Laboratory Information Systems Market Size & Share, by Product (Standalone, Integrated); Component (Services, Software); Delivery Mode (Cloud Based, Premises); End-user (Hospital Labs, Independent Labs, POLs) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global Laboratory Information Systems Market Definition

Laboratory information systems (LIS) is a management software used in the healthcare sector to store, receive, and analyze the results of tests. The LIS is applied in the quality control checks of inpatients, outpatients, and medical testing. These medical tests involve hematology, immunology, toxicology, chemistry, microbiology, and public health sectors. The LIS helps to track the patient records during, after, and later in the future. The records are stored in the database of the hospital or laboratory and can be accessed at any point in time to analyze the situation and results of the study.

The workflow and reduction of errors can be seen with the use of LIS in laboratories. With numerous tests being conducted in a day, there will be a lot of confusion and the possibility of manual error which is properly regulated with the application of LIS. LIS is a system that manages the reports, results, and activities of each patient as a specimen. Some of the LIS system items are test worksheets, ordering physicians, billing codes, container types, specimens, and instruments.

The forensics, clinical labs, hospitals, animal health centers, public health, and commercial labs use LIS which are similar to each other. Drug toxicity, screening, microbe detection, different types of cell count information, and analytical chemistry are the laboratory tests performed and stored in the LIS. And everything is automatically fed into the LIS or transmitted to a router and the warehouse or point-of-care.

Global Laboratory Information Systems Market: Key Insights

Global Laboratory Information Systems Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global laboratory information systems market is estimated to garner a revenue of ~USD 5 Billion by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 2 Billion in the year 2022. The growth of the market can be attributed to the rising cases and deaths owing to the prevalence of chronic diseases across the world. As per the Centers for Disease Control and Prevention, it was calculated that in the year 2022, one out of ten adults in the United States are suffering from at least one chronic disease, and four out of ten adults were diagnosed with two or more chronic diseases. Further, as per recent data from 2020, chronic diseases are solely responsible for approximately 40 million deaths globally. The increasing changes in the lifestyle and eating habits of people are estimated to rise the incidence of chronic disease cases. Additionally, the longevity of the elder population increases the occurrence and reduces the efficiency of chronic disease management which is projected to drive market growth.

In the past few years, there has been a high demand for lab automation, large-scale implementation of laboratory information systems in hospitals, and technological advancements in laboratory information system offerings, due to the rise in the number of life-threatening diseases. As a result, the need for quality samples and management has bolstered the sales of laboratory information systems in the healthcare industry. The prevalence of non-communicable diseases is anticipated to increase the adoption rate of laboratory information systems for early detection, and diagnosis and to prevent deaths. As per statistics by the World Health Organization (WHO) in 2021, non-communicable diseases kill almost 41 million people each year, which equals 71% of deaths globally.

Global Laboratory Information Systems Market: Growth Drivers and Challenges

Growth Drivers

• Growing Cases and Deaths Due to Cardiovascular Diseases in the Majority of People – The emergence in government schemes and rising demands for the assessment and surveillance of cardiovascular functioning over time to avoid medical errors, requiring the use of an electronic medical record, is anticipated to drive the market throughout the forecast period. As per a report published by World Health Organization in 2021, the deaths due to cardiovascular diseases around the world were calculated to be almost 17.9 million annually.
• Rising Prevalence of Autoimmune Diseases Across the World – As per recent statistics of 2021, it was revealed that almost 24 million Americans are affected by autoimmune diseases annually.
• Boom in Pharma Sector with Rising Concern on Healthcare Among People – The recent estimates reveal that the revenue generated by the global pharma industry stood up at USD 1.30 trillion in 2020.
• Escalation in Hospital Visits with Increasing Awareness of Early Diagnosis – Recent data depicts that the total number of health center patient visits in the United States in 2020 was 115 million people.  
• Growth in Hospital Industry with Growing Number of Patients – The Indian hospital industry stood up at approximately USD 135 billion by FY22 from USD 63 billion in FY17.

Challenges

• Low Adoption Rate in Developing Countries - The application and use of LIS in many countries are very less owing to a lack of integration and implementation. Trails were made to increase the data management standards in the LIS and improve its use in all facilities. The lack of evidence for the system and use of traditional procedures in many laboratories is estimated to hinder the market growth.
• High Maintenance of Equipment
• Additional Service Costs

Global Laboratory Information Systems Market Segmentation

The global laboratory information systems market is segmented and analyzed for demand and supply by delivery mode into cloud-based, and premises. Out of these, the cloud-based segment held the largest market share in the year 2022. The accessibility of data from multiple locations, multiple systems, and multiple branches, is the most significant contributing factor expected to augment segment growth during the forecast period. Also, increase in demand for cloud based drug discovery platforms where drugs are discovered and formulated. The rising adoption of digital technologies and penetration of the internet across the world is estimated to boost the market growth. As per the estimations in 2033, over 50 billion people use the internet across the world which accounts for more than 60% of the world’s population. The increasing use of cloud based mobile apps and implementation of cloud services for easy backup and storage is also anticipated to drive the market segment in the coming years.

The global laboratory information systems market is also segmented and analyzed for demand and supply by end-user into hospital labs, independent labs POLs, and others. Amongst these segments, the hospital labs segment is expected to garner a significant share by the end of 2035. The increasing prevalence of diseases and the rising number of hospitals across the world is estimated to drive market growth during the forecast period. There are about 10,900 hospitals in Columbia in the year 2020 with the highest number of hospitals as per the records. The growing population suffers from various chronic and nonchronic diseases that need diagnosis and treatment. And additionally, the prevalence of new diseases needs lab tests to find the cause of the disease, symptoms, drug discovery, clinical trials, and treatment methods. All these increase the growth of the market segment. The increasing drug discoveries are also rapidly growing across the world with expired patents on numerous drugs. The market segment growth is also attributed to the increasing funds and investments in the healthcare sector to improve the infrastructure and associate it with IT and digital transformation.

Our in-depth analysis of the global laboratory information systems market includes the following segments:

Global Laboratory Information Systems Market Regional Synopsis

The North American laboratory information systems market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the well-developed healthcare infrastructure and the increase in demand for digitalized technologies for the early detection of diseases. The surge in non-communicable diseases such as cancer and diabetes is expected to increase the adoption rate of laboratory information systems. The Centers for Disease Control and Prevention revealed that in the United States, 1,752,735 new cancer cases were reported and 599,589 people died of cancer in 2019. Whereas, in 2018, 34.2 million people, equivalent to 10.5% of the United States Population had been diagnosed with diabetes. Also, the rising health expenditure and healthcare industry are other growth drivers for the North American region in the upcoming years. In 2021, revenue generated by the U.S. healthcare industry stood at USD 800 billion.

Moreover, the second largest market growth is estimated to be seen in the Asia Pacific region as per the market analysis. The increasing elderly population and increasing population of people are estimated to rise the market growth. The Asian population in 2019 was about 4.6 billion and was estimated to reach about 5 billion by the end of 2033 with a growth rate of 0.5% according to the reports. The increasing population increases the incidence of diseases more rapidly which rises the need for good healthcare facilities. The growing healthcare sector with the initiation of many pharmaceutical, chemical, and biopharmaceutical industries across the region.

Top Featured Companies Dominating the Global Laboratory Information Systems Market

• CliniSys Group
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• Allscripts Healthcare, LLC
• Orchard Software Corporation
• CompuGroup Medical SE & Co. KGaA
• LabVantage Solutions
• Thermo Fisher Scientific Holdings, Inc.
• STARLIMS CORPORATION
• PROLIS
• Medical Information Technology, Inc.
• Epic Systems Corporation