PUBLISHER: The Business Research Company | PRODUCT CODE: 1387924
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387924
“Laboratory Information System Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on laboratory information system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for laboratory information system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The laboratory information system market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A Laboratory Information System (LIS) is a computer-based system designed to aid in the management of various aspects of a medical laboratory, including the input, processing, and storage of information and data.
The primary product types within laboratory information systems include standalone LIS and integrated LIS. Standalone LIS systems are specifically tailored to manage laboratory data and activities, featuring data models distinct from Electronic Health Record (EHR) data models. These LIS systems consist of different components, including software and various services, and cater to a range of sectors, including hospital laboratories, independent laboratories, physician office laboratories, and other relevant areas within the healthcare domain.
The laboratory information system market research report is one of a series of new reports from The Business Research Company that provides laboratory information system market statistics, including laboratory information system industry global market size, regional shares, competitors with a laboratory information system market share, detailed laboratory information system market segments, market trends and opportunities, and any further data you may need to thrive in the laboratory information system industry. This laboratory information system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The laboratory information system market size has grown strongly in recent years. It will grow from $2.43 billion in 2023 to $2.63 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth experienced during the historical period can be attributed to several key factors, including significant technological advancements in laboratory information systems, an increasing demand for healthcare services, effective data management and integration solutions, and the emphasis on quality assurance and comprehensive reporting in laboratory operations. These factors collectively contributed to the growth observed in this period.
The laboratory information system market size is expected to see strong growth in the next few years. It will grow to $3.79 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period can be attributed to various key factors, including the ongoing digital transformation of healthcare, the increasing adoption of personalized medicine, the integration of Artificial Intelligence (AI) and machine learning, and the expansion of point-of-care testing (POCT) solutions. Major trends expected to shape this period include enhanced integration with Electronic Health Records (EHR), the adoption of cloud-based Laboratory Information Systems (LIS), a heightened focus on data security and privacy, and the continued implementation of laboratory automation, reflecting the evolving landscape of laboratory information systems.
The laboratory information system market is being propelled by the increasing demand for lab automation. The growing number of individuals undergoing extensive tests places a significant burden on laboratories. Clinical laboratories are hiring more healthcare professionals to reduce the workload on existing staff and minimize associated errors to enhance efficiency and accuracy in delivering precise results. According to the Bureau of Labor Statistics, an estimated 12,000 additional clinical laboratory professionals are needed annually to meet the demand, yet only half this number is entering the field. Consequently, laboratories are turning to automation to streamline their operations. For example, TriCore Reference Laboratories in Albuquerque, Mexico, has introduced automation in 20% of its instrumentation, which handles nearly 80% of the lab's samples, optimizing its functions for faster and more accurate results.
The laboratory information system market is expected to experience growth due to the increasing prevalence of chronic diseases. Chronic diseases, also referred to as non-communicable diseases (NCDs), are persistent, long-term health conditions. Laboratory information systems play a vital role in managing chronic diseases by enhancing the efficiency and accuracy of diagnostic tests, enabling data integration, and supporting decision-making processes. In September 2023, the World Health Organization reported that 74% of global deaths, or 41 million annually, are attributed to NCDs, including 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Therefore, the increasing prevalence of chronic diseases is driving the laboratory information system market.
The high costs associated with implementing and maintaining laboratory information systems are expected to restrict the growth of the laboratory information system market. The expense of a laboratory information system ranges from $4,000 to $100,000, with additional annual operating costs of $1,000 to $5,000. Operating costs encompass expenses related to software licenses, personnel training, maintenance, and service. Due to the high software costs, laboratories may opt for lower-cost versions, even when a higher-cost version is required to alleviate the laboratories' burden, resulting in operational instability. Therefore, the high cost of implementing and maintaining a laboratory information system is likely to hinder the market's growth.
The laboratory information systems market is witnessing a prominent trend with the advent of cloud-based systems. Cloud computing involves sharing computer resources like storage and servers over the internet, leading to reduced costs, increased speed, productivity, and enhanced security. Cloud-based laboratory information systems offer benefits like cost-efficiency, improved results, and advancements without spatial constraints. Systems like APEX laboratory information system by Apex HealthWare, Arxspan Laboratory Software by Bruker Software Solutions, and Orchard laboratory information system by Orchard Software Corporation, exemplify cloud-based solutions that boost efficiency, reduce errors, and enhance patient care. Therefore, a surge in the adoption of cloud-based laboratory information systems is anticipated in the market.
Major companies operating in the laboratory information systems space are collaborating to introduce innovative systems to drive market revenues. These collaborations aim to offer scalable and flexible laboratory information systems that cater to various healthcare settings, from community hospitals to larger health systems. For example, in November 2022, Oracle Cerner Technology, a US-based healthcare information technology company, partnered with Labcorp, a healthcare entity in the US. The alliance aims to manage hospital-based laboratories in ten US states, streamlining operations and enhancing patient experiences. Oracle Cerner's lab information systems facilitate efficient sample tracking, test ordering, and result reporting, thus streamlining laboratory operations.
In January 2022, CliniSys, a US-based informatics software company, acquired HORIZON Lab Systems and merged it with Sunquest Information Systems for an undisclosed amount. The strategic move aimed to position CliniSys as the largest global company dedicated to diagnostic and laboratory informatics. HORIZON Lab Systems, specializing in laboratory information management systems, and Sunquest Information Systems Inc., a developer of medical laboratory and diagnostic information solutions in the US, were brought together as part of this acquisition.
Major companies operating in the laboratory information system market include Cerner Corporation, McKesson Corporation, Epic Corporation Inc., Medical Information Technology Inc., SCC Soft Computer Inc., Sunquest Information Systems Inc., CompuGroup Medical AG, Computer Programs and Systems Inc., Merge Healthcare Inc., Orchard Software Corporation, Abbott Laboratories, LabWare Inc., Thermo Fisher Scientific Inc., LigoLab LLC, Clinisys Group Ltd., Labvantage Solutions Inc., Labgen LIS, Polytech LIS, Avalon GloboCare Corp, NovoPath Inc., LABTRACK LIMS, Dendi Inc., Agilent Technologies Inc., QA Studio, Cirdan Imaging Ltd., Ovation Services Private Ltd., BioData Inc., Technidata AG, Psyche Systems Corporation, Data Innovations LLC
North America was the largest region in the healthcare services market in 2023. Western Europe was the second largest region in the healthcare services market. The regions covered in the laboratory information system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the laboratory information system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The laboratory information system market consists of revenues generated by offering of software and services that helps in the efficient managing of a clinical laboratory for storing, processing, and tracking data, which the hospitals, laboratories, physician offices and clinics use to optimize their workflow. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.