The global laboratory information system (LIS) market, valued at USD 2,166.3 million in 2024, is projected to grow significantly, reaching a valuation of USD 3,620.3 million by 2034. This growth reflects a compound annual growth rate (CAGR) of 5.3% over the next decade.
One of the key drivers of this growth is the increasing demand for cloud-based laboratory information systems, which offer several advantages over traditional on-premise solutions. These benefits include enhanced accessibility, improved scalability, and cost-effectiveness, making cloud-based LIS an attractive option for laboratories worldwide. According to the latest industry analysis, the cloud-based segment is expected to grow at a robust 6.0% CAGR from 2024 to 2034.
As healthcare and laboratory facilities increasingly prioritize efficiency, data security, and streamlined workflows, the LIS market is set to play a pivotal role in the digital transformation of laboratory management. The ongoing shift to cloud-based solutions will continue to fuel demand, making the laboratory information system market a key player in the evolving healthcare landscape.
The escalating demand for efficient workflow management in laboratories is a key driver propelling the adoption of laboratory information systems (LIS). Similarly, the growing need for LIS solutions that can seamlessly integrate with automation equipment will create growth prospects for laboratory information system manufacturers.
Laboratories, ranging from clinical settings to research institutions, face a mounting need to streamline processes and bolster workflow efficiency. Thus, they employ laboratory information systems, which play a key role in ensuring laboratory operations’ accuracy, efficiency, and compliance.
LIS plays a pivotal role by automating various tasks, ranging from sample tracking and result reporting to data analysis and interpretation. This automation reduces reliance on manual interventions, minimizing the potential for errors and improving the overall accuracy of laboratory operations.
The need for timely and reliable results underscores the demand for efficient workflow. LIS not only expedites the generation and dissemination of laboratory data but also contributes to faster decision-making processes, particularly critical in healthcare settings where rapid diagnostic insights are crucial for patient care.
In essence, the adoption of LIS aligns with the broader objective of enhancing operational efficiency, reducing turnaround times, and elevating the overall quality of laboratory services. As a result, the target market is poised to exhibit steady growth through 2034.
Latest Laboratory Information System Market Trends
Rising Popularity of Cloud-based Solutions Emerging a Key Market-shaping Trend
- Growing popularity and adoption of cloud-based LIS solutions
- Surging need for personalized medicine approaches requiring comprehensive patient data analysis
- Rise in mobile health (mHealth) integration
- High adoption of integrated laboratory systems
Competitive Landscape
The competitive landscape in the laboratory information system (LIS) market is dynamic, with several companies offering a range of solutions to meet the diverse needs of healthcare providers and laboratories.
Several companies are also inclined towards adopting strategies like partnerships, collaborations, acquisitions, and agreements to stay ahead of the competition.
Recent Developments in the Laboratory Information System Market
- In September 2022, CPSI partnered with i2i Population Health to simplify the complexity of quality program reporting and enhance patient outcomes.
- In March 2022, CompuGroup Medical acquired Insight Health, a prominent specialist in healthcare data services. This acquisition will enhance the company’s position in innovative data solutions.
- In December 2022, LabVantage Solutions, Inc., a prominent provider of laboratory information solutions, introduced Version 8.8 of its LabVantage LIMS platform.
- In July 2023, Siemens Healthineers unveiled a new compact testing system called Atellica CI Analyzer to tackle lab challenges.
- In 2021, Oracle Corporation and Cerner Corporation jointly acquired Cerner, a prominent provider of digital information systems.
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))
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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
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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