Press Release

Laboratory Information System Market to Grow with a CAGR of 8.37% through 2028

Technological advances in LIS solutions and increasing focus on improvisation of laboratory is expected to drive the Global Laboratory Information System Market growth in the forecast period, 2024-2028.


According to TechSci Research report, “Laboratory Information System Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Laboratory Information System Market stood at USD 1.90 billion in 2022 and is anticipated to grow with a CAGR of 8.37% in the forecast period, 2024-2028. The market growth of the laboratory information system is driven by several factors. These include the rising incidence of chronic diseases, the growing demand for automated laboratory solutions, and the need for efficiency to meet regulatory requirements.

Additionally, there are opportunities for market growth due to the increasing demand for cloud-based laboratory information systems and their growing importance in developing countries.

                                                                                             

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The increasing demand for lab automation and innovation in R&D labs, particularly in pharmaceutical and biotechnological laboratories, is driving the adoption of laboratory information systems (LIS). The high accuracy and efficiency outcomes of laboratory informatics solutions are bolstering the global laboratory informatics market.

Technological advancements in laboratory informatics have empowered healthcare professionals and scientists to prepare samples and conduct diagnoses with greater precision and accuracy, thereby fueling market growth. For instance, LabVantage Solutions, Inc., a leading provider of laboratory informatics systems and services, introduced LabVantage Analytics in March 2021. This purpose-built LIS solution allows laboratories to transition online sooner and at a lower overall cost. LabVantage Analytics is a self-service, full-featured advanced analytics tool that enables users to effortlessly explore, analyze, and visualize LIS, corporate, and external data to generate meaningful business insights. Such advancements are expected to drive further market growth.

The global laboratory information systems market is propelled by the rise in laboratory automation, technological advancements in laboratory information systems, the need for regulatory compliance, and increased R&D spending. Additionally, there is a significant surge in demand for managing laboratory data through cloud-based solutions, which offer reliable, agile, and secure storage. The adoption of cloud-based LIS in healthcare laboratories is on the rise due to the numerous benefits it provides, including reliability, security, and constant access to stored data.

The primary factor driving market growth is the increasing need for laboratory automation. Furthermore, the growing prevalence of chronic diseases such as diabetes, obesity, hypertension, and others, coupled with the drive to enhance lab efficiency, is fostering a positive outlook for market growth. The development of integrated laboratory information systems, fueled by technological advancements, is also contributing to market expansion. However, the market growth may be hindered by the high costs associated with maintenance and services.

Research and development (R&D) is the core focus of pharmaceutical companies and the biotechnology industry. Significant investments in R&D are being made to meet the increasing demand for innovation and new medical breakthroughs. The importance of R&D is evident from the rising number of drug approvals, such as the FDA's approval of 53 novel drugs in 2020. The high R&D investments in the life sciences sector are expected to drive the adoption of LIS in the coming years. The demand for efficient laboratory data management has surged due to increased R&D spending. LIS is widely used by pharmaceutical companies and CROs as it enables researchers to reduce human errors through workflow automation, reagent and lot tracking, centralized access and storage of quality control data, and enhanced data integrity with automatic audit logging and revision control. Additionally, LIS integration with instruments and other in-lab systems improves overall lab efficiency.

Pharmaceutical firms are increasingly establishing centralized corporate-based facilities to create a virtual network of contract research, development, and manufacturing organizations (CRDMOs) and academic institutions. Cloud-based solutions offer an effective means for managing the vast volumes of data generated by these operations while also reducing the total cost of ownership of LIS. The adoption of cloud-based models presents significant growth potential for LIS suppliers, driven by benefits such as improved data accessibility, cost-effectiveness, and real-time analysis.

The Global Laboratory Information System Market is segmented into product, component, delivery mode, end user, regional distribution, and company.

Based on delivery mode, the cloud-based segment is anticipated to command a significant market share in the Laboratory Information System (LIS) market. This dominance can be attributed to the advantages of cloud-based setups, such as easy access to data across multiple locations, systems, and branches. The adoption of cloud-based solutions is particularly prominent among organizations lacking internal infrastructure, as they offer lower installation costs and eliminate the need for in-house maintenance. Furthermore, the secure platform provided by cloud-based LIS minimizes the risk of data theft, driving the increasing demand for this mode of delivery. In this market, many companies are actively engaging in strategies like product development and partnerships to drive growth. For example, in October 2020, GoMeyra launched GoMeyra LIS, a customizable cloud-based lab information management system aimed at improving efficiency in laboratory workflows. Similarly, in September 2021, Health Minister Robin Swann introduced a GBP 40 million Laboratory Information Management System (LIS) to enhance diagnostic services in healthcare. Additionally, LabVantage Solutions, Inc. launched LabVantage Analytics in March 2021, an advanced analytics solution enabling users to gain actionable insights from LIS, enterprise, and external data. The cloud-based segment's growth is further supported by factors such as reduced IT manpower requirements, cost-effective data management, and easy deployability. Considering these factors, this market segment is expected to drive overall market growth.

Based on region, North America segment is expected to grow during the forecast period. North America is projected to hold a significant market share in the laboratory information system market, driven by its well-established healthcare IT sector and government initiatives to improve accessibility to laboratory services. The region also dominates the laboratory informatics industry and is expected to maintain its leading position for the next few years. Within North America, the United States has been the dominant player in the laboratory informatics market. This is attributed to the increasing adoption of digital healthcare and substantial investments by companies developing laboratory informatics software. For example, Abbott, headquartered in the United States, invested USD 2,420 million in R&D for FY 2020. Key players such as Orchard Software Corporation, Cerner, Epic Systems, Roper Technologies, and Comp Pro Med Inc., all headquartered in the United States, are expected to contribute to the market growth in the country.

Furthermore, the introduction of new services is anticipated to drive market expansion. LigoLab Information System, for instance, announced in March 2020 that it is providing fully integrated and automated LIS support for client laboratories in California, Washington, and New York that are conducting high-volume COVID-19 tests using FDA-approved instruments. Additionally, in August 2021, Xybion Corporation, a global low-code SaaS company empowering digital transformation in regulated industries, including Life Sciences, launched the Pristima XD Digital Pathology. These factors are expected to fuel the growth of the laboratory information system market throughout the forecast period.

Major companies operating in Global Laboratory Information System Market are:

  • Sysmex Corporation
  • Total Specific Solutions (TSS)
  • Roper Technologies (Sunquest Information Systems, Inc)
  • XIFIN Inc
  • Orchard Software Corporation
  • Cerner Corporation
  • Comps Pro Med Inc
  • Epic Systems Corporation
  • LabWare, Inc.
  • Cirdan Ltd

 

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“Owing to rapid globalization, organizations worldwide are increasingly prioritizing the enhancement of production efficiency and reduction of time-to-market (TTM) for new products. Consequently, there has been an exponential growth in data, which in turn has positively impacted market growth. Laboratory informatics plays a crucial role in effectively managing data and information, enabling businesses to address evolving quality management challenges. Moreover, the escalating prevalence of chronic diseases and the growing volume of medical records globally are also driving the demand for laboratory informatics to improve overall patient care quality. Furthermore, the adoption of automation in healthcare management, driven by the shift towards personalized medicine, is contributing to market growth. The outbreak of the coronavirus disease (COVID-19) has further increased the need for agile laboratory informatics to manage test ordering, registration, sample flow, and result reporting. Additionally, leading companies are offering customized solutions and developing technologically advanced platforms to gain a competitive edge, thereby fueling market expansion.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Laboratory Information System Market Segmented By Product (Standalone LIS, Integrated LIS), By Component (Services, Software), By Delivery Mode (On-Premises, Cloud-Based), By End-user (Hospital Labs, Independent Labs, Physician Office Laboratories, Others), By Region and Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Laboratory Information System Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Laboratory Information System Market.

 

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