The Laboratory Information Systems Market is anticipated to expand at a 10.2% CAGR, aiming to attain a value of US$ 4.2 Million by 2032

The worldwide market for Laboratory Information Systems achieved a value of approximately US$ 1.9 Billion in the year 2022. Projections indicate a prospective compound annual growth rate (CAGR) of 10.2%, propelling the market dimensions to around US$ 4.2 Billion in the year 2032.

Increasing demand for improved laboratory efficiency, the need for integrated healthcare information systems, and hospitals prioritizing laboratory information systems fuel the growth in the European laboratory information systems market. In addition, supportive government initiatives and investments from healthcare IT manufacturers supplement the growth. However, the scarcity of experienced professionals and high maintenance & service expenses are factors hindering the growth of the market. On the other hand, the demand for powerful IT systems in diagnostic and medical laboratories presents opportunities in the market.

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 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 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. The 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 program 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.

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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 the 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 has pledged to substantially increase public & private R&D spending as well as the 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.

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

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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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This release was published on openPR.