USD 832.24 Million Growth in Laboratory Information System Market: By Deployment and Geography | Global Forecasts to 2026

NEW YORK, Dec. 29, 2021 /PRNewswire/ -- The Laboratory Information System Market value is set to grow by USD 832.24 million, progressing at a CAGR of 9.04% from 2021 to 2026, as per the latest report by Technavio. This report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

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One of the key factors 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.

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Laboratory Information System Market 2022-2026: Segmentation

• Deployment
• On-premise
• Cloud-based
• Geography
• North America
• Europe
• Asia
• ROW

Learn more about the factors assisting the growth of the market, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR71657

Laboratory Information System Market 2022-2026: Vendor Analysis and Scope

Some of the major vendors of the Laboratory Information System Market in System Software Industry include 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.

To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the laboratory information system market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.

The report also covers the following areas:

• Laboratory Information System Market size
• Laboratory Information System Market trends
• Laboratory Information System Market analysis

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: Key Highlights

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist laboratory information system market growth during the next five years
• Estimation of the laboratory information system market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the laboratory information system market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of laboratory information system market vendors

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SOURCE Technavio