Over the course of the projected period, rising chronic disease prevalence is anticipated to drive market expansion for laboratory information systems worldwide. For instance, according to the World Health Organization, there were 18.1 million new instances of cancer and 9.6 million cancer-related deaths worldwide in 2018. Additionally, it is anticipated that rising laboratory automation demand and the development of integrated LIS will accelerate market expansion. For instance, in December 2019, Dorado Health System, a four-hospital academic system, granted Health Gorilla a license to link with Dorado's IT systems, such as electronic medical record systems and laboratory information systems, in order to aggregate clinical documents for each patient the system manages. The emergence of medical tourism in several Asian nations, including Vietnam, Thailand, Malaysia, Indonesia, India, and the Philippines, is anticipated to open up lucrative growth prospects for market participants in the laboratory information systems space. In addition, the region's strong need for diagnostic testing is a result of the rising prevalence of numerous diseases in Asia and the Pacific.
According to Coherent Market Insights, The market for Laboratory Information Management Systems worldwide was worth US$ 862.3 Mn in 2018 and is projected to grow at a CAGR of 9.6% from 2018 to 2027, reaching US$ 2,013.7 Mn.
Major Players in the Laboratory Information Management Systems Industry
1. Cerner Corp.
The business was founded in 1979 and is located in North Kansas City, Missouri, United States. An American provider of hardware, software, and health information technology (HIT) services is Cerner Corporation. The purchase of Cerner by Oracle Corporation for about $28.3 billion was announced on December 20, 2021.In June 2022, the deal was completed.
2. Epic Systems Corporation
The company was started in 1979 and is based in Verona, Wisconsin, United States. The company Epic Systems Corporation creates, designs, and develops software. The company provides a range of management tools to multi-hospital systems, safety net providers, children's groups, academic institutions, and community hospitals. Baptist Health, Memorial Hermann Health System, and Emory Healthcare all made the migration from Cerner to Epic in 2022.
3. McKesson Corporation
The company was started in 1833 and is based in Irving, Texas, United States. In addition to providing instruments for care management, healthcare equipment, and health information technology, The McKesson Corporation is an American company that distributes prescription medications. The private equity firm Aurelius Group paid £477 million to acquire McKesson UK in April 2022.
4. Sunquest Information Systems, Inc.
The company was started in 1979 and is based in Tucson, AZ, United States. The company offers information systems for the healthcare industry. The company provides services to big and medium-sized clinics, hospitals, and other amenities, providing integrated delivery networks made up of numerous different healthcare organizations with multiple locations.
5. Medical Information Technology
The company was started in 1969 and is based in Westwood, Massachusetts, United States. The business creates and markets information solutions for hospitals and other healthcare facilities. Expanse Patient Care, a web-based application program that enables nurses and therapists to carry out administrative chores through a mobile device, was introduced by Meditech on January 29, 2020.
6. SCC Soft Computer
The firm was started in 1979 and is located in Florida, United States. The business creates and produces software for medical information systems. The business provides software for patient reporting, specimen tracking, multisite consolidation, and laboratory and microbiology information. Clinical and laboratory information systems are provided by SCC Soft Computer to the healthcare sector.
7. Roper Technologies Inc.
The firm was founded in 1890 and is based in Sarasota, Florida, United States. Industry-related equipment is produced and sold by Roper Technologies, Inc. The company provides software solutions, radio frequency identification (RFID) communication technology, fluid handling, pumps, analytical instrumentation equipment, medical and scientific devices, and industrial controls.
*Definition: A healthcare IT tool called a laboratory information system (LIS) collects, stores, and maintains patient data that is received and collected during medical procedures and testing. The database of the LIS contains the saved data for later use.
