NEW YORK, Oct. 6, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Laboratory Information System (LIS) Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Delivery Mode, Component, End User and Geography," the global laboratory information system (LIS) market size was valued at $2.17 billion in 2028 from $1.10 billion in 2021 it is estimated to grow at a CAGR of 10.4% from 2022 to 2028.

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Global Laboratory Information System (LIS) Market Report Scope, Segmentations, Regional & Country Scope:

Browse key market insights spread across 195 pages with 112 list of tables & 77 list of figures from the report, "Laboratory Information System (LIS) Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Standalone LIS and Integrated LIS), Delivery Mode (Cloud-Based Delivery Mode, Web-Based Delivery Mode, and On-Premises Delivery Mode), Component (Software and Services), and End User (Hospital Labs, Independent Labs, and Physicians' Office Labs)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/laboratory-information-system-lis-market

Global Laboratory information system (LIS) Market: Competition Landscape and Key Developments

Thermo Fisher Scientific Inc.; Illumina, Inc.; LABWORKS; LabLynx, Inc.; LabVantage Solutions, Inc.; Francisco Partners; CompuGroup Medical; Hex Labs; AAC Infotray AG; and McKesson Corporation are among the key companies operating in the global laboratory information system (LIS) market. TheSE companies adopt product innovation strategies to meet the evolving customer demands globally, allowing them to maintain their brand name in the global laboratory information system (LIS) market. A few of the recent developments in the global laboratory information system (LIS) market are mentioned below:

In April 2022, LabVantage Solutions, Inc. announced the introduction of LabVantage Forensic Navigator, an industry expert-built informatics platform designed to seamlessly manage the vast amounts of forensic evidence and data used throughout the entire criminal justice life cycle.

In February 2022, McKesson Medical-Surgical partnered with Orchard Software as an authorized distributor offering technology solutions that support workflow and efficiency of laboratories.

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In May 2022, LabLynx launched its newest LIS solution—CannaQA Standard Edition—made for startup and growing cannabis testing labs. This latest solution by LabLynx offers a streamlined version of the company's enterprise CannaQA solution with many of the product's great features but with a more affordable price and faster implementation timeline.

In April 2022, LabLynx, Inc.—a long-time leader in enterprise-level cloud-hosted LIMS/LIS—announced that it had developed the world's first LIS dedicated specifically to COVID-19 diagnostic testing.

Laboratory Information System (LIS) Market: Key Insights
Rise in the adoption of automation in laboratories and technological advancements in LIS are propelling the market growth. However, limited expertise in the healthcare IT domain and high costs of implementation of LIS are likely to restrain the growth of the global laboratory information system (LIS) market during the forecast period. The Standalone LIS segment held the largest share of the market in 2021. Also, the same segment is estimated to register a CAGR of 10.1% % in the market from 2022-2028. The Asia Pacific is expected to be the fastest-growing region in the laboratory information system market over the forecast period due to increasing clinical trials, various biological studies, and genomic studies. In addition, the growing biopharmaceutical industry, and increasing adoption of healthcare IT is further likely to contribute to the growth of the region.

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Laboratory information systems (LIS) are used to manage various tasks in the laboratory, including workflow management, instruments integration, records management, logistics management, decision making, enterprise resource planning, privacy, and security controls. Laboratories generate an ample amount of data that can be managed through LIS. LIS eliminates the chances of patient data getting misplaced or lost. It helps in storing, managing, and processing patient data. This reduces clerical work, improves communication, and improves the quality of information offered to the clinician.

Emergence of Cloud-Based LIS Services:
The demand for cloud-based LIS services is growing as the approach requires lower capital and operational expenditures than on-premises LIS. Cloud-based solutions allow healthcare organizations and clinical laboratories to share and integrate data from several locations, making the data collection process more efficient. The emergence of Internet-enabled cloud-based services has resulted in major advancements in the global laboratory information system (LIS) market. Advancements in virtualization and increased access to high-speed internet allow for faster innovation at lower costs. Companies that employ cloud-based solutions just have to pay for the software subscription instead of the complete licenses. Moreover, cloud-based LIS does not require any upfront capital expenditure for hardware, which reduces the burden on healthcare and clinical settings with a minimum requirement of IT personnel.

Pharmaceutical and medical device manufacturers are increasingly employing centralized corporate-based facilities to develop a virtual network of contract research, development, and manufacturing organizations (CRDMOs) and academic institutions. The adoption of cloud-based LIS solutions would enable them to manage large volumes of data gathered from their operations. Cloud-based delivery mode models would emerge as an effective LIS solution due to benefits such as increased data accessibility, cost-effectiveness, and real-time analysis, providing substantial growth prospects to the global laboratory information system (LIS) market players.

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