Laboratory Information Systems Market Size was valued at USD 1.84 Billion in 2023. The Laboratory Information Systems industry is projected to grow from USD 2.01 Billion in 2024 to USD 4.17 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.55% during the forecast period (2024 - 2032). Escalating the need for lab automationand results of laboratory informatics are highly accurate and effective are the key market drivers enhancing market growth.
In June 2023, Clinisys was chosen as the provider of a laboratory information management system (LIMS) for the Sussex region. This system will help clinicians, patients, and local residents by unifying their laboratory information management. Currently, there are four operational LIMS systems being utilized across the network's three trusts and seven laboratories. However, it is worth noting that two of these systems have become obsolete and are no longer functional. These will be substituted with a solitary, hosted iteration of Clinisys' WinPath Enterprise. The provision of comprehensive pathology services is crucial for various aspects of healthcare, including diagnosis, treatment planning, blood transfusions, and trauma care. In order to assure uniformity in service provision for physicians and patients, an implementation team will collaborate with laboratory and IT staff to guarantee that the new Laboratory Information Management System (LIMS) facilitates consistent, efficient, and high-quality operations.
In December 2022, Diagnostic Systems Consulting, LLC, a laboratory information system company based in the United States, will sell its main product, Medicus Laboratory Information Systems (Medicus), to CompuGroup Medical US (CGM), a dominant player in the healthcare business. Medicus has been a trusted provider of laboratory management software and middleware, as well as consulting services, to laboratories across the United States for more than 15 years. The Medicus Laboratory Information System (LIS) is being utilized by over one thousand laboratories across the country. CGM has become the leading provider of services to small and medium-sized laboratories in the United States through this partnership. Furthermore, Medicus clients will gain advantages from having the opportunity to utilize the complete range of CompuGroup Medical's products and technologies for managing their revenue cycle.
The increasing need for lab automation and development in RandD labs, particularly in the pharmaceutical and biotechnological labs. The market for laboratory informatics is expanding partly due to the products' high accuracy and efficiency results. The elimination of manual tasks benefited 61 percent of Laboratory Information Management System (LISM) users, improved sample management for 57 percent, and resulted in a significant increase in productivity for 46 percent, according to a survey conducted in 2020 by Astrix Technologies LLC, a reputable healthcare IT service provider. The same source states that 77 percent of the organization's survey respondents reported having a current LISM implementation in their laboratory. Thirty percent of the businesses had at least three to five different types of LISM implemented across their implementation, and the majority of the organizations had more than 25 users. Forty-four percent of customers said their LISM significantly increased laboratory productivity, and over 36% said they were extremely happy with it. This is an indication of laboratory informatics' enhanced performance across the healthcare sector, which is fueling laboratory information system market revenue.
With the help of laboratory informatics, technological advancements have made it possible for medical professionals and scientists to prepare samples, make diagnoses, and carry them out more accurately and precisely while minimizing errors, which has fueled the market's expansion. For example, LabVantage Solutions, Inc. launched LabVantage Analytics, one of the top laboratory informatics services and product suppliers, including custom LISM solutions that help labs go live faster and for less money overall. It is a fully featured, self-service advanced analytics solution that lets users quickly explore, examine, and visualize LISM, enterprise, and external data to discover useful business insights. These innovations should accelerate the market's expansion has enhanced the market CAGR of Laboratory Information System across the globe in recent years.
Based on application, the market segments of Laboratory Information System includes Clinical, Drug Discovery, and Industrial. The Clinical segment held the majority share in 2022 contribution concerning the market revenue of laboratory information system. A proper balance between operational and financial priorities must be struck as the healthcare sector becomes more complex. The use of the LIS in clinics worldwide is increasing due to how well it engages patients with personalized clinical care. Over the forecast period, demand in the segment will also be boosted by an increase in the number of healthcare clinics worldwide and automation's increasing penetration.
Based on Components, the Laboratory Information System market segmentation includes Software, Hardware, and Services. The Service segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. The growing demand for LISM implementation, integration, maintenance, validation, and support brings this. Additionally, the segment is anticipated to grow due to the high demand for LISM outsourcing solutions.
The tools and expertise needed for deploying analytics could be more frequently needed in large pharmaceutical research labs. As a result, these services are contracted out. Short-term, project-based, and long-term contracts are all options for this outsourcing. These services are provided in packages, including benchmarking services, social media analytics, compliance with promotional spending regulations, and other implants for Laboratory Information Systems that positively impact the market growth.
The Laboratory Information System market data has been bifurcated by delivery into On-Premise Based and Cloud-Based. The Cloud-based segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period 2024-2032. There are numerous, practically infinite access points from which the data can be accessed. The flexibility provided by features like virtual access points continues to be a major contributor to the dominance of the cloud-based product segment in an environment where remote work is becoming more prevalent. Reduced IT staffing, affordable data management, and simple deployment ability are additional factors influencing the segment's growth.
Due to the widespread use of web-hosted LISM among customers, the web-hosted segment accounted for the second-largest revenue share. These LISM options are appropriate for various labs in R&D departments, manufacturing firms, public utilities, and environmental, chemical, contract, and QC labs. Due to its greater customizability and dependability compared to other LISM services and the anticipated rise in popularity over the coming years, the on-premise segment is also anticipated to grow at a significant CAGR from 2024 to 2032.
Figure 1: Laboratory Information System Market, by Application, 2023 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Laboratory Information System market, accounted for USD 0.9389 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. Due to the region's well-established healthcare IT industry and government initiatives to simplify access to laboratory services, North America is anticipated to hold a significant market share in the laboratory information system. It also rules the laboratory informatics sector and is anticipated to do so for a few more years.
Due to the nation's growing acceptance of digital healthcare and the rising investments made by businesses creating laboratory informatics software, the United States has dominated the market for laboratory informatics in North America. For instance, Abbott's headquarters in the United States has committed USD 2,420 million to RandD for FY 2020. Numerous companies produce laboratory informatics software, including Comp Pro Med Inc., Cerner, Epic Systems, Orchard Software Corporation, and Roper Technologies. They are headquartered in the United States, which will aid in expanding the domestic market.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: LABORATORY INFORMATION SYSTEM MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Laboratory Information System market accounts for the second-largest market share because of the enabling policies facilitating the adoption of laboratory automation, such as EHR programs. The presence of cutting-edge infrastructure, rising interest in genomic research, and increased government funding are a few additional factors contributing to the region's high share. Further, the Germany market of Laboratory Information System held the largest market share, and the UK market of Laboratory Information System was the fastest-growing market in the European region.
The Asia-Pacific Laboratory Information System Market is expected to grow at the fastest CAGR from 2024 to 2032 due to increased demand for CROs offering LISM. Due to the availability of skilled labor and competitive prices, emerging economies like Japan and India continue to be important outsourcing hubs. In addition, several biopharmaceutical companies are moving their manufacturing facilities to Asia Pacific to produce lower-cost goods. As a result, Asia is seeing a significant increase in demand for LISM. Moreover, the China market of Laboratory Information System held the largest market share, and the India market of Laboratory Information System was the fastest-growing market in the Asia-Pacific region.
Laboratory Information System Key Market Players & Competitive Insights
Major market players are spending much money on R&D to increase their product lines, which will help the market of Laboratory Information System grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Laboratory Information System industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the Laboratory Information System industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The Laboratory Information System industry has provided medicine with some of the most significant benefits in recent years. The Laboratory Information System markets major players such as Cadwell Laboratories (US), IntraNerve (US), NeuroMonitoring Technologies (US), ProPep Surgical (US), Sentient Medical Systems (US), Accurate Monitoring LLC (US), Natus Medical Incorporated (US), NuVasive (US), Medsurant Holdings (US), and Inomed Medizintechnik GmbH (Germany) and others are working on expanding the market demand by investing in research and development activities.
Cadwell Laboratories (US) The 40th anniversary of Cadwell's groundbreaking neurodiagnostic, neuromonitoring, and sleep diagnostic products. The next generation of ApneaTrak HSAT is introduced with completely disposable patient kits to assist sleep laboratories in providing secure home testing options. Cadwell keeps growing, reaching out to new markets and enhancing its offerings. The business upholds its commitment to its mission to assist you in aiding others.
Also, IntraNerve (US) The Joint Commission has accredited IntraNerve Neuroscience (INN) for ambulatory care and telehealth. We provide cEEG neuro telemetry, IONM/EEG/CEEG interpretation, and intraoperative neuromonitoring. Our epileptologists, technologists, and IT support are committed to giving care and support around the clock every day of the year. We collaborate with organizations to deliver dependable, high-quality neuroscience services nationwide.
Key Companies in the market of Laboratory Information System include
Laboratory Information System Industry Developments
February 2022:Biosero, Inc., a BICO company that creates laboratory automation solutions for orchestrating scientific discoveries, has introduced several new products and features in its Green Button Go software suite. The combination of these products offers customers a wide range of cutting-edge capabilities to streamline, manage, and improve the output of their automated lab systems.
October 2022:A customizable cloud-based lab information management system called GoMeyra LIMS was introduced by GoMeyra, a cutting-edge new software company devoted to offering cutting-edge technological solutions for medical labs. This software was created and developed to address the bottlenecks and increased efficiency issues in laboratory workflows.
September 2020:The delivery of clinical diagnostic services for important facets of healthcare will be greatly enhanced thanks to a Laboratory Information Management System (LISM) that Health Minister Robin Swann unveiled for GBP 40 million. When LabVantage Solutions, Inc. launched LabVantage Analytics, a self-service, fully featured advanced analytics solution that enables users to quickly explore, analyze, and visualize LISM, enterprise, and external data to gain useful business insights.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1.84 billion |
| Market Size 2024 | USD 2.01 billion |
| Market Size 2032 | USD 4.17 billion |
| Compound Annual Growth Rate (CAGR) | 9.55% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Components, Delivery, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Cadwell Laboratories (US), IntraNerve (US), NeuroMonitoring Technologies (US), ProPep Surgical (US), Sentient Medical Systems (US), Accurate Monitoring LLC (US), Natus Medical Incorporated (US), NuVasive (US), Medsurant Holdings (US), and Inomed Medizintechnik GmbH (Germany) |
| Key Market Opportunities | Escalating the need for lab automation in the RandD laboratories. |
| Key Market Dynamics | The results of laboratory informatics are highly accurate and effective. Healthcare professionals and scientists can now prepare samples and make diagnoses with greater accuracy thanks to technological advancements. |
Laboratory Information Systems Market Highlights:
Frequently Asked Questions (FAQ) :
The Global Laboratory Information System market size was valued at USD 1.84 Billion in 2023.
The Global market is projected to grow at a CAGR of 9.55% during the forecast period, 2024-2032.
North America had the largest share of the Global market
The key players in the market are Cadwell Laboratories (US), IntraNerve (US), NeuroMonitoring Technologies (US), ProPep Surgical (US), Sentient Medical Systems (US), Accurate Monitoring LLC (US), Natus Medical Incorporated (US), NuVasive (US), Medsurant Holdings (US), and Inomed Medizintechnik GmbH (Germany).
The Clinical category dominated the market in 2022.
The Services had the largest share in the Global market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
