NEWARK, Del, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The global laboratory information systems market is worth US$ 1.9 Bn as of now and expected to reach US$ 4.2 Bn by the year 2030 at a CAGR of 10.2% between 2022 and 2030.
Laboratory Information System (LIS) comes across as a collection of operating systems, software, and hardware used for processing, storing, and managing data in the clinical laboratories. As such, it has turned out to be one of the essential tools to support operations in the modern laboratories. They are inclusive of managing and processing data pertaining to several processes and testing.
The healthcare vertical has witnessed several technological advancements in the last few years, and laboratory information systems are no exception. The application areas include sample tracking and also as enterprise resource planning tools managing several facets of informatics. The systems actually let end-users accumulate patient’s data and also record it on database for managing the patients better.
Besides, quick adoption of explicit research on genomic studies and automation is catalysing utilization of laboratory information systems. With growing biobanks, notable investments in the novel technologies, easily available laboratory information systems products, services, and stern regulatory requirements across all the industries, the laboratory information systems market is all set to grow on an unstoppable note in the near future.
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Additionally, standardization of clinical trials coupled with modernization of regulatory pathways in the People’s Republic of China is aiding the growth of laboratory information systems market. Cloud-based services are being rapidly adopted. High-speed internet is another factor to be attributed to.
The ongoing trend implies tabling dedicated laboratory information systems with custom, commercial, and open source software interface with diverse budgetary specifications. Future Market Insights has etched these findings with future perspectives in its latest market study entitled “Laboratory Information Systems Market”.
Key Takeaways from Laboratory Information Systems Market
- North America holds the largest market share due to the US being subject to quick adoption of well-structured healthcare IT sector and lab automation and the status quo is expected to remain unchanged even in the forecast period.
- Europe stands second, with Germany leading from the front. It is expected to witness a CAGR of 9.9% in laboratory information systems market in the forecast period due to rising adoption of automation.
- The Asia-Pacific is expected to grow at the fastest pace in the laboratory information systems market with China yielding personalized medicine with feasible support from the government.
- Cloud-based laboratory information systems are dominating the market and would continue to do so even going forward.
- By application, clinics hold the largest market share (over 48%).
“Automation, in line with Industry 4.0, is expected to accelerate the laboratory information system (LIS) market in the forecast period”, says an analyst from Future Market Insights.
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Competitive Arena
- CTI, in August 2021, entered into partnership with LabWare Inc. with the objective of expanding the former’s laboratory services for supporting research related to cell & gene therapy.
- Oracle Corporation, in December 2021, partnered with Cerner Corporation for jointly announcing acquisition of the latter.
- Orchard Software Corporation, in May 2021, completed acquisition of Corwen, LLC for expanding molecular testing capabilities and make way for integrated and comprehensive LIS solutions.
- PathWest, in January 2021, integrated its SoftBank (new LIS transfusion medicine module) with NBA’s (National Blood Authority’s) BloodNet LIS Interface.
- CompuGroup, in December 2020, completed acquisition of Schuyler House for strengthening the footprint all across the US.
- LabVantage Solutions, in July 2020, did launch its 100% integrated Scientific Data Management Systems (SDMS) via its LabVantage 8.5 edition.
- Abbott, in July 2019, came up with STARLIMS Life Sciences Solution 11.1 for managing complex testing and sample workflows.
What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the laboratory information systems market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2030.
- The research study is based on component (hardware, software, and services), by delivery mode (on-premise and cloud-based), and by end-user (hospitals, clinics, independent laboratories, and likewise).
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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
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa (MEA)
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Analysis and Recommendations
2. Global Laboratory Information Systems Market Overview
2.1. Introduction
2.1.1. Global Laboratory Information Systems Market Definition
2.1.2. Global Laboratory Information Systems Market Taxonomy
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Opportunity
2.3. Global Laboratory Information Systems Market Trends
2.4. Global Laboratory Information Systems (LIS) Market Demand (in Value in US$ Mn) Analysis 2015-2021 and Forecast, 2022–2030
2.5. Global Laboratory Information Systems Market Size (Value) Forecast
2.5.1. Y-o-Y Growth Projections
2.5.2. Absolute $ Opportunity
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