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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