Laboratory Information System Market Size to Reach USD 832.24 Million Globally by 2026 at 9.04 % CAGR |Technavio

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Jul 06, 2022, 06:45 ET

NEW YORK, July 6, 2022 /PRNewswire/ -- The laboratory information system (LIS) market share is expected to increase by USD 832.24 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.04% as per the latest market report by Technavio. The LIS market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. American Soft Solutions Corp., Cerner Corp., Comp Pro Med Inc., CompuGroup Medical SE, and Co. KGaA, Computer Programs and Systems Inc., Epic Systems Corp., Medical Information Technology Inc., Orchard Software Corp.,  Soft Computer Consultants Inc, and Sunquest Information Systems Inc are among some of the major market participants.

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Laboratory Information System Market 2022-2026: Scope

 The laboratory information system market report covers the following areas:

Laboratory Information System Market 2022-2026: Market Dynamics

  •  Drivers: The key factor driving growth in the laboratory information system market is the need for laboratory automation. Laboratory automation is gaining traction as a viable alternative for addressing the labor shortage and reducing manual intervention in laboratory processes. The use of dedicated workstations and software to configure instruments that can automate common laboratory activities improves lab productivity and allows individual researchers to focus on more critical tasks. The presence of supervisory standards, as well as stringent regulatory criteria for error-free results, encourages the creation of efficiencies with repeatable outcomes. Laboratory information systems offer an effective solution as they facilitate, advance, and improve the productivity and efficiency of laboratory processes significantly.
  • Challenges: The high maintenance and service costs will be a major challenge for the laboratory information system market during the forecast period. According to industry analysts, the cost of maintaining IT solutions is higher than the cost of the product itself. Service and maintenance (which includes software updates to meet changing end-user requirements) is a recurring expense that accounts for nearly 20%-30% of the total cost of ownership. Furthermore, training and implementation costs account for about 15% of the total cost. Many small and medium-sized laboratories find it difficult to invest in these systems as a result of these cost constraints, thereby restricting the adoption of LIS.

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Laboratory Information System Market 2022-2026: Segmentation Analysis

  • Deployment
    • On-premise
    • Cloud-based
  • Geography
    • North America
    • Europe
    • Asia
    • ROW
  • To know about the market contribution of each segment - Click Now!

Get ready to achieve excellent business outcomes from this exclusive Laboratory Information System Market report by Technavio. The report will include highlights of the overall market which includes frequently asked questions such as -

  • What are historical revenue figures and estimated revenue figures as well as CAGR during the forecast timeframe?
  • What is the current trend taking place in the market space?
  • Which are business tactics that will influence competitive scenarios along with defining the growth potential of the market?
  • What are market drivers, restraints, and challenges impacting demand & growth of the market?
  • Which regions & segments will garner massive revenue and emerge as market leaders in upcoming years?

The competitive scenario provided in the Laboratory Information System Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Don't wait, Make a strategic approach & boost your business goals with our Laboratory Information System Market Forecast Report -  Buy Now!

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Laboratory Information System Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 9.04%

Market growth 2022-2026

USD 832.24 million

Market structure

Fragmented

YoY growth (%)

8.35

Performing market contribution

North America at 41%

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

American Soft Solutions Corp., Cerner Corp., Comp Pro Med Inc., CompuGroup Medical SE and Co. KGaA, Computer Programs and Systems Inc., Epic Systems Corp., Medical Information Technology Inc., Orchard Software Corp.,  Soft Computer Consultants Inc, and Sunquest Information Systems Inc

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2021
  • Market outlook: Forecast for 2021 - 2026

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Deployment

  • Market segments
  • Comparison by Deployment
  • On-premise - Market size and forecast 2021-2026
  • Cloud-based - Market size and forecast 2021-2026
  • Market opportunity by Deployment

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2021-2026
  • Europe - Market size and forecast 2021-2026
  • Asia - Market size and forecast 2021-2026
  • ROW - Market size and forecast 2021-2026
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • American Soft Solutions Corp.
  • Cerner Corp.
  • Comp Pro Med Inc.
  • CompuGroup Medical SE and Co. KGaA
  • Computer Programs and Systems Inc.
  • Epic Systems Corp.
  • Medical Information Technology Inc.
  • Orchard Software Corp.
  •  Soft Computer Consultants Inc
  • Sunquest Information Systems Inc

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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