6.3% CAGR of Laboratory Information System | LIS Market Growth During the Forecast Period - ReportsnReports.com
PUNE, India, Nov. 25, 2019 /PRNewswire/ -- The Laboratory Information System LIS Market is projected to reach USD 2.4 billion by 2024 from USD 1.8 billion in 2019, at a CAGR of 6.3%. The need for laboratory automation and increased lab efficiency, development of integrated LIS, the need to comply with regulatory requirements, and the rising prevalence of chronic diseases are driving the growth of the LIS market. Emerging countries and personalized medicine, along with the popularity of cloud-based LIS, are expected to provide significant opportunities for players in the market. However, high maintenance and service costs, the requirement of specialized laboratory units, interfacing issues, and a dearth of skilled professionals will challenge market growth in the coming years.
Top Company Profiles in this Report:
Orchard Software Corporation
Sunquest Information Systems, Inc. (Acquired By Roper Technologies, Inc.)
Cerner Corporation
Computer Programs and Systems, Inc. (CPSI)
CompuGroup Medical AG
Meditech (Medical Information Technology, Inc.)
SCC Soft Computer
Epic Systems Corporation
Comp Pro Med, Inc.
Schuyler House
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This Report studies the LIS market based on delivery mode, product, component, end user, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.
Based on component, the LIS market is segmented into software and services. The software segment is projected to grow at the highest CAGR during the forecast period due to the availability of advanced and automated laboratory software, increasing focus of industry players to develop innovative LIS software, and the growing demand for LIS software in developing countries.
Based on end user, the LIS market is segmented into hospital laboratories, independent laboratories, physician office laboratories, and other end users (blood banks, retail clinics, and nursing homes).In 2018, the hospital laboratories segment accounted for the largest market share, owing to the implementation of LIS in hospitals and hospital laboratories to reduce waiting times for patients and improve the quality of diagnostics. Moreover, LIS can facilitate long-distance discussions with experts and also make digital slide images of specimens (such as blood smears or frozen sections) available online. Owing to these benefits, hospitals across the globe are increasingly adopting LIS.
Geographically, the LIS market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share of the LIS market in 2018. The large market share of North America in the LIS market can be attributed to the increased reimbursement for pathology procedures, rising prevalence of cancer, and the presence of several major players in the US.
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Key benefits of buying the report
This report focuses on various levels of analysis, such as industry trends, the market rankings of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the LIS market, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner higher market shares.
Table of Contents in LIS Market Report:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Laboratory Information Systems Market, By Component
7 Laboratory Information Systems Market, By Product
8 Laboratory Information Systems Market, By Delivery Mode
9 Laboratory Information Systems Market, By End User
10 Laboratory Information Systems Market, By Region
11 Competitive Landscape
12 Company Profiles
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