The U.S. laboratory information system market, with a 51.1% share in 2023, is set to hit USD 1,496.8 million by 2034, growing at 3.6% CAGR. Key drivers include automation, cloud adoption, regulatory needs, and advanced healthcare infrastructure.
NEWARK, DE / ACCESSWIRE / December 3, 2024 / The global laboratory information system market is on a dynamic growth trajectory, projected to achieve a valuation of USD 2,166.3 million by the end of 2024, marking an impressive year-over-year growth of 6.0%. The market is set to maintain its momentum with a robust compound annual growth rate (CAGR) of 5.3% over the next decade, reaching an estimated USD 3,620.3 million by 2034.
Cloud-Based Systems: Transforming Laboratory Management:
Among various segments, demand for cloud-based laboratory information systems is expected to dominate due to their unparalleled advantages. Offering enhanced accessibility, scalability, and cost-efficiency, cloud-based solutions are increasingly becoming the preferred choice for laboratories worldwide. The industry analysis forecasts a strong 6.0% CAGR for this segment between 2024 and 2034.
Growth of the market can be attributed to:
• The expansion of electronic health records to access patient information easily is contributing to the laboratory information systems market.
• A large pool of patients undertaking various tests in order to start treatment at the earliest is spurring the growth of laboratory information systems.
• Streamlining of information that reaches healthcare professionals along with patients easily is fueling the growth of laboratory information systems.
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Which Drivers Underpin Laboratory Information Systems Industry Expansion?
"Laboratory Automation Propelling Use of Laboratory Information Systems"
Advancements in healthcare systems along with well-established healthcare facilities are positively influencing the growth of laboratory information systems. In addition, the quick adoption of automation and extensive research on genomic studies is increasing the usage of laboratory information systems. Growth in biobanks, significant investments in new technologies, easy availability of laboratory information systems products & services, and stringent regulatory requirements across industries.
On the other hand, standardizing clinical trials along with modernizing regulatory pathways in China is contributing to laboratory information market growth. In addition, the simplification of reimbursement processes is another factor contributing to market growth. This, in turn, is making it easier for biotech firms to rapidly adopt laboratory information systems.
Several factors are contributing to this market evolution:
Efficient Laboratory Workflow Management: Laboratories are increasingly adopting LIS solutions to streamline operations, reduce errors, and enhance productivity.
Healthcare Informatics Integration: The rising importance of healthcare informatics and LIS solutions in the modern healthcare ecosystem is driving adoption across diverse healthcare settings.
Regulatory Compliance: As regulatory requirements in the healthcare industry become more stringent, LIS solutions are crucial for maintaining compliance and ensuring data accuracy.
Technological Advancements: Ongoing innovation in LIS, particularly the incorporation of cutting-edge technologies like machine learning (ML) and artificial intelligence (AI), is transforming data analysis, automating workflows, and predicting potential issues before they arise.
Automation and Patient-Centric Care: The adoption of automation systems in laboratories is rising, enabling more efficient processes and a stronger focus on patient-centric care.
Cost-Effective Solutions: The growing need for cost-effective LIS options is driving the development of solutions that balance functionality with affordability.
Telehealth and Remote Testing: The expansion of telehealth and remote testing services is spurring demand for LIS systems that enable secure data exchange and remote access to test results.
Pathology Laboratory Software: Increasing needs in pathology laboratories are further boosting the demand for specialized LIS solutions tailored to the unique requirements of these critical healthcare settings.
As the global LIS market continues to grow, stakeholders can expect continued technological advancements, robust demand for cloud-based solutions, and a deeper integration of AI and ML to enhance laboratory efficiency and patient outcomes.
Key Takeaways: Laboratory Information System (LIS) Market
United States Expected to grow at a 3.6% CAGR (2024-2034), maintaining steady growth in a mature market.
China Leads global growth with a robust 11.5% CAGR (2024-2034), driven by rapid healthcare digitization.
Japan aligns with the global average with a 5.3% CAGR (2024-2034), showcasing sustained adoption of LIS.
Germany Growth is moderate with a 2.8% CAGR (2024-2034), reflecting stability in a well-established market.
Spain Exhibits a 4.6% CAGR (2024-2034), indicative of increasing LIS adoption across the healthcare sector.
The LIS market is poised for significant advancements, with major growth opportunities in emerging economies and rising demand for digital transformation in healthcare systems worldwide.
"The laboratory information system market is undergoing a significant transformation, with technological advancements and the increasing demand for cloud-based solutions at the forefront of this change, the integration of AI and machine learning into LIS solutions is not only enhancing laboratory efficiency but also improving patient outcomes. As regulatory standards continue to evolve, LIS solutions will be crucial for ensuring compliance and supporting the growing demand for digital healthcare tools. Moving forward, the industry will see continuous innovation and a deeper reliance on automation and patient-centric solutions." opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
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Which Factors are Limiting the Growth of the Laboratory Information Systems Market?
"High Cost of Implementation to Restrain Market Growth"
There is no doubt that laboratory information systems are taking the healthcare industry by storm. However, the market is facing various challenges that are slowing down its growth. Some of these factors are the high cost of implementation of laboratory information systems and concerns related to privacy and security.
Laboratory information systems require skilled and trained professionals who can operate the system, routine operations, and maintain patient information efficiently. This might limit the adoption of LIS in emerging economies.
Competitive Landscape:
The laboratory information system (LIS) market is marked by dynamic competition, with numerous companies delivering diverse solutions tailored to the needs of healthcare providers and laboratories.
To maintain a competitive edge, many industry players are embracing strategies such as partnerships, collaborations, acquisitions, and agreements.
Recent Developments in the Laboratory Information System Market:
September 2022: CPSI collaborated with i2i Population Health to streamline the complexities of quality program reporting and improve patient outcomes.
March 2022: CompuGroup Medical acquired Insight Health, a leading specialist in healthcare data services, strengthening its position in innovative data-driven solutions.
December 2022: LabVantage Solutions, Inc., a leading provider of laboratory information systems, launched Version 8.8 of its LabVantage LIMS platform, delivering advanced capabilities to its users.
Key Players in the Laboratory Information Management System Market Report:
Werfen
Evident (Computer Programs and Systems Inc. - CPSI)
Wipro
CompuGroup Medical
LabWare
Roper Technologies Inc. (Sunquest Information Systems Inc.)
Medical Information Technology, Inc.
Xifin Inc.
Epic Systems Corporation
Cerner Corp.
Soft Computer Consultants, Inc.
Allscripts Lab (Veradigm)
LigoLab
Sysmex Corporation
Ilex Medical
LabVantage Medical Suite
Mckesson Corporation (Orchard Software Corporation (Sequoia))
Key Market Segments Covered in Laboratory Information System Industry Research:
By Component:
Software
Hardware
Services
By Delivery Mode:
On-premise
Cloud-based
By End-user:
Hospitals
Clinics
Independent Laboratories
Others
By Region:
North America
Latin America
East Asia
South Asia & Pacific
Western Europe
Eastern Europe
Middle East & Africa
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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