The global Laboratory Information Systems Market Growth Accelerated by Demand for Integrated Laboratories Systems

 

Laboratory information management systems (LIMS), also known as laboratory information systems (LIS), help in the efficient management of analytical data from various testing laboratories. LIMS streamline workflow allowing rapid data capturing, reporting, sample tracking and results retrieval along with automating management and delivery of information to the appropriate stakeholders.

The global Laboratory Information Systems Market is estimated to be valued at US$ 2.4 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: The demand for laboratory information systems is being driven by the increasing integration of laboratories with hospitals and other healthcare facilities. As standalone laboratories consolidate with large healthcare systems, there is a growing need to unify separate laboratory information systems onto integrated platforms for seamless data transfer. This trend is positively impacting the growth of the core Laboratory Information Systems Market players providing integrated enterprise LIS solutions. Advancements such as artificial intelligence and machine learning applications are also being integrated into new LIS deployments to enhance laboratory automation.

Segment Analysis
The global laboratory information systems market can be segmented based on components, delivery mode, type, end-user, and region. Based on components, the services segment is expected to dominate the market. This is because services like system integration, training & education, and support & maintenance are essential for smooth functioning of laboratory information systems.Regular upgrades and maintenance are required to ensure optimal performance.

Key Takeaways

The global laboratory information systems market is expected to witness high growth over the forecast period of 2023 to 2030. The global Laboratory Information Systems Market is estimated to be valued at US$ 2.4 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

Regional analysis shows that North America is currently dominating the market due to presence of advanced healthcare infrastructure and high healthcare expenditure in countries like the US. The Asia Pacific region is expected to grow at the fastest pace due to rising awareness, increasing healthcare expenditure, and growth in the region's clinical laboratory market.

Key players operating in the Laboratory Information Systems market are Orchard Software Corporation (US), Clinisys (US), Oracle Corporation (US), Computer Programs and Systems, Inc. (US). These key players are focussing on expanding in developing markets through partnerships and acquisitions to strengthen their geographic presence. They are also investing in development of innovative platforms to consolidate their market shares.

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