Global Laboratory Information System Market Report 2022 – Market Forecast, Trends And Strategies

15 Feb, 2022

The global laboratory information system market size is expected to grow from $1.96 billion in 2021 to $2.24 billion in 2022 at a compound annual growth rate (CAGR) of 14.5%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The LIS market is expected to reach $3.07 billion in 2026 at a CAGR of 8.2%.

What is the Global Laboratory Information System Market?

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.

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What drives the Global Laboratory Information System Market?

The rising demand for lab automation is a major factor driving the growth of the laboratory information system market. A growing number of people are undergoing a series of tests, which in turn, increases the burden on the laboratories. The clinical laboratories are hiring more healthcare personnel to reduce the amount of workload on existing staff and minimize the number of errors associated with it in order to increase the efficiency and efficacy of the lab’s functioning for accurate results. According to the Bureau of Labour Statistics, around 12,000 additional clinical laboratory professionals are required every year to meet the demand, however, only half of the number is entering the field. Thus, laboratories opt for automation to ease the work. For instance, TriCore Reference Laboratories in Albuquerque, Mexico, introduced automation in its 20% of instrumentation, which performs almost 80% of the lab’s samples and displays helping the lab in managing and optimizing its functions for faster and accurate results.

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Global Laboratory Information System Market Segments
The global laboratory information system market is segmented:
By Product: Standalone LIS, Integrated LIS
By End User: Hospital Laboratories, Independent Laboratories, Physician Office Laboratories, Others
By Component: Software, Services
By Geography: The regions covered in the laboratory information system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Laboratory Information System Global Market Report 2022provides market size and growth forecasts for the global laboratory information system market, global laboratory information system market share, laboratory information system market segments and geographies, laboratory information system market competitive landscape including leading competitors’ revenues, profiles and market shares. The laboratory information system market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Laboratory Information System Industry Playersinclude Cerner Corporation, McKesson Corporation, Epic Corporation Inc, Medical Information Technology Inc, SCC Soft Computer, Sunquest Information Systems Inc, CompuGroup Medical AG, Computer Programs and Systems Inc, Merge Healthcare Inc and Orchard Software Corporation. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.