Revolutionizing Lab Operations: A Comprehensive Analysis of Leading Players in LIS Market

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The global laboratory information systems market is projected to reach USD 2.4 billion by 2026 from USD 1.5 billion in 2021, at a CAGR of 9.0% during the forecast period. A laboratory information system (LIS) is a software solution that handles the receiving, processing, and storage of information generated by laboratories. Growth in the LIS market can be primarily attributed to the rising prevalence of chronic diseases, the need for laboratory automation & increased lab efficiency, and the development of integrated LIS. The surge in demand for personalized medicine and the growing popularity of cloud-based LIS is expected to provide significant opportunities to the market players, especially in emerging economies. However, high maintenance and service costs, the requirement of specialized laboratory units, interfacing issues, and a dearth of skilled professionals are likely to challenge market growth in the coming years.

Some of the prominent players operating in the laboratory information systems (LIS) market are Orchard Software Corporation (US), Sunquest Information Systems (US), Cerner Corporation (US), CompuGroup Medical (Germany), Computer Programs and Systems Inc. (US), Meditech (US), SCC Soft Computer (US), Epic Systems Corporation (US), Comp Pro Med (US), American Soft Solutions Corp. (US), Allscripts Healthcare Solutions, Inc. (US), WebPathLab (US), XIFIN (US), Clinsis (Nicaragua), Computer Service and Support (CSSLIS) (US), ASPYRA LLC (US), Apex Healthware (US), Pathagility (US), LabVantage Solutions (US), HEX Laboratory Systems (US), LigoLab Information Systems (US), TECHNIDATA (France), Seacoast Laboratory Data Systems (US), Alphasoft GmbH (Germany) and Dendi, Inc. (US), among others.

To know about the assumptions considered for the study download the pdf brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=232312738

TOP LABORATORY INFORMATION SYSTEMS (LIS) MARKET PLAYER

Orchard Software Corporation is one of the prominent players in the laboratory information systems market. It offers the Orchard Harvest and Orchard Enterprise Lab Solution. The company adopted various inorganic and organic growth strategies such as product launches and acquisitions to maintain and enhance its market share. The company has deployed more than 150 solutions at hospitals, independent labs, clinics, and other sites in the US. Orchard has a strategic focus on growing emerging markets, such as the Asia Pacific and the Middle East.

Sunquest Information Systems is a publicly held company. Its dominant position can be attributed to its range of laboratory solutions, including Sunquest Laboratory, Sunquest PowerPath, and Sunquest Blood Bank. The company focuses on product deployments and acquisitions to expand its business operations. The company has deployed around 100 solutions across various settings to expand its end user base.

Cerner Corporation is another prominent player in the LIS market. The company’s dominant position can be attributed to its suite of laboratory solutions. Its strong foothold in this market can be attributed to its focus on acquisitions and partnerships with government and private institutes. For example, between 2019 and 2021, the company collaborated with various healthcare organizations in the US, such as Xealth (US) and Tenet Healthcare Corporation (US).

Drivers: Development of Integrated LIS

The demand for advanced data management solutions is on the rise with the ever-changing requirements of laboratories. As standalone LIS does not meet all laboratory requirements, modern and agile information systems are increasingly being adopted to run laboratories efficiently. This is particularly evident in the increasing integration of LIS with EHR. LIS within EHR is beneficial in financial and operational capabilities, expected to increase its adoption among healthcare providers. Integrated LIS solutions help ease lab workflow, provide standardized and quality diagnosis, enable simplified solution deployment, and help in reducing the cost associated with installing new and independent LIS systems. Moreover, integrated systems reduce the separate maintenance and service cost incurred on LIS systems.

Integrated solutions greatly assist in compliance with regulatory requirements in the life sciences industry. These solutions provide laboratory and enterprise information at a single point of access and eliminate the gaps in communication between enterprises and stakeholders. Other benefits include better laboratory workflows, reduction of the maintenance cost, easy retrieval of laboratory data, accelerated validation process, quality assurance of products, and regulatory compliance.

Opportunities: Growth potential of emerging countries

China, Malaysia, Singapore, Brazil, India, and Middle Eastern countries are major upcoming markets for LIS. In most of these countries, the LIS market is still in the nascent stage. In addition, these markets lack proper standards and government regulations, thus offering potential growth opportunities for vendors unable to meet the standards set by governments in markets such as the US.

Over the last few years, there has been a significant increase in clinical research activities in Asian countries. According to the Clinical Trials Arena, ~45% of the world’s clinical trials were carried out in the Asia Pacific region in 2020. The large volume of data generated during such research activities is expected to necessitate data management systems.

Related Links

https://www.marketsandmarkets.com/Market-Reports/laboratory-information-system-market-232312738.html

https://www.marketsandmarkets.com/ResearchInsight/laboratory-information-system-market.asp

https://www.marketsandmarkets.com/PressReleases/laboratory-information-system.asp

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