Laboratory Information Systems (LIS) Market Emerging Technologies by 2023

Posted by vinit sawant on April 29th, 2021

Global Laboratory Information Systems Market - Overview

The global LIS market size is expected to grow at a CAGR of 7.3% between 2016 and 2027, driven by growth from both developed and emerging markets.

LIS, used in both large and small scale companies, provide a platform to automatically obtain, store and archive information, track samples, and generate reports efficiently. The LIS products vary widely in terms of cost, sophistication, and industrial focus.

Laboratory information system (LIS) is a comprehensive information system developed and configured to process, store and manage information pertaining to industrial and medical-related laboratories which include clinical and analytical laboratories. LIS plays an important role in streamlining the process and generating high quality data to support effective clinical decisions.

The LIS provides information that helps hospitals in the diagnosis, prevention, management and treatment of diseases, and acts an indicator for public health. The LIS has now emerged as a necessity for both small and large diagnostic and drug companies’ laboratories. The ability of both clinical and analytical laboratories to better manage data and incorporate collaborative technological tools into their day-to-day operations has become critical to remain competitive.

As industrial and medical laboratories are diverse with different requirements, hence, there is no standard information system designed for laboratories. Therefore, a LIS is customized, developed, and configured according to the requirements of a laboratory.

There are various different applications of LIS including drug delivery and clinical diagnostics. LIS in clinical diagnostics includes anatomic pathology systems; microbiology, genetic and molecular diagnostics support systems; blood bank systems; and billing or accounts receivable or revenue cycle management (RCM) systems.