Laboratory Information System Market Growth Drivers, Strategic Analysis, Market Share, Key Trends And Forecast To 2033

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 in the historic period can be attributed to technological advancements, growing demand for healthcare services, data management and integration, quality assurance and reporting.

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 growth in the forecast period can be attributed to digital transformation, personalized medicine, artificial intelligence (ai) and machine learning, point-of-care testing (poct). Major trends in the forecast period include integration with electronic health records (ehr), cloud-based lis, data security and privacy, laboratory automation.

Market Overview -
A laboratory information system (LIS) is a computer system that assists in managing many aspects of a medical laboratory, including the input, processing, and storage of information and data.

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Rising Demand For Lab Automation Drives The Laboratory Information System Market
The rising demand for lab automation is a major factor driving the growth of the laboratory information system market. A growing number of people are undergoing a series of tests, which in turn, increases the burden on the laboratories. The clinical laboratories are hiring more healthcare personnel to reduce the amount of workload on existing staff and minimize the number of errors associated with it in order to increase the efficiency and efficacy of the lab's functioning for accurate results. According to the Bureau of Labor Statistics, around 12,000 additional clinical laboratory professionals are required every year to meet the demand, however, only half of the number is entering the field. Thus, laboratories opt for automation to ease the work. For instance, TriCore Reference Laboratories in Albuquerque, MexiCo., introduced automation in its 20% of instrumentation, which performs almost 80% of the lab's samples and displays helping the lab in managing and optimizing its functions for faster and accurate results.

Competitive Landscape -
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

Rising Adoption Of Cloud-Based Laboratory Information Systems
A cloud-based laboratory information system is expected to become the leading trend in the laboratory information systems market. Cloud computing is associated with the sharing of computer resources and services including storage and servers over the internet for a reduced cost, increased speed, productivity, and security of the system in the network. The cloud system in laboratory information systems offers various advantages such as cost-efficiency, better results, and progress without space constrain. For instance, APEX laboratory information system by Apex HealthWare, LLC., Arxspan Laboratory Software‎ by Bruker Software Solutions, Orchard laboratory information system by Orchard Software Corporation are cloud-based systems, which improve efficiency, reduce errors, and enhance patient care. Thus, a cloud-based laboratory information system is expected to gain significant traction in the laboratory information system market.

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Key Segments -
The laboratory information system market covered in this report is segmented -
1) By Product: Standalone LIS, Integrated LIS
2) By Component: Software, Services
3) By End User: Hospital Laboratories, Independent Laboratories, Physician Office Laboratories, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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