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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"Global Laboratory Information System Market”
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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