Laboratory Information Systems Market is Predicted to Rise at a CAGR of 8.3% during the Forecast Period, notes TMR Study

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Jul 13, 2022, 07:30 ET

As hospitals compete more fiercely to deliver high-quality treatment, there is a significant demand for these systems since it streamlines systematic documentation, minimized the possibility of error in producing clinical test reports, & paperwork
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WILMINGTON, Del., July 13, 2022 /PRNewswire/ -- The value of the global laboratory information systems market size stood at US$ 2.2 Bn in 2021. The global market is projected to grow at a CAGR of 8.3% from 2022 to 2031. The laboratory information systems market statistics is estimated to attain valuation surpassing US$ 4.9 Bn by 2031. The increase in demand for lab automation and technical developments in laboratory information systems solutions are likely to widen scope for laboratory information systems. Besides, widespread use of these systems in hospitals is also likely to support future market demand for laboratory information systems.

Since there are more life-threatening illnesses now than there were a few years back, more samples are being produced for study and analysis. Concerns have been expressed about the purity of samples and their handling. By providing relevant biospecimen to end-users, such as clinics and hospitals, laboratory information systems are crucial in promoting scientific findings.

The requirement for compliance with regulations, increase in laboratory automation, higher R&D spending, and technical developments in laboratory information systems are expected to drive the global laboratory information systems market. Growing need for cloud-based solutions to manage laboratory data is another important driver for this market. Data storage using cloud-based solutions is dependable, flexible, and safe, which is likely to present lucrative growth opportunities for the leading players in the laboratory information systems market.

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Key Findings of Market Report

Emergence of lab automation and upgrades in R&D laboratories, particularly in biotechnology and pharmaceutical labs, are likely to drive adoption of laboratory information systems. When performing repeated activities like moving plates and pipetting, lab automation decreases human error. It shows significant improvement as well. The market for laboratory information systems is also being driven by the high efficacy of laboratory informatics solutions.

Widespread use of these systems in hospitals is estimated to boost the global market. Besides, the need for these systems is also being driven by growing access to cutting-edge medical treatment in hospitals. Lean workforce structure and better management of cost can be credited for the increase in hospital patients' accessibility to sophisticated medical treatment. Additionally, the demand for automated clinical testing to get data more quickly and reduced likelihood of management interruption for software deployment are anticipated to fuel the segment's growth.

With a revenue share of more than 65 % in 2021, the cloud-based segment led the global market depending on delivery mode. Data is accessible from several places, numerous systems, and numerous branches in a cloud-based system. Besides, the segment is also being driven by a reduction in IT staff, economical data management, and simple implementation.

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Global Laboratory Information Systems Market: Growth Drivers

Through a number of initiatives, governments encourage the use of IT products and services in the healthcare industry. The necessity to reduce escalating healthcare expenses is also anticipated to fuel expansion of the global laboratory information systems market in the years to come.

The highest revenue share in 2021 belonged to North America, which made up over 35% of the global market. The adoption of various analytical solutions across sectors is being fueled by a well-developed infrastructure and a rise in the use of digitalized technology across North America is likely to drive the region.

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Global Laboratory Information Systems Market: Key Players

Some of the key market players are

Labvantage Solutions, Inc.
Thermo Fisher Scientific, Inc.
Allscripts Healthcare Solutions, Inc.
STARLIMS Corporation
Sunquest Information Systems, Inc.
CompuGroup Medical

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Global Laboratory Information Systems Market: Segmentation

Component

Software
Services

Delivery Mode

On-premises
Cloud-based

End Use

Diagnostic Laboratories
Hospitals & Clinics
Others

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