The market for laboratory information system market is expected to develop at a compound annual growth rate (CAGR) of 10.8% from 2024 to 2034, from its estimated USD 2.4 billion in 2023 to USD 7.42 billion by that time. Laboratory information systems are important for a variety of reasons, including streamlining processes, improving data accuracy, facilitating stakeholder communication, supporting regulatory compliance, facilitating quality control measures, optimizing resource utilization, and using data analysis to produce actionable insights.

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A software program created expressly to manage, process, and store data related to laboratory operations—particularly in clinical and diagnostic settings—is known as a laboratory information system (LIS). By automating various data management and patient testing procedures, it significantly contributes to increasing the precision and effectiveness of laboratory procedures.

GROWTH DRIVERS

Advanced data management features made available by LIS systems are necessary for personalized medicine, which demands treatment plans that are tailored to each patient's particular profile. The need for an efficient LIS that can handle a variety of datasets from genomic testing and other specialist diagnostics is expected to increase as healthcare moves toward more individualized treatment models. To encourage precision medicine innovation, for example, initiatives such as the Marcus Program in Precision Medicine Innovation make use of state-of-the-art LIS capabilities like digital pathology.

Strict regulatory requirements in the healthcare industry encourage the use of LIS systems to guarantee adherence to quality control procedures. Regulations pertaining to data integrity and reporting requirements must be followed by laboratories. Implementing LIS helps firms stay in compliance by providing strong audit capabilities and documentation trails.

MARKET SEGMENTATION:

By Product -

·         Standalone LIS

·         Integrated LIS

By Component -

·         Software

·         Services

By Delivery Mode -

·         On-premises LIS

·         Cloud-Based LIS

By End User -

·         Hospital Laboratories

·         Independent Laboratories

·         Physician Office Laboratories

·         Other End Users (Clinics, etc.)

By Region -

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

Key Players:

·         Clinysis

·         Prolis

·         COMPUTER PROGRAMS AND SYSTEMS, INC.

·         Agilent Technologies

·         CompuGroup Medical

·         Orchard Software Corporation

·         SOFT COMPUTER CONSULTANTS, INC. (SCC SOFT COMPUTER)

·         Aspyra

·         Comp Pro Med

·         Computer Service & Support, Inc.

·         Other Key & Niche Players

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