Major Market Shift in Laboratory Information System Industry: Rising Adoption Of Cloud-Based Laboratory Information Systems

What Is the Forecasted Market Size and Growth Rate for the Laboratory Information System Market?
The market size of the laboratory information system has seen robust growth in the past few years. The progress is expected to continue, with the size projected to increase from $2.57 billion in 2024 to $2.75 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.0%. This growth in the earlier phase can be credited to factors such as technological progress, a surge in demand for healthcare services, management and integration of data, and the need for quality assurance and reporting.

Over the coming years, the market size of the laboratory information system is predicted to experience a swift expansion. It is projected to reach a value of $4.29 billion by 2029, representing a compound annual growth rate (CAGR) of 11.8%. This expected growth during the forecast period can be associated with factors such as digital transformation, personalized medicine, artificial intelligence (AI), and machine learning, as well as point-of-care testing (POCT). Notable anticipated trends during this period include its integration with electronic health records (EHR), the use of cloud-based LIS, enhancements in data security and privacy, as well as laboratory automation.

What Factors Are Propelling the Expansion of the Laboratory Information System Market?
The surge in lab automation needs is a key driver propelling the expansion of the laboratory information system market. The continuous increase in the number of individuals going through a variety of tests ups the pressure on labs. To alleviate the workload on current staff and lessen the error margin, clinical laboratories are recruiting more healthcare workers, leading to a boost in lab efficiency and precision for correct outcomes. As per the Bureau of Labor Statistics, about 12,000 new clinical laboratory professionals are needed annually to fulfill the demand but only half of them enter the field. Consequently, labs are leveraging automation to simplify their tasks. For example, TriCore Reference Laboratories in Albuquerque, MexiCo., integrated automation into 20% of its apparatus that handles close to 80% of the laboratory's samples and displays, improving its operational management and precision for swifter, more accurate results.

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Which Businesses Are at the Forefront of Laboratory Information System Market Development?
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

What Are the Latest Innovations in the Laboratory Information System Market?
The laboratory information systems market seems to be moving towards a trend of utilizing cloud-based laboratory information systems. The use of cloud computing, which involves online sharing of computing resources and services including storage and server capabilities, allows for a reduction in cost as well as an increase in speed, productivity, and system security across the network. The absence of spatial limitations and the numerous advantages including cost-effectiveness, superior outcomes, and continual progression, are the key benefits offered by the cloud system in laboratory information systems. Systems like the APEX laboratory information system by Apex HealthWare, LLC., Arxspan Laboratory Software‎ by Bruker Software Solutions, and Orchard laboratory information system by Orchard Software Corporation exemplify cloud-based systems that not only improve efficiency and minimize errors, but also enhance patient care. Consequently, the ingestion of the cloud-based laboratory information system is forecasted to bring substantial momentum in the laboratory information system market.

How Is the Laboratory Information System Market Segmented?
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

Subsegments:
1) By Standalone LIS: On-premise Standalone LIS, Cloud-based Standalone LIS
2) By Integrated LIS: Laboratory And Hospital Information System (LIS-HIS) Integration, Laboratory And Electronic Health Records (LIS-EHR) Integration

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Where Is the Laboratory Information System Market Growth Most Prominent?
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

What Is Covered In The Laboratory Information System Global Market Report?

- Market Size Analysis: Analyze the Laboratory Information System Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Laboratory Information System Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Laboratory Information System Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Laboratory Information System Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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