The Global Laboratory Information System Industry is witnessing substantial growth, displaying a remarkable year-on-year surge of 6.0%. As of 2024, the market is poised to achieve an impressive valuation of US$ 2,166.3 million. This robust growth is attributed to the increasing adoption of advanced technologies and the rising demand for efficient data management in laboratories worldwide.
Germany dominates the European market for laboratory information systems, having accounted for a 28.2% market share in 2014, followed by France. The UK is expected to become a major market for laboratory information systems (LIS) in the coming years.
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The European laboratory information systems market is segmented based on products, types, components, delivery modes, end users, and countries. The product segment is divided into standalone LIS and integrated LIS. The types included in the report are clinical LIS and anatomical LIS. The components covered in the report are services and software. On-premise, remotely hosted, and cloud-based are delivery modes discussed in the report. The end users’ segment is further classified into clinical diagnostic laboratories, hospitals, anatomical pathology laboratories, blood banks, and molecular diagnostic laboratories. Countries such as Germany, Italy, Spain, the U.K., and France would experience tremendous growth.
The European Commission’s new framework, Horizon 2020 has been the largest ever research and innovation programme in Europe for various fields including life sciences with a budget of $95 billion (€77 billion) from 2014-2020. In October 2017, The European Commission announced its plans to invest $37 billion (€30 billion) of this fund during 2018-2020 including $2.5 billion (€2 billion) to support Open Science, and $740 million (€600 million) for the European Open Science Cloud, European data infrastructure and high-performance computing. Horizon 2020 opened funding opportunities for future and emerging technologies and the ICT Work Programme for life science researchers. Thus, increasing R&D activities and government funding will ultimately boost the demand for effective data management and hence drive the laboratory informatics market in Europe.
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Key Takeaways:
- 6.0% YoY Growth: The laboratory information system market is experiencing a commendable year-on-year growth rate, showcasing the industry’s resilience and adaptability in the face of evolving technological landscapes.
- 2024 Milestone: Anticipated to reach US$ 2,166.3 million by the end of 2024, the market demonstrates a strong trajectory, reflecting the pivotal role of laboratory information systems in enhancing operational efficiency.
- Future Projections: With a projected Compound Annual Growth Rate (CAGR) of 5.3% over the next decade, the laboratory information system market is poised for sustained growth, setting sights on a formidable US$ 3,620.3 million valuation by 2034.
- Technological Adoption: The market’s ascent is driven by the increasing adoption of cutting-edge technologies, reflecting a collective industry commitment to staying at the forefront of innovation.
- Efficient Data Management: Laboratories worldwide are recognizing the importance of streamlined data management, and laboratory information systems are emerging as instrumental tools in achieving this goal.
Competitive Landscape from the Global Laboratory Information System Industry:
Top companies in the Global Laboratory Information Systems Industry are constantly releasing new products to increase their market share. They are bolstering their global reach through mergers, partnerships, and acquisitions.
Recent Developments in the Global Laboratory Information System Industry:
In September 2022, McKesson Corporation signed an agreement in principle to extend its partnership with CVS Health to distribute pharmaceuticals to mail-order and specialty pharmacies, retail pharmacies, and distribution centers through June 2027.
Global Laboratory Information Systems Industry Key Companies Profiled:
ECerner Corp, Evident, McKesson, Medical Information Technology, Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical, and LabWare
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Key Segments Covered in the Global Laboratory Information System Industry Analysis
By Components:
- Software
- Hardware
- Services
By Delivery Mode:
- On-Premise
- Cloud-Based
By End User:
- Hospitals
- Clinics
- Independent Laboratories
- Others
Author
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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