications and point-of-care testing. Seamless integration between LIS and any laboratory equipment and system, EHR, EMR, and PM systems allows for better coordination and exchange of patient data between laboratories and healthcare providers. Integrations are implemented on open standards and interfaces through HL7 or XML, or any proprietary protocol. Furthermore, LIS can play a crucial role in supporting personalized medicine initiatives by managing and analyzing genetic and molecular data. LIS provides a centralized platform for managing laboratory data, including patient information, test results, and quality control data. The demand for LIS is expected to increase as laboratories seek to streamline their operations and improve efficiency.
Related News & Articles:
https://www.marketsandmarkets.com/PressReleases/laboratory-information-system.asp
https://www.marketsandmarkets.com/ResearchInsight/laboratory-information-system.asp
https://finance.yahoo.com/news/laboratory-information-system-lis-market-130000683.html
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