In 2021, the global Laboratory Information Systems Market achieved an impressive valuation of US$ 1.8 Billion. Fast forward to 2022, and the market is already on an upward trajectory, with sales projected to surge at a robust 10.2% CAGR, propelling its size to US$ 1.9 Billion. But this is just the beginning. By 2032, the market is poised to soar to a staggering US$ 4.2 Billion, marking an extraordinary journey of growth and innovation.
The rising demand for molecular diagnostic tests, the growing need to integrate different healthcare systems, governmental support for the adoption of healthcare IT tools, continuous advancements in LIS products, and the rising incidences of chronic diseases are among the key factors driving the market growth. On the other hand, the high cost of LIS solutions, high maintenance and service expenses, and lack of skilled healthcare IT professionals are likely to restrain market growth in the coming years.
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Germany dominates the European market for laboratory information system, 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 system (LIS) in the coming years.
The European laboratory information systems market is segmented on the basis of products, types, components, delivery mode, 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. The countries such as Germany, Italy, Spain, 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 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.
Key Takeaways
- R&D is crucial for drug discovery and development. This in turn, boosts the demand for efficient lab and data management.
- Growing number of organizations involved in R&D are shifting from traditional old systems to digital laboratory solutions.
- In European region, Germany accounted for the largest share of 26.0% of the total R&D spending in 2016 in Europe as stated by R&D Magazine, 2017.
- According to UNESCO Institute for Statistics, Germany is among the top 10 countries, accounting for 80% of global spending on R&D.
- Germany spends 2.9% of GDP on R&D and have pledged to substantially increase public & private R&D spending as well as number of researchers by 2030, as part of the Sustainable Development Goals (SDGs).
Competitive Landscape
Top companies in the laboratory information systems market are constantly releasing new products to increase their market share. They are bolstering their global reach through mergers, partnerships, and acquisitions.
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Recent Developments
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.
Key Companies Profiled:
ECerner Corp, Evident, McKesson, Medical Information Technology, Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical, and LabWare
Key Segments Covered in the Laboratory Information Systems 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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