Laboratory Information System Market: A Comprehensive Analysis and Future Projections - 2028
According to research report the Laboratory Information System Market is projected to reach USD 4.0 billion by 2028 from USD 2.4 billion in 2023, at a CAGR of 10.8% during the forecast period. Growth in this market is predominantly driven by the need for laboratory automation and the development of integrated laboratory information systems. However, a lack of integration standards is expected to hamper the growth of this market during the forecast period to a certain extent.
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Opportunity: Rising demand for personalized medicine
Personalized
medicine involves using the uniqueness of each patient’s pathology and
physiology to tailor treatment and prevention procedures for gaining
optimal results. The need for personalized medicine is on the rise owing
to the growth in the aging population and the increasing incidence of
chronic diseases such as cancer. For these disease conditions,
personalized medicine offers opportunities to provide targeted therapies
to destroy tumor cells with less impact on other healthy cells. In
personalized medicine, pathology data is required to prescribe the best
possible therapy. LIS solutions can be beneficial in this regard as
these solutions offer advanced functions, such as digital pathology and
companion algorithms, for specimen slide diagnosis to help detect cancer
cells and thus enable early diagnosis.
Challenge: Requirement of specialized LIS solutions
Most
medium and large clinical diagnostic laboratories comprise specialized
laboratory units for chemistry, microbiology, and hematology. These
laboratories have unique workflow needs and hence require unique LIS
solutions to meet these requirements. Furthermore, some laboratories
require customizable non-clinical functionalities such as client
connectivity and billing. Coming up with solutions that cater to the
unique requirements of these specialized laboratory units is a major
challenge for LIS vendors.
Prominent market players in the
laboratory information systems market include Orchard Software
Corporation (US), Clinisys (US), Oracle Corporation (US), Computer
Programs and Systems, Inc. (US), CompuGroup Medical (Germany), Soft
Computer Consultants, Inc. (US), American Soft. Solutions Corp. (US),
Epic Systems Corporation (US), Altera Digital Health (US), Aspyra (US),
Comp Pro Med Inc. (US), Computer Service & Support, Inc. (US),
Clinical Software Solutions (US), GPI S.p.A. (Italy), LigoLab
Information Systems (US), LabWare (US), LabVantage Solutions, Inc. (US),
XiFin, Inc. (US), Seacoast Laboratory Data Systems (US), Veradigm LLC
(US), WebPathLab (US), Apex Healthware (US), TECHNIDATA (France),
Pathagility (US), HEX Laboratory Systems (US), Clinsis (Nicaragua),
Alphasoft (Germany), and Dendi, Inc. (US).
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Asia Pacific is expected to be the fastest-growing laboratory information systems market during the forecast period.
The
global laboratory information systems market has been divided into
regions including North America, Europe, Asia Pacific, Latin America,
and Middle East & Africa. The Asia Pacific market is anticipated to
exhibit the highest CAGR throughout the forecast period. Emerging
economies in the Asia Pacific region, such as India and China, present
lucrative growth opportunities for market participants. Factors
contributing to this growth include the increasing adoption of digital
healthcare technologies, improving IT infrastructure, the demand for
affordable healthcare, favorable government norms, rising number of
chronic diseases, rising standards and quality of hospital care and
clinical testing, and the high incidence of cancer and chronic diseases
are expected to boost the adoption of laboratory information systems
solutions in Asia Pacific.
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