The Global Laboratory Information Systems Industry is expected to expand at a strong rate, with a notable 6.0% year-over-year increase. By the end of 2024, the market is anticipated to reach a significant worth of US$ 2,166.3 million, according to Future Market Insights Inc.’s most recent estimate.
Several causes have contributed to this remarkable increase, including the development of technology, the growing need for effective data administration in laboratories, and the expansion of the healthcare sector. The market for laboratory information systems (LIS) has grown to be essential to improving data accuracy, operational effectiveness, and overall laboratory performance.
It is estimated that the market will continue to grow at a Compound Annual Growth Rate (CAGR) of 5.3% over the next ten years. The worldwide laboratory information system market is expected to continue its rising trend and reach an amazing worth of US$ 3,620.3 million by 2034.
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Germany dominates the European market for laboratory information systems, 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 systems (LIS) in the coming years.
The European laboratory information systems market is segmented based on products, types, components, delivery modes, 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. Countries such as Germany, Italy, Spain, the 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) in this fund during 2018-2020 including $2.5 billion (€2 billion) to support Open Science, and $740 million (€600 million) for the European Open Science Cloud, European data infrastructure and high-performance computing. Horizon 2020 opened funding opportunities for future and emerging technologies and the ICT Work Programme for life science researchers. Thus, increasing R&D activities and government funding will ultimately boost the demand for effective data management and hence drive the laboratory informatics market in Europe.
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Global Laboratory Information System Industry Key Takeaways
- Impressive Growth Trajectory: The global laboratory information system market is experiencing a substantial year-on-year growth of 6.0%, reaching a projected valuation of US$ 2,166.3 million by the end of 2024. This surge is indicative of the market’s vitality and potential.
- Continuous Evolution with Technology: Technological advancements play a pivotal role in driving the adoption of laboratory information systems. The market is witnessing a transformation with cutting-edge technologies, enhancing operational efficiency and data accuracy in laboratories.
- Rising Demand for Efficient Data Management: Laboratories are grappling with vast amounts of data, necessitating sophisticated information systems for efficient management. The demand for robust laboratory information systems is on the rise as organizations recognize the importance of streamlined processes and organized data.
- Healthcare Sector as a Key Contributor: The expanding global healthcare industry is a significant catalyst for the laboratory information system market. These systems are becoming indispensable in supporting diagnostic and research activities, aligning with the growing needs of the healthcare sector.
- Projected CAGR of 5.3% for the Next Decade: Looking ahead, the market is poised for sustained growth with a projected Compound Annual Growth Rate (CAGR) of 5.3% over the next decade. By 2034, the laboratory information system market is anticipated to achieve a noteworthy valuation of US$ 3,620.3 million.
Competitive Landscape from the Global Laboratory Information Systems Industry:
Top companies in the Global Laboratory Information Systems Industry are constantly releasing new products to increase their market share. They are bolstering their global reach through mergers, partnerships, and acquisitions.
Recent Developments in the Global Laboratory Information Systems Industry:
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.
Global Laboratory Information Systems Industry Key Companies Profiled:
ECerner Corp, Evident, McKesson, Medical Information Technology, Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical, and LabWare
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Key Segments Covered in the Global 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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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