Laboratory Information System Market is expected to reach US$ 4.2 Million by 2032

In 2021, the global laboratory information systems market is expected to be worth $1.8 billion. Sales are expected to expand at a 10.2% CAGR, bringing the market size to $1.9 billion by 2022.

Massive technical improvements in the healthcare sector over time have included automation, big data analytics, and cloud computing. The necessity to balance administrative and caring activities is the most crucial factor in the sector. Thanks to the development of sophisticated laboratory testing technologies, this is now achievable.

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The cornerstone of managing primary healthcare is laboratories. Drug development and the creation of APIs take place in laboratories. It is necessary to streamline repetitive tasks like data collection, assimilation, and record maintenance in order to increase the speed at which these processes are effective.

The advancement of modern technologies and quick advancements in healthcare information technology (IT) help companies striving in healthcare information technology to unlock potential. Laboratory Information Management System have become a significant tool for transferring information, gathering, decision making, calculation, review, and release processes away from the office and into the workplace.

Key Findings

  • Europe & North America will remain lucrative, accounting for 4/5th of the revenue pie
  • Cloud-based laboratory information systems to register maximum increase during the forecast period
  • Vendors are increasingly capitalizing on developing LIS software for various healthcare verticals
  • Hospital-grade laboratory information systems are gaining significant momentum

Prominent players in the laboratory information systems landscape are collaborating with public and private sector organizations to employ advanced technologies for implementing COVID-19 testing capabilities. For instance, LabWare Technologies has collaborated with the National Health Service to provide laboratory management software to healthcare settings across the United Kingdom.

Thus, the market shall witness a significant upsurge during the short-term forecast period, with an increasing number of healthcare providers accelerating the uptake of technologically advanced laboratory information systems.

“Manufacturers are increasing their presence across emerging markets and forging effective distribution networks with regional players. This is helping them expand their outreach and broaden their customer base,” opines the FMI analyst.

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Competitive Intelligence

The global laboratory information systems market is highly fragmented, characterized by the presence of over 50 vendors. Prominent players include: Cerner Corp., Evident, McKesson, Medical Information Technology (MEDITECH), Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical and LabWare.

With regard to product launches, Cerner Corporation launched CommunityWorks Foundations, a tailor-made cloud-based technology platform for rural and critical access hospitals in July 2020. This technology shall prove instrumental in reducing overhead costs and reducing lengthy implementation procedures. The platform enables hospitals to maintain electronic health records, reducing immense amount of paperwork.

Recently, in August 2020, Medical Information Technology (MEDITECH) partnered with TECHNATION Health in Canada. This collaboration is aimed at enhancing the privacy and security framework of healthcare providers across the nation, ensuring better patient data security. The solution involves provision of cybersecurity and data sovereignty among other objectives.

More Insights on the Laboratory Information Systems Market A recent market study published by FMI on the laboratory information systems market includes the global industry analysis of 2015 to 2021 & opportunity assessment for 2022 to 2030, and delivers a comprehensive assessment of the most important market dynamics. The market is segmented on the basis of component (software, hardware, and services), delivery mode (on-premise and cloud based), and end user (hospitals, clinics, independent laboratories, and others), across seven prominent regions.

Key Market Segments Covered in Laboratory information systems Industry Research By Components:

  • Software
  • Hardware
  • Services

By Delivery Mode:

  • On Premise
  • Cloud-Based

By End User:

  • Hospitals
  • Clinics
  • Independent Laboratories
  • Others

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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