Laboratory Information System (LIS) Market

New product launches, product enhancements, and strategic acquisitions along with partnerships & agreements were the key growth strategies adopted by market players in Laboratory Information Systems /LIS Market

The laboratory information systems (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%. Factors such as the rising prevalence of chronic diseases, the need for laboratory automation & increasing lab efficiency, and the development of integrated LIS are driving the growth of this market. Also, emerging countries and personalized medicine, along with the popularity of cloud-based LIS, are expected to provide significant opportunities for players in the market. On the other hand, 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.

The major players in the LIS market include Orchard Software Corporation (US), Sunquest Information Systems Inc. (US), Cerner Corporation (US), Computer Programs and Systems, Inc. (US), CompuGroup Medical AG (Germany), and Meditech (US). A detailed analysis of the developments in the market tracked between 2016 and 2018 revealed that product launches, product enhancements, and strategic acquisitions along with partnerships & agreements were the key growth strategies adopted by market players.

Orchard Software (US) was the leading player in the LIS market in 2018. The company focuses on various inorganic and organic growth strategies such as product deployments and partnerships to maintain and enhance its market share. Between August 2017 and August 2018, the company deployed about 135 innovative solutions at hospitals, independent labs, clinics, and other sites in the US to expand its end-user base. Continuous focus on R&D and technological advancements of the current laboratory information systems have helped the company to maintain a strong leadership position in the market.

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Sunquest Information Systems, Inc. (US) has a strong foothold in the LIS market. Sunquest focuses on product deployments and acquisitions to expand its business operations. In line with this strategy, from August 2017 to August 2018, the company deployed about 78 solutions across various settings such as hospitals, independent labs, clinics, and other sites. Moreover, in November 2016, Sunquest acquired UNIConnect, a firm that specializes in developing software for molecular laboratories. This acquisition was aimed to deliver an end-to-end precision medicine solution that advanced patient care.

Cerner Corporation (US) is also a leading player in the LIS market. The company offers an extensive range of hospital information and laboratory information products. To maintain its leading position in the market, the company focuses on the deployment of its innovative products and solutions. For instance, in the past three years, Cerner deployed more than ten solutions at several healthcare organizations and networks. The company is focusing on R&D investments to expand its business in core solutions areas such as EHRs, computerized physician order entry, and increasing penetration of complementary solutions that can be offered to the existing client base. Cerner has a potential scope for global expansion since only 11.9% of its revenue is contributed by clients outside the US.

Related Reports:

Laboratory Information System /LIS Market by Product (Standalone, Integrated), Component (Services, Software), End-user (Hospital Labs, Independent Labs, Pols), Delivery Mode (On-Premise, Cloud-Based), Analysis - Global Forecast to 2024

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Report Code
HIT 2808
RI Published ON
6/20/2019
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