Global Laboratory Information Systems Market Is Estimated To Witness High Growth Owing To Increasing Demand for Efficient Data Management and Growing Adoption of Laboratory Automation Platforms
The Laboratory Information Systems Market is estimated to be valued at US$ 2.2 Bn in 2021 and is expected to exhibit a CAGR of 8.3% over the forecast period of 2022 to 2031, as highlighted in a new report published by Coherent Market Insights.
Laboratory Information Systems Market |
Market Overview:
Laboratory Information Systems (LIS) are computer systems
used in clinical laboratories and hospitals to manage and store patient data,
test results, and other laboratory information. These systems improve workflow
efficiency, reduce errors, and enhance patient care. LIS also enable
integration with other healthcare systems, such as electronic health records
(EHRs), to ensure seamless information sharing across healthcare settings. The
increasing demand for efficient data management and the growing adoption of
laboratory automation platforms are driving the growth of the Laboratory
Information Systems Market.
Market Dynamics:
The Laboratory Information Systems Market is driven by two
key factors. Firstly, the increasing demand for efficient data management in
laboratories is boosting market growth. LIS enable laboratories to handle large
volumes of data and efficiently manage and track patient information and test
results. This improves workflow efficiency, reduces errors, and enhances
overall laboratory productivity. Secondly, the growing adoption of laboratory
automation platforms is fueling market growth. LIS integrated with automation
platforms enable laboratory processes to be streamlined and automated, leading
to increased productivity and improved accuracy. These drivers are expected to
propel the growth of the Laboratory Information Systems Market over the
forecast period.
SWOT Analysis:
Strength: The laboratory information systems market is expected to witness high
growth due to the increasing demand for efficient data management and
integration in laboratories. Key players in the market such as Cerner Corp.,
Sunquest Information Systems, and Epic Systems Corporation are well-established
and offer cutting-edge solutions to cater to the evolving needs of
laboratories.
Weakness: One weakness of the laboratory information systems market is the high
cost associated with implementing and maintaining these systems. Additionally,
the complexity of integrating these systems with existing infrastructure and
workflows can act as a barrier for adoption.
Opportunity: There are two key opportunities in the laboratory information
systems market. Firstly, the increasing adoption of cloud-based solutions
offers a cost-effective and scalable option for laboratories, providing them
with flexibility and accessibility to their data. Secondly, the growing trend
of data-driven decision-making in healthcare and research settings creates a
favorable environment for the market's growth.
Threats: Two threats to the laboratory information systems market include
potential data breaches and cybersecurity risks, as the storage and management
of sensitive patient information are involved. Additionally, the market faces
competition from alternative solutions such as laboratory information
management systems (LIMS) and electronic medical record (EMR) systems.
Key Takeaways:
The global
laboratory information systems market is expected to witness high
growth, exhibiting a CAGR of 8.3% over the forecast period from 2022 to 2031,
due to the increasing demand for efficient data management and integration in
laboratories. Among regions, North America is expected to be the
fastest-growing and dominating region in the market, driven by the presence of
key players, robust healthcare infrastructure, and a high adoption rate of
advanced laboratory technologies. Key players operating in the laboratory
information systems market include Cerner Corp., Sunquest Information Systems,
Inc., Evident, McKesson, Orchard Software, Medical Information Technology, Epic
Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup
Medical, and LabWare. They offer a comprehensive range of laboratory
information systems solutions and have a strong market presence.
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