Global Laboratory Information System Market Report and Forecast 2022-2027

Global Laboratory Information System Market Report and Forecast 2022-2027

Global Laboratory Information System Market Report and Forecast 2022-2027

Market Outlook

According to the global laboratory information system market report by Expert Market Research (EMR), the market attained a value of USD 1838.5 million in 2021. Aided by the rapid digitalisation and adoption of cloud-based software in laboratory units, the market is projected to further grow at a CAGR of 6.9% between 2022 and 2027.

Laboratory information system is defined as a computer software which is used to keep all the records of medical tests and various lab processes. Laboratory information system is crucial part of the healthcare system as it assists medical professionals facilitate testing in the fields such as microbiology, immunology, and haematology, among others. The increasing health awareness, increasing healthcare expenditure, and rising per capita income across the emerging economic nations are some of the key guiding factors of the global laboratory information system market.

Laboratory information system performs various functions which include registration of tests, maintenance of specimen collection sheets, inquiry of workload, maintaining record of patient diagnosis and testing, among others.

Over the forecast period, rapid digitalisation and technological advancements across laboratories, increasing penetration of cloud-based healthcare assistance, and growing reliance on automated documentation are some of the factors expected to positively influence the market. The increasing penetration of artificial intelligence (AI) in the healthcare sector is further fuelling the demand for laboratory information systems.

Moreover, the rising cases of chronic diseases, such as cancer, tuberculosis, and diabetes mellitus, among others, are boosting the infrastructure of laboratories to lead the research and development processes. On top of it, the favourable health policies of the government aimed at curbing the health-related disorders are providing impetus to the laboratory information system market.

In the geographical terms, North America accounts for a significant share of the market owing to the high healthcare expenditure across strong economies, such as the United States and Canada. The upgradations of hospital and independent laboratories in the region are likely to further fuel the market growth in the region in the coming years.

Market Segmentation

The market can be divided into the following segmentations.

Market Breakup by Component

• Services
• Software

Market Segmentation by Product

• Standalone LIS
• Integrated LIS

Market Classification by Delivery Mode

• On-Premise
• Cloud-Based

Market Segmentation by End Use

• Hospital Laboratories
• Independent Laboratories
• Physician Office Laboratories
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Orchard Software Corporation
• Sunquest Information Systems, Inc.
• Cerner Corporation
• Computer Programs and Systems, Inc.
• CompuGroup Medical SE and Co. KGaA
• Medical Information Technology, Inc.
• SCC Soft Computer
• Epic Systems Corporation
• Comp Pro Med Inc.
• Others

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.