In 2021, the global laboratory information systems market is expected to be worth $1.8 billion. Sales are expected to grow at a 10.2% CAGR, bringing the market size to $1.9 billion by 2022.
Massive technical improvements in the healthcare sector over time have included automation, big data analytics, and cloud computing. The necessity to balance administrative and caring activities is the most crucial factor in the sector. Thanks to the development of sophisticated laboratory testing technologies, this is now achievable.
The cornerstone of managing primary healthcare is laboratories. Drug development and the creation of APIs take place in laboratories. It is necessary to streamline repetitive tasks like data collection, assimilation, and record maintenance in order to increase the speed at which these processes are effective.
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The market for laboratory information systems is primarily being driven by the requirement for systematic data documentation to save paperwork. Since the COVID-19 epidemic began, there has been a significant uptake, enabling.
Key Findings
- Europe & North America will remain lucrative, accounting for 4/5th of the revenue pie
- Cloud-based laboratory information systems to register maximum increase during the forecast period
- Vendors are increasingly capitalizing on developing LIS software for various healthcare verticals
- Hospital-grade laboratory information systems are gaining significant momentum
COVID-19 Impact Analysis
Clinical laboratories are finding it unnerving to cope with the rapid influx of COVID-19 testing samples, impacting their ability to provide accurate testing. Incorporation of automated solutions is therefore anticipated to relieve these clinics of this uncertainty by promoting efficient testing of voluminous samples.
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Prominent players in the laboratory information systems landscape are collaborating with public and private sector organizations to employ advanced technologies for implementing COVID-19 testing capabilities. For instance, LabWare Technologies has collaborated with the National Health Service to provide laboratory management software to healthcare settings across the United Kingdom.
Thus, the market shall witness a significant upsurge during the short-term forecast period, with an increasing number of healthcare providers accelerating the uptake of technologically advanced laboratory information systems.
“Manufacturers are increasing their presence across emerging markets and forging effective distribution networks with regional players. This is helping them expand their outreach and broaden their customer base,” opines the FMI analyst.
Competitive Intelligence
The global laboratory information systems market is highly fragmented, characterized by the presence of over 50 vendors. Prominent players include: Cerner Corp., Evident, McKesson, Medical Information Technology (MEDITECH), Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical and LabWare.
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With regard to product launches, Cerner Corporation launched CommunityWorks Foundations, a tailor-made cloud-based technology platform for rural and critical access hospitals in July 2020. This technology shall prove instrumental in reducing overhead costs and reducing lengthy implementation procedures. The platform enables hospitals to maintain electronic health records, reducing immense amount of paperwork.
Recently, in August 2020, Medical Information Technology (MEDITECH) partnered with TECHNATION Health in Canada. This collaboration is aimed at enhancing the privacy and security framework of healthcare providers across the nation, ensuring better patient data security. The solution involves provision of cybersecurity and data sovereignty among other objectives.
More Insights on the Laboratory Information Systems Market A recent market study published by FMI on the laboratory information systems market includes the global industry analysis of 2015-2021 & opportunity assessment for 2022-2030, and delivers a comprehensive assessment of the most important market dynamics. The market is segmented on the basis of component (software, hardware, and services), delivery mode (on-premise and cloud based), and end user (hospitals, clinics, independent laboratories, and others), across seven prominent regions.
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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