Laboratory Information System Global Market 2024 - Increasing Demand, Emerging Trends, Growth Opportunity And Outlook 2033

The Business Research Company recently released a comprehensive report on the Global Laboratory Information System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

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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Major Key Players of the Market:

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

Laboratory Information System Market 2024 Key Insights:

• 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%.
• Rising Demand For Lab Automation Drives The Laboratory Information System Market
• Rising Adoption Of Cloud-Based Laboratory Information Systems
• North America was the largest region in the healthcare services market in 2023

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