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The laboratory information systems market is projected to reach USD 2,416.9 million by 2024 from USD 1,781.7 million in 2019, at a CAGR of 6.3%. Growth in the LIS market can be primarily attributed by the rising prevalence of chronic diseases, the need for laboratory automation and increased lab efficiency, and the development of integrated LIS, among others. Emerging countries and personalized medicine, along with the popularity of cloud-based LIS, are expected to provide significant opportunities for players in the market. However, 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.
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Growing popularity of cloud-based LIS
The emergence of cloud-based services has led to significant advances in the LIS market. With cloud-based solutions, companies are only required to pay for the software subscription instead of purchasing full licenses, which reduces the maintenance costs related to in-house deployment. Moreover, a cloud-based LIS solution does not require any upfront capital investments for hardware, which reduces the burden on healthcare systems, minimizes the requirement of IT staff, and provides rapid and secure data transfer.
Pharmaceutical companies are inclined towards employing centralized corporate-based facilities to create a virtual network of contract research, development, and manufacturing organizations (CRDMOs) and academic institutions. The adoption of cloud-based solutions will aid these organizations in dealing with the large volumes of data generated from these activities; it will also help reduce the total cost of ownership of laboratory information systems. Due to benefits such as enhanced data accessibility, cost-effectiveness, and real-time analysis, cloud-based models have emerged as effective solutions for operating LIS systems, thereby offering significant growth opportunities to LIS vendors.
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Interfacing with diverse laboratory instruments
With the changing nature of procedures, technologies, and screening work in laboratories, it has become increasingly important to streamline laboratory workflows. The changing nature of laboratory work requires automated solutions with greater flexibility and interfacing capabilities. Better interfacing offers flexibility and the ability to rapidly configure multiple application-oriented tasks, which leads to increased productivity and data standardization in organizations. Some laboratories may have decade-old instruments that require a different kind of interface. Delivering software solutions that are compatible with diverse laboratory systems is one of the major challenges providers face.