The laboratory information system market consists of revenue generated by the companies offering laboratory information system software products and related services. A laboratory information system is a software or database that helps in efficient managing of a clinical laboratory for storing, processing, and tracking of data, which used by the hospitals, laboratories, physician offices and clinics for optimizing their workflow.
The global laboratory information system market is expected to decline from $1.62 billion in 2019 to $1.58 billion in 2020 at a compound annual growth rate (CAGR) of -2.42%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $2.33 billion in 2023 at a CAGR of 13.8%.
