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Laboratory Information System (LIS) Market worth $4.0 billion | MarketsandMarkets

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CHICAGO, July 10, 2023 /PRNewswire/ — The laboratory information system (LIS) industry is set to witness significant growth and transformation in the near future. With the increasing demand for integrated and streamlined healthcare solutions, LIS is expected to play a vital role in optimizing laboratory operations, enhancing data management, and improving patient care. Advancements in technology, such as cloud computing, interoperability, and data analytics, will revolutionize the LIS landscape, enabling seamless integration with electronic health records (EHRs), telemedicine platforms, and other healthcare systems. This integration will facilitate efficient data exchange, enhance communication between healthcare professionals, and support evidence-based decision-making. Furthermore, the emergence of artificial intelligence and machine learning algorithms will enable automated data interpretation, quality control, and predictive analytics, leading to improved diagnostic accuracy, faster turnaround times, and enhanced patient outcomes. The LIS industry will also witness increased emphasis on cybersecurity and data privacy to safeguard patient information. Overall, the future of the LIS industry holds tremendous potential to revolutionize laboratory workflows, enhance healthcare delivery, and drive innovation in diagnostic medicine.       

Laboratory Information System (LIS) Market in terms of revenue was estimated to be worth $2.4 billion in 2023 and is poised to reach $4.0 billion by 2028, growing at a CAGR of 10.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as the need for laboratory automation, the development of integrated LIS, and growing investments in the adoption of EHR systems and subsequent integration with LIS primarily drive the growth of this market. Furthermore, the rising emergence of AI and advanced analytics, growing demand for LIS in biobanks and biorepositories, and rising demand for personalized medicine would provide lucrative opportunities to solution providers. AI-powered algorithms can automate routine tasks in the laboratory, such as sample handling, data entry, and result validation. AI can analyze images from laboratory tests, such as histopathology slides or radiology scans, to aid in the diagnosis and detection of abnormalities. Machine learning algorithms can learn from large datasets and provide accurate interpretations, assisting pathologists and radiologists in their evaluations. This reduces manual errors, improves turnaround times, and frees up laboratory staff for more complex tasks.

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Browse in-depth TOC on “Laboratory Information System (LIS) Market”
161 – Tables
46 – Figures
262 – Pages

Laboratory Information System (LIS) Market Scope:

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Report Coverage

Details

Market Revenue in 2023

$2.4 billion

Estimated Value by 2028

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$4.0 billion

Growth Rate

Poised to grow at a CAGR of 10.8%

Market Size Available for

2021–2028

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Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

Report Coverage

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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Product, Component, Delivery Mode, End User, and Region

Geographies Covered

North America, Europe, Asia Pacific, Latin America and Middle East & Africa

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Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Rising demand for personalized medicine

Key Market Drivers

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Development of integrated LIS

The integrated LIS segment is expected to be the fastest-growing laboratory information systems market, by product, during the forecast period.

Based on product, the laboratory information systems market is segmented into standalone LIS and integrated LIS. The integrated LIS segment is expected to grow at a higher CAGR during the forecast period. Integrated LISs allow seamless data sharing & interoperability across various healthcare settings and departments, enabling efficient communication among different stakeholders, such as laboratories, hospitals, clinics, and other healthcare providers. These systems facilitate the exchange of critical patient information, test results, and clinical data, leading to improved patient care coordination and continuity. The growth of the integrated LIS segment can be attributed to the advantages offered by these systems, such as enhanced data sharing & interoperability and robust analytics & reporting capabilities.

The hospital laboratories segment, by end-user, is expected to be the largest laboratory information systems market in 2023

Hospital laboratories would account for the largest share of the global end-user market in 2023. LIS solutions integrate various laboratory processes, including sample management, test ordering, result reporting, and data analysis. This integration reduces manual errors, enhances workflow efficiency, and promotes standardized practices. LIS solutions also provide a centralized platform for storing and managing patient and laboratory data. This enables healthcare professionals to access comprehensive patient information, track results, and analyze trends, leading to informed decision-making and improved patient care.

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Asia Pacific is expected to be the fastest-growing laboratory information systems market during the forecast period.

The global 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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Laboratory Information System (LIS) Market Dynamics:

Drivers:

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  1. Development of integrated LIS

Restraints:

  1. Lack of integration standards for LIS

Opportunities:

  1. Rising demand for personalized medicine

Challenges:

  1. Requirement of specialized LIS solutions

Key Market Players:

Major players operating in the laboratory information systems market are 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).

Recent Developments:

  • In May 2023, Clinisys acquired Promium, a provider of laboratory information management systems for environmental and analytical testing laboratories. This acquisition strengthens Clinisys’ position in public health and toxicology diagnostics and supports its global expansion.
  • In January 2023, Orchard Software Corporation announced the release of its new Enterprise Toxicology solution, which aimed to enhance patient care in toxicology laboratories by providing information system tools. The solution offers features such as an integrated workflow engine, plate mapping tools for patient safety, medication consistency interpretation, and customizable report formats.
  • In November 2022, Oracle Cerner and LabCorp formed a new collaboration to streamline lab operations for a leading nonprofit Catholic health system. Labcorp would manage hospital-based laboratories in 10 states using Cerner’s laboratory information system (LIS), aiming to enhance patient care and improve lab efficiency.
  • In November 2022, CompuGroup Medical (CGM) announced two add-on acquisitions in the areas of data solutions and US laboratory information systems. The acquisition of Medicus LIS strengthens CGM’s position as a software leader in the independent US laboratory segment, while the acquisition of GHG business operations complements CGM’s portfolio of data-based solutions for the healthcare sector.
  • In August 2022, Sparta Community Hospital, a critical access hospital in Sparta, Illinois, provided healthcare services to previously underserved areas through their Mobile Health Clinic. The hospital partnered with the Grand American World Trapshooting Championships to offer healthcare services. They leveraged the Evident EHR solution offered by Computer Programs and Systems, Inc. to provide primary care during the event. Sparta Community Hospital runs the full Evident EHR in its inpatient and clinic care settings.

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Laboratory Information System (LIS) Market Advantages:

  • Streamlined Workflow and Efficiency: LIS improves laboratory workflow by automating processes such as sample tracking, result entry, and report generation. It streamlines communication between laboratory departments, reducing manual errors and ensuring efficient operations. This leads to increased productivity, faster turnaround times, and enhanced overall efficiency.
  • Enhanced Data Management: LIS enables centralized and organized management of laboratory data. It provides a secure repository for storing and accessing patient information, test results, and other relevant data. This facilitates easy retrieval, data sharing, and analysis, leading to improved decision-making, research, and quality control.
  • Integration with Healthcare Systems: LIS integrates with other healthcare systems, such as electronic health records (EHRs), picture archiving and communication systems (PACS), and billing systems. This integration enables seamless data exchange and communication between different departments and healthcare professionals. It ensures a holistic view of patient information, promotes interdisciplinary collaboration, and improves continuity of care.
  • Quality Assurance and Regulatory Compliance: LIS incorporates quality control measures, ensuring adherence to regulatory standards and accreditation requirements. It facilitates standardization of laboratory procedures, tracks quality indicators, and provides comprehensive audit trails. These features enhance quality assurance, minimize errors, and support compliance with regulatory guidelines.
  • Data Analytics and Decision Support: LIS leverages data analytics capabilities to provide valuable insights for clinical decision-making and process optimization. It enables trend analysis, performance monitoring, and identification of potential bottlenecks. With the integration of artificial intelligence and machine learning algorithms, LIS can offer predictive analytics, aiding in early detection of diseases and treatment planning.
  • Cost Efficiency and Resource Optimization: LIS optimizes resource utilization by automating manual tasks, reducing paper-based processes, and minimizing duplication of efforts. It helps in inventory management, reducing wastage and unnecessary expenditures. Additionally, LIS aids in optimizing laboratory staffing, ensuring appropriate allocation of resources based on workload and priorities.
  • Improved Patient Care and Safety: LIS enhances patient care and safety by reducing errors, improving result accuracy, and facilitating timely access to critical information. It enables real-time alerts for abnormal results, enhances specimen traceability, and ensures proper patient identification. These features contribute to improved diagnostic accuracy, patient management, and patient outcomes.
  • Scalability and Adaptability: LIS systems are designed to accommodate the evolving needs of laboratories and healthcare organizations. They can scale up to handle increasing volumes of data and accommodate new tests and technologies. Additionally, LIS systems are adaptable to various laboratory settings, including clinical laboratories, research institutions, and reference laboratories.

In summary, the LIS market offers advantages such as streamlined workflow, enhanced data management, integration with healthcare systems, quality assurance, data analytics and decision support, cost efficiency, improved patient care and safety, and scalability. These advantages contribute to the growing importance of LIS in modern healthcare settings and highlight its potential to optimize laboratory operations, improve patient outcomes, and drive efficiency in healthcare delivery.

High-Throughput Screening Market – Report Highlights:

  • Market Overview: This edition includes updated market dynamics and market ecosystems specific to the laboratory information systems market.
  • Industry Trends: This new edition includes an updated market map, value chain analysis, revenue shift analysis, case studies, technology analysis, market ecosystem, regulatory landscape, Porter’s Five Forces analysis, and trends/disruptions impacting customers’ businesses that are specific to the laboratory information systems market.
  • Company Profiles: In this edition, 28 players have been profiled, and the product portfolios of the key players have been updated. It also includes updated financial information from 2020 to 2022/2021 (wherever available).
  • Recent Developments: Recent developments help understand the market trends and growth strategies adopted by the key players. For instance, in this market, product launches and enhancements increased during 2021–2023. Therefore, updated information for the mentioned period is provided.
  • Latest Product Portfolio: Tracking the products offered by the companies helps in improved analysis of the market segmentation. This edition provides updated product portfolios of the companies profiled.

Related Reports:

Lab Automation Market – Global Forecasts to 2028

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Laboratory Information Management System Market – Global Forecasts to 2028

Laboratory Informatics Market – Global Forecasts to 2026

Laboratory Centrifuge Market – Global Forecasts to 2026

Medical Equipment Maintenance Market – Global Forecasts to 2026

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Blockchain Press Releases

Compass Mining Scales Texas Operations with 25 MW Bitcoin Mining Facility, Plans Further Expansion

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Energizes Over 50 MW in 2024 Across Six States, with 35 MW Coming Online by January 2025

WILMINGTON, Del., Dec. 20, 2024 /PRNewswire/ — Compass Mining (“Compass” or the “Company”), a leading provider of Bitcoin mining hardware, hosting, and operational solutions, proudly announces the addition of a new 25 megawatts (MW) Bitcoin mining facility in Texas to its growing network of North American operations. The facility is already fully built out and will be operational with an initial 5 MW of capacity by year’s end, scaling to 25 MW in early January 2025. Compass also plans to expand the facility’s capacity to 60 MW by Q3 2025.

The new Texas facility will house a mix of relocated machines from Compass’s existing sites, as well as newly deployed units, ensuring continuity for current customers while offering new clients a seamless and turnkey Bitcoin mining experience. By January 2025, new customers purchasing machines through Compass’s platform will have the option to deploy them at the “Texas 6″ site.

“Our new Texas facility represents another milestone in our mission to make bitcoin mining more accessible for everyone,” said Paul Gosker, CEO of Compass Mining. “We bring a wealth of experience from successfully operating at multiple locations across Texas, navigating the unique grid dynamics and leveraging local resources. For this site, we will provide our support and expertise, including assisting our site partner in hiring expert technicians who meet Compass’s high standards. This ensures high uptime and reliability, delivering the quality our customers expect.”

Compass’s strategy combines vertical integration through proprietary facilities, such as the new Iowa 4 site, with partnerships at third-party facilities renowned for high uptime and reliability. This dual approach allows the company to maintain operational flexibility while delivering reliable hosting solutions. The company has energized a total of approximately 50 MW of power capacity across mining facilities in Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas in 2024, with plans to add another 35 MW by January 2025.

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About Compass Mining

Compass Mining is a customer-first company that provides a platform for individuals and businesses to purchase Bitcoin mining hardware, host machines, build and manage mining facilities, and access a range of ancillary services. With a commitment to exceptional customer support and transparency, Compass Mining sets the benchmark for bitcoin mining hosting. Its mission is to make Bitcoin mining accessible to everyone. To learn more about Compass Mining or to start mining today, visit compassmining.io.

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BlocksBridge Consulting
[email protected] 

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Blockchain Press Releases

Surprises Guaranteed: Bybit Card Dishes Out Rewards in Holiday Giveaway

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DUBAI, UAE, Dec. 20, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will be extending the festive fun with lavish virtual gifts for Bybit Card holders. From Dec. 20, 2024 to Jan. 31, 2025, with every swipe of their Bybit Card, users may get a chance to unwrap mystery gift boxes, including 1,000 in USDT and other exciting airdrops from DOGE to BTC—all rewards, no catches.

For each 100 USDT spent in eligible purchases with the Bybit Card, users will receive a lucky draw ticket to redeem a gift box on Bybit. Each gift box promises a crypto reward—from Christmas baubles in DOGE, SOL, ETH, XRP and BTC airdrops, all the way up to the grand prize of 1,000 in USDT. Registration is required and the special Holiday Giveaway ends at the end of Jan. 2025.

For users looking for a convenient way to utilize their crypto assets for daily spendings and debit payments, it is not too late to apply for the Bybit Card. The application and verification process takes minutes, and a virtual card will be issued as soon as the card is approved, enabling seamless digital payment on Apple and Android devices in applicable regions.

“The Bybit Card takes the hassle out of crypto off-ramp for regular users and weaves rewards and benefits into daily spendings. On top of regular cashbacks, we are introducing extra perks as our token of thanks to wrap up an eventful year in crypto,”  said Joan Han, Sales and Marketing Director at Bybit.

The Bybit Card made expansive global footprints 2024 as crypto adoption continues to rise in the past year. Trusted and frictionless crypto payment solutions are in demand in various parts of the world, and Bybit is one of the natural habitats of crypto native consumers. Spanning from Buenos Aires to Amsterdam, the Bybit Card community is growing and so are the perks:

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  • Up to 10% cashback in USDT, BTC and ETH on eligible purchases
  • Zero fees for instant virtual card issuance
  • Zero annual or hidden fees
  • Up to 8% APY

Enjoy this festive season in all its splendor. Eligible Bybit Card holders from all regions are welcome; terms and conditions apply: Bybit Card Holiday Giveaway: Swipe, Spend & Sparkle!

#Bybit / #TheCryptoArk #theBybitCard

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press
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Blockchain Press Releases

Bybit P2P Unlocks 20,000 USDT Prize Pools for Select Users in South Asia and Africa

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DUBAI, UAE, Dec. 20, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will be concluding 2024 with lucky spins all around for eligible users on Bybit P2P. With a chance at two grand bonus pools of 10,000 USDT each, select users in parts of South Asia and Africa stand to make the most of their P2P trades at Bybit.

From now to Dec. 31, 2024, eligible users may create their own P2P trading bonus at Bybit and unlock 100% chance of winning:

Successful participants may complete one or more referral, deposit, or trading tasks to earn up to 10 Lucky Draw Tickets. Tasks start at beginner level including a first-time deposit of 10 USDT. With a Ticket, users get to spin the wheel of fortune for a guaranteed airdrop from the 10,000 USDT Prize Pool.

As communities in the Global South start to build and diversify their wealth, millions are in dire need of modernized and inclusive financial infrastructures. The digital asset class offers an alternative for grassroot investors in emerging markets, demonstrating transformative power to shape the future of growth.

Bybit’s peer-to-peer trading platform provides user-friendly and trusted tools for P2P merchants and buyers. Users can compare and execute trades at an optimal price agreed upon by both parties, carried out on Bybit’s ultra smooth trading platform at zero fees. Supporting over 60 fiat currencies and over 300 payment methods, Bybit P2P contributes to democratizing access to the digital economy.

Users who have completed Bybit Identity Verification Level 1 may log in to confirm their eligibility. Terms and conditions apply.

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#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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