Laboratory Information Systems Market is expected to reach USD 3.8 Billion by 2030 at 9.5% CAGR during the forecast period 2022-2030.
Laboratory information systems market is expected to register 9.5% CAGR and is anticipated to reach USD 3.8 Billion during the forecast period 2022-2030. LIS helps streamline the lab process, reduce sample processing time, increase productivity, and improve turnaround times, lab automation, and efficiency. The rise of chronic diseases, increasing demand for personalized medicine, the development of integrated LIS, and the growing cloud-based LIS can provide market players with significant opportunities. Lab automation has emerged as an effective solution to combat the shortage of lab staff and reduce manual intervention in the lab process. Automating routine experimental procedures using dedicated workstations and instrument programming software increases laboratory productivity and allows individual researchers to focus on critical tasks.
A LIS is an information system that is based on interfaces that comprise analytical instruments and allows users to obtain, store, manage, retrieve, and record laboratory data. As healthcare departments worldwide are more concerned about the accuracy of dealing with this disease, more and more companies are investing in the LIS industry to increase their market share in the laboratory information system industry. With the advent of cloud-based storage, the laboratory information systems market is expanding as more companies pay to maintain the industry standards set by LIS. A central company that allows pharmaceutical companies to test their drugs, record the effects of new drugs, and release them to the health department with government approval is accelerating the market.
The world saw a new-age virus in Nov 2019 that originated from a flea market of Wuhan, China that shaped the current industrial, economic and political scenario of the world. With the world going under complete lockdown to just entertaining people with basic amenities made people realize the threat of the COVID-19 virus. Although many platforms like the educational world, manufacturing companies came to a halt due to lack of manpower due to the increased threat of COVID due to communication with affected people, any other industries also benefitted due to this virus. Laboratory Information Systems played important role in tracking and maintaining records of the COVID-19 patients. Swab tests were conducted on people all over the world and results were shared with the government regulators which helped maintain the decorum of hospitals and homes around the world and containing viruses globally.
Laboratory Information Systems Market Dynamics:
The laboratory information management systems market has seen the light of day due to the increased demand for reformed and processed data that could be shared across the world without any traffic or faulty issues. Since a greater number of tests have been introduced to humans to track and treat different diseases a management system is required to maintain all this data. Many clinical trials are based on the information collected and stored through LIS. More patients are concerned with the precision of healthcare departments around the world make about the illness, more companies have invested in the LIS industry to increase the market share.
With the introduction of cloud-based storage, the laboratory information systems market is on the high rise as more companies (including pharma companies) have paid to maintain industrial standards as set by LIS. More Pharma companies are interested in testing and selling their drugs to centralized firms that can record the effects of new drugs and promote them to healthcare departments with the acceptance of government and appropriate license to sell the drugs. Many other IT companies and corporates are invested in Laboratory information management systems to analyze this cloud-based data to track the onset of new viruses and be prepared beforehand.
Historically speaking clinical laboratories were made to maintain, record, and test patient’s samples of different test results which doctors could read and treat their patient’s disease, and these clinics were subjected to hospitals premises as per doctor’s suggestion. Nowadays people get themselves tested on regular basis to maintain a healthy lifestyle thus Laboratory Information Systems were adapted by many clinics to manage patient’s information. The clinic maintains records based on the name, date of birth, time of sample taken, results, etc., and matches them against the low and high scale of those tests respectively. Maintaining all this data and sharing this data across the world could have been tough if not for ERP databases that record all the history and can be accessed through any hospitals of the world those who fall under the specified HIPPA ACT (Health Insurance Portability and Accountability Act) modules of those LIS standards.
Laboratory Information Systems Market Segment Overview:
Laboratory information management systems are segmented as clinical trials, industrial use, and discovery of drugs by application. Clinical trials for instance for Alzheimer’s are making rounds in today’s world. Patients are given a drug called placebo or are stimulated with memory testing whose results are maintained using LIS by hospitals testing it and sharing a report of success and failures with the world so that doctors throughout the world can participate in it. Pharma industries are using contract manufacturing to discover new drugs which can be tested as per Laboratory information management standards so that they can be released for commercial use.
Laboratory information management systems market are segmented as cloud-based and paper-based by delivery. Cloud-based is related to the storage of results of Laboratory Information Systems reports on a cloud server or database whose data can be shared across a global platform with which patient’s consent. Paper-based or on-premises data collection is done by hospitals to track daily records of critical patients on daily basis to speed up recovery. On-premises is the traditional way of maintaining the records making them obsolete due to the increased number of patients.
The market is segmented by components into software, hardware and services
The laboratory information systems industry is booming for the last decade by involving more clinics, hospitals, pharma companies to invest in the laboratory information systems market. The increased number of research and clinical trials being arranged to fight chronic diseases has increased the need to invest and develop advanced laboratories that can prove efficient and effective in diagnosing the cause of these chronic diseases. North America holds the highest position in the world who has invested a great amount of money in labs and clinics as per laboratory information systems industry standards. Europe is the second most LIS-invested country to the US opening market to local and global healthcare organizations. Asia-Pacific countries like China, India, Japan, Malaysia, Singapore have also marketed the laboratory information systems industry due to the increased population of these countries. Other factors that influence the laboratory information systems industry market are clinical trials of chronic diseases, sharing and marketing knowledge about different diseases across the world to prevent another pandemic, drug discovery by pharma industries to provide better healthcare systems, etc.
The laboratory information systems industry is a very vast industry that includes independent labs, blood banks, nursing homes, hospital labs, doctor’s clinics, and government independent labs. The laboratory information systems industry has made a platform for all these independent clinics to function under one standard and streamline their data on cloud-based storage so that it is easier to track the records of the patient and treat them efficiently. Development of new drugs, increased number of clinical trials as reported in 2019, artificial intelligence and machine learning to analyze the pattern of patients disease and forecast future symptoms and thus making precautionary treatments for patients have projected revenue of more than 3 Billion US dollars in Laboratory information systems industry by the year 2025. North America, Europe, China, India, Japan, Singapore, Thailand, and a few of the leading countries contributing to laboratory information systems market growth. Sysmex Corporation, XIFIN Inc., Margy Tech, Cerner Corporation, Roper Industries, McKensson Corporation, Thermo Fisher are a few of the market leaders of the laboratory information systems market.
In May 2021
Orchard Software Corporation acquired Corwen, LLC to extend the molecular testing abilities and offer comprehensive and integrated LIS solutions.
In March 2020
IBM Watson Health and EBSCO Information Services (EBSCO) partnered for a collaboration aiming toward the enhancement of clinical decision support and operations to assist healthcare providers. The companies had combined their respective solution – DynaMed and IBM Micromedex with Watson into a single "DynaMed and Micromedex with Watson." It will bring together drug and disease content for evidence-based insights for clinical decisions.
Laboratory information systems work on optimized workflows that provide a broader picture of patient’s symptoms and storing them on the cloud-based database and using AI and machine learning to understand its credibility and work accordingly on it. North America is the most advanced country that follows laboratory information systems followed by Europe. The increased number of researches and clinical trials being arranged to fight chronic diseases has increased the need to invest and develop advanced laboratories that can prove efficient and effective in diagnosing the cause of these chronic diseases.
|Market Size||3.8 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Application, Components, Delivery and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Sysmex Corporation, XIFIN Inc., Margy Tech, Cerner Corporation, Roper Industries, McKensson Corporation, Thermo Fisher|
|Key Market Opportunities||
|Key Market Drivers||The increased demand for reformed and processed data that could be shared across the world without any traffic or faulty issues|
The global laboratory information systems market is projected to reach a valuation of USD 3.8 BN during the forecast period.
The global laboratory information systems market is projected to grow at approximately 9.5% CAGR during forecast period.
Significant investments from healthcare IT companies.
North America holds the largest share in the global laboratory information systems market followed by Europe and Asia Pacific, respectively.
TCG Lifesciences Pvt. Ltd., Cerner Corporation, LabWare Inc., IBM, Abbott Laboratories, McKesson Corporation, Medical Information Technology Inc., Roper Industries, and Thermo Fisher Scientific Inc., are some of the major players operating in the laboratory information systems market.