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
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.
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.