Laboratory Information System Market Size, Share, Growth Opportunity and Forecast 2028
The global laboratory information system (LIS) market was valued US$ 1,104.27 million in 2021, it is estimated to grow at a CAGR of 10.4% from 2022 to 2028.
According to our new research study on “Laboratory Information System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Mode of Delivery, Component, and End User,” the market is expected to reach US$ 2,176.54 million by 2028 from US$ 1,104.27 million in 2021; it is expected to grow at a CAGR of 10.4% during 2022–2028.
Due to technological developments and far exceeding complexities in laboratory processes, the scope of LIS has gone beyond data, process, and product management. Moreover, mobility is one of the driving forces of the new technological era, wherein the remote management of laboratories is likely to be indispensable. Cloud-based delivery mode LIS has also been considered to solve the problem of limited geographic coverage associated with traditional LIS systems. These systems eliminate the need for heavy capital investments in infrastructure and enable fast and safe data transfer within organizations.
The global laboratory information system (LIS) market players are developing innovative solutions to sustain their presence in the highly competitive market. For instance, in March 2021, Autoscribe Informatics launched an updated version of its Regulated Manufacturing LIMS. It is a configured solution based on the Matrix Gemini LIS solution. The product is ideal for all manufacturing organizations, including highly regulated industries such as medical devices and pharmaceuticals. Moreover, the companies are upgrading their original automation platforms to meet the escalating demands of researchers and laboratory personnel. In January 2021, SoftBank.web version 25.6 of SCC Soft Computer received 510(k) clearance from the US Food and Drug Administration (FDA). Thus, developments and innovations by the market players are boosting the growth of the global laboratory information system (LIS) market.
Significant Potential for Laboratory Informatics in Emerging Markets
A majority of the laboratory information system (LIS) market players operate in North America and Europe. Prime vendors in the market have sidelined a few countries from regions such as Asia Pacific, Middle East, and Latin America, which hold huge potential for healthcare market. Research and development expenditure in countries such as China and India is growing, which has led to rise in demand for LIS for data storage, research regulation compliance, and validation. Various countries in the above mentioned regions are capable of adopting advanced LIS; they are engaged in the development of cost-effective and high-performance systems with an aim to reach remote areas, where advanced medical facilities are not available. In addition, the emergence of medical tourism in Asia Pacific countries, especially in India, Vietnam, Malaysia, Indonesia, Thailand, and the Philippines, is expected to create lucrative growth opportunities for players in the global laboratory information system market. According to a report released by the India Brand Equity Foundation in January 2019, the estimated Foreign Tourist Arrivals (FTAs) in India for medical purpose in years 2015, 2016, and 2017 were 233,918; 427,014; and 495,056, respectively.
Impact of COVID-19 Pandemic on Global Laboratory Information System (LIS) Market:
the demand for laboratory information system has been increasing as LIS has proved highly beneficial for laboratories during the COVID-19 pandemic. Laboratories equipped with LIS have constantly being performing the diagnostics faster with reducing turnaround times. This has a major impact on reducing the quarantine period of suspected patients and initiating a proper treatment of COVID-19 positive patients. As number of patients in European healthcare setting has increased dramatically due to this outbreak, laboratories are at risk of diagnostic error. However, LIS solutions help companies and organizations to run their laboratories remotely and from multiple locations. With the outbreak of the COVID-19 pandemic, most laboratories conducted their data-oriented processes from home using cloud-hosted, remote-based LIMSs.
Several laboratories, CROs, research institutes, and pharma and biotech companies have worked uninterruptedly during the pandemic, thereby increasing productivity. Therefore, web-hosted solutions help achieve long operational life, decrease ownership cost, and offer excellent investment returns. Since the pandemic’s onset, prominent players in the laboratory information system landscape are collaborating with public and private sector organizations to employ advanced technologies for implementing COVID-19 testing capabilities. For instance, LabWare Technologies has collaborated with the National Health Service to provide laboratory management software to healthcare settings across the United Kingdom.
Thermo Fisher Scientific Inc.; Illumina, Inc.; LABWORKS; LabLynx, Inc.; LabVantage Solutions, Inc.; Francisco Partners; CompuGroup Medical; Hex Labs; AAC Infotray AG, and McKesson Corporation are among the leading companies in the global laboratory information system (LIS) market.