The global laboratory information system (LIS) market is on a growth trajectory, with the market size expected to reach USD 2,166.3 million in 2024, reflecting a year-on-year growth rate of 6.0%. Over the next decade, the market is projected to expand at a compound annual growth rate (CAGR) of 5.3%, attaining a valuation of approximately USD 3,620.3 million by 2034.
Key Takeaways:
- Market Valuation: The laboratory information system market is set to achieve a valuation of USD 2,166.3 million in 2024, up from previous levels.
- Growth Forecast: The market is projected to grow at a CAGR of 5.3% over the next decade, reaching USD 3,620.3 million by 2034.
- Demand Drivers: The growing demand for cloud-based laboratory information systems is a major driver, due to their enhanced accessibility, scalability, and cost-effectiveness. The cloud-based segment is expected to advance at a CAGR of 6.0% from 2024 to 2034.
The anticipated growth reflects the increasing adoption of advanced LIS solutions and the shift toward cloud-based systems, which offer significant advantages in modern laboratory management.
Germany dominates the European market for laboratory information systems, having accounted for a 28.2% market share in 2014, followed by France. The U.K is expected to become a major market for laboratory information systems (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.
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.
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
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