Revolutionizing Healthcare: Laboratory Information Systems Market by 2022 to 2032

The global Laboratory Information Systems (LIS) Market is expected to be worth US$ 1.8 billion by 2021. Sales are expected to increase at a 10.2% CAGR, bringing the market size to US$ 1.9 billion by 2022. Sales are expected to grow at a healthy 10.2% CAGR over the assessment period, thanks to the aforementioned factors. Between 2022 and 2032, the overall demand for Laboratory Information Systems is expected to grow at a CAGR of 10.2%, totaling around US$ 4.2 million by 2032.

Over the years, the healthcare industry has witnessed massive technological advancements in the form of automation, big data analytics and cloud computing. The most important aspect of the industry is the need to reconcile administrative operations with caregiving operations. This has become possible through the introduction of advanced laboratory testing systems.

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Laboratories are the foundational stone for primary healthcare administration. It is the laboratories which are the site for drug development and API formulations. To accelerate the effectiveness of these functions, there is a need to streamline mundane operations such as data collation, assimilation and record maintenance.

The need for systematic data documentation to reduce paperwork is primarily driving the laboratory information systems market. Significant adoption has been witnessed since the COVID-19 pandemic’s onset, enabling healthcare providers to concentrate on drug and vaccine development by smoothening data collection procedures.

Key Findings:

Europe & North America will remain lucrative, accounting for 4/5^th of the revenue pie
Cloud-based laboratory information systems to register maximum increase during the forecast period
Vendors are increasingly capitalizing on developing LIS software for various healthcare verticals
Hospital-grade laboratory information systems are gaining significant momentum

“Manufacturers are increasing their presence across emerging markets and forging effective distribution networks with regional players. This is helping them expand their outreach and broaden their customer base,” opines the FMI analyst.

The primary goal of Point-of-Care Testing is to improve the efficiency and accuracy of laboratory processes while also ensuring regulatory compliance and patient safety. By automating many of the manual processes involved in laboratory testing, LIS software can reduce errors and turnaround times, and improve the quality of test results. Additionally, LIS software can generate reports and provide analytics to help laboratory managers make informed decisions about resource allocation, staffing, and testing protocols.

Competitive Intelligence:

The global laboratory information systems market is highly fragmented, characterized by the presence of over 50 vendors. Prominent players include: Cerner Corp., Evident, McKesson, Medical Information Technology (MEDITECH), Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., Compu Group Medical and Lab Ware.

With regard to product launches, Cerner Corporation launched Community Works Foundations, a tailor-made cloud-based technology platform for rural and critical access hospitals in July 2020. This technology shall prove instrumental in reducing overhead costs and reducing lengthy implementation procedures. The platform enables hospitals to maintain electronic health records, reducing immense amount of paperwork.

Recently, in August 2020, Medical Information Technology (MEDITECH) partnered with TECHNATION Health in Canada. This collaboration is aimed at enhancing the privacy and security framework of healthcare providers across the nation, ensuring better patient data security. The solution involves provision of cybersecurity and data sovereignty among other objectives.

Key Segments Covered in the Laboratory Information Systems Industry Analysis:

By Components: