Laboratory Information Systems Market to grow along the lines of smart medical devices

Laboratory Information Systems Outlook 2031
The global laboratory information systems market was valued at US$ 2.2 Bn in 2021

The global market is projected to grow at a CAGR of 8.3% from 2022 to 2031

The global laboratory information systems market is anticipated to reach more than US$ 4.9 Bn by the end of 2031

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Laboratory Information Systems Market Introduction
Rise in automation in laboratories, technological advancements in laboratory information systems, need for regulatory compliance, and increase in R&D spending are the key drivers of the global laboratory information systems market. Surge in demand for managing laboratory data via cloud-based solutions is also a significant factor propelling the global market. Storage of data via cloud-based solutions is reliable, agile, and secure. Adoption of cloud-based LIMS in healthcare laboratories is increasing. These solutions offer a host of benefits such as reliability, security, and constant data storage access. Large volume of data, due to the surge in the number of patients undergoing diagnostics, has increased complexities in workflow management. LIMS has proven to be highly beneficial for laboratories during the COVID-19 pandemic. Laboratories equipped with LIMS have constantly been performing diagnostics faster, with reduced turnaround times. This has a major impact on reducing the quarantine period of suspected patients and initiating a proper treatment for COVID-19 positive patients.

Surge in Demand for Lab Automation to Drive Global Market
Demand for laboratory information system (LIS) is driven by the increase in lab automation and advancements in R&Ds labs, primarily in pharmaceutical and biotechnological laboratories. Lab automation reduces human errors while performing repetitive tasks such as and moving plates. It also improves accuracy. Furthermore, high efficiency of laboratory informatics products is propelling the laboratory information systems (LIS) market.

According to a 2020 survey conducted by Astrix Technologies LLC, a professional healthcare IT service provider, 61% of laboratory information management system (LIMS) users profited from the removal of manual operations, 57% improved their sample management approach, and 46% saw a substantial rise in productivity within their laboratory setting.

According to the World Health Organization's (WHO) 2019 report on patient safety and risk management service, 5% diagnostic errors are reported in outpatient care settings in the U.S. It also stated that diagnostic errors accounted for 6% to 17% of all the harmful events in hospitals. This is likely to augment the global laboratory information systems market.

Governments, through various initiatives, support the adoption of IT solutions and products in healthcare. Additionally, increase in need to curb rising healthcare costs is projected to drive the global laboratory information systems (LIS) market during the forecast period.

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Large-scale Implementation of Laboratory Information Systems in Hospitals to Propel Global Market
Increase in access to advanced healthcare in hospitals is a major factor driving the demand for LIS. Rise in access to advanced healthcare in hospitals can be ascribed to better cost management structure, lean structure with respect to manpower employment, need to automate clinical testing for faster generation of results, and lesser chances of disruption between management regarding implementation of software, as most of the hospitals are solely owned. Demand is high in smaller hospitals in the U.S.

Involving patients as active participants in their care is an important approach toward improving overall healthcare. Patients must be able to access and share their health information. Currently, patients increasingly desire an access to their health-related documents. This is expected to drive the adoption of LIS in hospitals and clinics in the near future. Under the Health Insurance Portability and Accountability Act (HIPAA), patients have the right to see and obtain a copy of their completed test reports from laboratories within 30 days of request.

Increase in competition among hospitals to provide quality care has resulted in high demand for LIS, as it facilitates systematic documentation and eliminates paper work and chance of errors associated with clinical tests report writing. Thus, it enables a streamlined work flow. LIS also acts as a decision support system for enhancing decision-making in the clinical workflow. This improves healthcare quality in hospitals and clinics, thus increasing demand for LIS software and services in these facilities.

High Demand for LIMS Outsourcing Solutions to Propel Services Segment
In terms of component, the global laboratory information systems market has been bifurcated into services and software. The services segment dominated the global market, with around 55% share in terms of revenue in 2021. This can be ascribed to the increase in need of LIMS implementation, integration, maintenance, validation, and support. Additionally, high demand for LIMS outsourcing solutions is expected to drive the segment. Large pharmaceutical research labs lack resources and skills required for the deployment of analytics. Hence, these services are outsourced. Outsourcing can be short term, project-based, or a long-term contract.

Access to Data from Multiple Locations, Multiple Systems, and Multiple Branches Boosting Cloud-based Segment
Based on delivery mode, the global laboratory information systems market has been split into on-premises and cloud-based. The cloud-based segment dominated the global market, with more than 65% share in terms of revenue in 2021. The segment is likely to maintain its leading position, growing at the fastest CAGR during the forecast period. In a cloud-based system, data can be accessed from multiple locations, multiple systems, and multiple branches. Furthermore, reduced IT manpower, cost-effective data management, and easy deployment are driving the segment.

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Increase in Number of People Suffering from Chronic Diseases Augmenting Diagnostic Laboratories Segment
In terms of end-user, the global laboratory information systems market has been divided into diagnostic laboratories, hospitals & clinics, and others. The diagnostic laboratories segment held the largest share of the global market in 2021. This trend is likely to continue during the forecast period. The segment is driven by the rise in number of diagnostic laboratories and increase in number of people suffering from chronic diseases across the world. Furthermore, adoption of LIS in diagnostic laboratories has made laboratory processes easier for healthcare professionals and patients.

Regional Outlook of Global Laboratory Information Systems Market
North America accounted for the largest share of around 35% of the global market in terms of revenue in 2021. Well-developed infrastructure and increase in demand for digitalized technologies across North America are driving the implementation of different analytical solutions among industries. North America's dominance of the global market can be ascribed to strong economic growth in the U.S. and Canada, which have enabled significant investments in new technologies, growth in biobanks, easy availability of LIMS products & services, and stringent regulatory requirements across industries.

In August 2020, Medical Information Technology (MEDITECH) partnered with TECHNATION Health in Canada to enhance the privacy and security framework of healthcare providers across the country, ensuring better patient data security.

The market in Asia Pacific is expected to expand at the fastest growth rate during the forecast due to the increase in disposable income, rise in elderly population, and surge in public healthcare funding in major emerging economies such as India and China.

Analysis of Key Players in Global Laboratory Information Systems Market
In the past few years, a number of companies in the LIS industry have entered into partnerships and collaborations in order to stay ahead of their competitors. For instance, in July 2020, Allscripts Healthcare Solutions, Inc. and Microsoft Corporation extended their long-term strategic alliance to enable the development and delivery of cloud-based health IT solutions. This supported Microsoft Corporation with the cloud-based Sunrise EHR and helped it create a more-scalable technology.

Key players operating in the global laboratory information systems market are Allscripts Healthcare Solutions, Inc., Orchard Software Corporation, CompuGroup Medical, Labvantage Solutions, Inc., Thermo Fisher Scientific, Inc., Sunquest Information Systems, Inc., and STARLIMS Corporation.

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