Laboratory Information System Market

Global Laboratory Information System Market Size (2022 to 2027)

As per our report, the global laboratory information system market size is estimated to grow USD 3.72 billion by 2027 from USD 2.44 Billion in 2022 and register a CAGR of 8.8% during the forecast period.

Laboratory Information Systems are used to manage various aspects of a medical laboratory. It is a computer system integrated with hardware and software to manage healthcare information in laboratories effectively.

Impact of COVID-19 on the global laboratory information system market:

The novel coronavirus (COVID 19) has led to the striking loss of human lives and presents an abnormal public health challenge. Cloud-based laboratory information systems in registering maximum increase during the pandemic period. Vendors are surging, capitalizing on developing LIS software for various healthcare verticals. For instance, LabWare Technologies collaborated with the National Health Service to provide laboratory management software to healthcare settings across the United Kingdom. The pandemic crisis is imposing a measurable impact on the laboratory information systems market. Prominent adoption is observed since the ongoing COVID-19 impact, permitting the healthcare providers to center on drug and vaccine development by smoothening data collection procedures. Clinical laboratories find it challenging to manage the quick inflow of COVID-19 testing samples, influencing their capability to offer proper testing. The significant key players in the LIS market collaborate with the government and other private sectors to engage developed technologies for executing COVID-19 testing potentialities. The hospital-grade laboratory information systems are gaining momentum. The flourishing demand for continuous lab testing during the pandemic crisis led to the surging capacity in most clinical laboratories.

MARKET DRIVERS:

Y-O-Y rise in the prevalence of chronic diseases is one of the significant factors boosting the global laboratory information system market growth.

The rise in the adoption rate of laboratory information systems due to the beneficial features of these systems, such as integrating electronic records with the LIS, accurate subtyping of diseases, and better efficiency of clinical workflows, are significantly contributing to the growth of the laboratory information system market. In addition, increasing demand for innovative and advanced technologies led to rising in the account of research and development activities in genomics and personalized medicine; these factors are catalyzing the growth of the global laboratory information system market. 

The emergence of novel and innovative laboratory information systems offering enhanced customer services and support is supposed to create lucrative growth opportunities for key market players in this industry during the forecast period. In addition, increasing demand for laboratory information systems in clinical research in countries like India, China, Brazil, Singapore, Malaysia, and Middle Eastern countries boosts the LIS market further.

Consistently increasing demand for personalized medicine is likely to boost the laboratory information system market to climb new growth heights.

MARKET RESTRAINTS:

High costs associated with the service and maintenance of laboratory information systems pose a significant challenge to the stakeholders in the market, resulting in restraining the growth of the global laboratory information system market. In addition, budget constraints in the small and medium-scale laboratories limit the adoption rate of technologically advanced systems, limiting the growth of the laboratory information system market.

Lack of stringent regulations and standards is another significant opportunity for the key players in economically emerging countries and is assumed to expand during the projection period.

REPORT COVERAGE:

This research report on the global laboratory information system market has been segmented and sub-segmented into the following categories and analyzed market size & forecast for each segment until 2027.

Laboratory Information System Market - By Component:

• LIS Services
• LIS Software
• LIS Hardware

The LIS software segment is estimated to witness the highest CAGR during the foreseen period based on the component. Availability of advanced and automated laboratory software, rise in focus of industry players to develop innovative LIS, and the growing demand for LIS software in emerging industries are majorly attributing the growth of this segment.

Laboratory Information System Market - By Delivery Mode:

• Cloud-Based
• On-Premises

Cloud-based models have become prominent and account for the most substantial portion as practical solutions, promoting the Global Laboratory Information Systems market growth based on delivery mode.

Laboratory Information System Market - By End User:

• Hospitals
• Independent Laboratories
• Clinical Laboratories
• Others

Based on the End-User analysis, the hospital's segment has acquired the most significant market share in the global LIS market in 2019. Increasing usage of hospitals and hospital laboratories is the primary factor expanding the growth of this segment.

Laboratory Information System Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American market dominates the Global Laboratory Information System Market and is foreseen to multiply during the forecast period. Factors such as rise in prevalence of cancer, presence of key market players in the region, availability of advanced healthcare systems, and encouraging reimbursement policies in the area for pathology procedures.

The European LIS market is expected to showcase promising growth during the forecast period. Factors such as the growing occurrence rate of chronic diseases, increasing awareness about new technologies associated with different laboratories are majorly driving the European market.

However, the Asia-Pacific region is estimated to witness the quickest growth rate during the review period. Increasing healthcare expenditure and advancements in the healthcare IT sector is propelling market growth. Enlarging the effectiveness of medical laboratories, the growing stipulation for error-free diagnosis is fueling the growth. Japan is dominating the region with the largest share over the market, which China and India follow. Emerging countries like Singapore, Australia, India, and China market is growing by the factors like increasing geriatric population, rising patient pool, and improving healthcare facilities are boosting the growth of the laboratory information system market during the analysis period.

The Latin America region is projected to have stable and steady growth during the foreseen period. Growing awareness about electronic healthcare record systems and their increasing prominence incorporated with assisting government programs and policies are predicted to surge the Latin American LIS market during the forecast period.

The Middle East & Africa region is predicted to have the least share of the LIS market due to middle-income countries' existence driving the market growth. However, the lack of healthcare awareness and advanced technology are restricting market growth over the period. Of this region, Saudi Arabia and UAE dominate the region regarding the market, which owes to a good economy, expert professionals, and availability of new and recent technologies.

KEY MARKET PLAYERS:

The list of key competitors in the global laboratory information system market profiled in this report is Cerner Corporation, Mckesson, Epic System Corporation, Medical information technology, SCC Soft Computer, Sunquest Information systems, Labware, Compugroup Medical, and Evident.

The global LIS market is aided by the increasing initiatives from government and industry players in the healthcare IT sector and laboratory services.

RECENT MARKET HAPPENIGS:

• In July 2019, the Cerner Corporation announced that the company is looking to collaborate strategically with Amazon Inc. to improve its productivity and enhance business operations by adopting a cloud platform offered by Amazon Web Services. In addition, the company expects to boost its services and provide better solutions for its customers by integrating machine learning and artificial intelligence into healthcare.
• LabVantage Solutions, Inc. has developed a medical suite for laboratory solutions called LabVantage medical suite based not their laboratory information mage meant system platform. The medical suite is mainly designed to integrate significant laboratory disciplines such as genomics, microbiology, pathology, and other functions in the laboratory. The medical suite has witnessed an increasing adoption rate in Europe due to its benefits, such as efficient data exchanging options, scheduled workflows, and robust business intelligence tools available with the suite.