Laboratory Information System (LIS) Market to Observe Prominent CAGR of 9.8% by 2030, Size, Share, Trends, Demand, Growth, and Competitive Outlook

Laboratory Information System (LIS) Market Snapshot

“The Laboratory Information System (LIS) Market to grow from USD 4.56 Billion in 2023 to USD 7.78 Billion by 2030, at a CAGR of 9.8%.”

The Laboratory Information System (LIS) is a software system used in clinical laboratories to manage and store data, track results, and expedite test orders. It is widely used for data administration, monitoring, quality tracking, security, and end-user invoicing in hospitals, clinics, independent laboratories, and other healthcare organizations.

A laboratory information management system is a software-based solution that supports modern laboratory operations. It allows data tracking, workflow, flexible design, and data interchange interfaces. LIMS has evolved from basic sample monitoring to an enterprise resource planning tool that handles various aspects of laboratory informatics. Its functions and applications have expanded over time.

The term "LIMS" refers to various laboratory informatics components, with no specific definition. The depth and breadth of these components depend on their implementation, with all LIMSs differing significantly in functionality beyond a workflow component and summary data management features.

LIMyS, LIS, and PDES have historically been used for similar tasks in environmental, scientific, or commercial analysis. LIMS refers to systems for environmental, scientific, or commercial analysis, while LIS refers to laboratory informatics systems in forensics and clinical industries. PDES refers to a broader range of applications, such as virtual manufacturing procedures, without necessarily integrating with laboratory apparatus.

The LIMS concept is constantly evolving, with new features and functionalities being introduced. Its core features define it, and numerous software features exist under each of the five laboratory processing phases, loosely categorizing this functionality.

These features may change as technological advancements and laboratory demands evolve.

The process involves receiving customer data and logging samples, assigning and tracking samples, processing and quality control, storing data for analysis, and inspecting, approving, and compiling the data for reporting or additional analysis.

This includes tracking analytical workload, quality control, and ensuring proper storage of data.

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Why Are Laboratory Information Systems Important?

Lab information systems (LIS) are a crucial solution for reducing the time and materials needed to complete lab orders. If automation isn't possible, manual tasks are performed using paper systems, which are slower and require more workers.

This leads to higher error rates due to human intervention. LIS systems are now essential for conducting laboratory tests, as they increase test completion rates by reducing labor requirements.

Laboratory Information Systems (LIS) are essential tools in clinical lab settings for tracking data related to patients. They record patient interactions and alert medical practitioners to vital health information.

LIS systems also have automatic data sharing and gathering capabilities, eliminating the need for manual data transfer from devices to the LIS system.

Segment Analysis

Segment by Component

Laboratory information systems (LIS) are revolutionizing the healthcare sector, but high implementation costs and privacy and security issues hinder market expansion. Professionals with the necessary skills and training are needed to preserve patient information, perform routine procedures, and operate LIS, which could limit its widespread use in developing nations.

Segmented by Mode of delivery

The cloud-based segment is expected to dominate the laboratory information system market due to its accessibility across multiple locations, systems, and branches. This expansion is aided by the fact that cloud-based distribution methods require less installation money than on-premise solutions.

Additionally, cloud-based software offers a safe platform for information exchange, eliminating the need for internal maintenance and reducing the risk of data theft, which is the main factor influencing its increasing demand.

The market segment is expected to expand due to factors such as less IT personnel, affordable data management, and simple deployability.

Growth Drivers

The market growth is expected to be fueled by the increasing demand for laboratory automation.

The market for laboratory information systems (LIS) is expanding due to advancements in R&D laboratories, particularly pharmaceutical and biotechnological labs, and the increasing demand for lab automation. The high precision and efficiency of LIMS solutions contribute to this growth.

A 2022 survey by Astrix Technologies LLC revealed that 61% of LIMS users reported improved productivity, 57% improved sample management strategies, and 46% saw a significant reduction in manual operations.

The market growth in laboratory informatics is being bolstered by the increasing technological advancements in this field.

Technological advancements in laboratory inforamatics are driving market growth. These advancements enable scientists and healthcare professionals to prepare samples with greater accuracy and precision, reducing errors.

LabVantage Solutions, Inc., introduced LabVantage Analytics in March 2022, which allows laboratories to launch more quickly and cost-effectively with specially designed LIS solutions. This highlights the importance of technology in the laboratory informatics industry.

Restraints

The market expansion of laboratory information systems (LIS) is hindered by the high cost of servicing and maintenance. Around 20-30% of the total cost of ownership is spent on ongoing service and maintenance, including software modifications, and 15% on implementation and training. This makes it difficult for small and medium-sized laboratories to invest in these systems, limiting their adoption and hindering market growth.

Competitive Landscape of the Laboratory Information System (LIS) Market Analysis

• Sysmex Corporation
• Total Specific Solutions (TSS)
• Roper Technologies
• XIFIN Inc.
• Orchard Software Corporation
• Cerner Corporation
• Comp Pro Med Inc.
• Epic Systems Corporation
• Margy Tech
• Cirdan Ltd

New Developments in Laboratory Information System (LIS) Market

14/7/2023- Sysmex Europe SE launches XR-Series, the new flagship product line for laboratory haematology

Sysmex Europe SE has launched their new flagship product line for laboratory haematology: XR-Series. After more than 10 years of haematology excellence with the XN-Series, this new product line features new, useful assets and improved throughput to meet any laboratory’s needs. The product line has already been launched in Japan, where the parent company Sysmex Corporation is located, and is now available in the EMEA region.

Feb 08, 2023- Epic Systems Planning to Expand Lab-EMR Integration Efforts

Epic Systems is expanding its Orders and Results Anywhere application to include a wider range of labs and procedures, aiming to improve efficiency in test ordering and result return. The extension will simplify communication between hospital laboratories and outside labs and diagnostic businesses. Epic has agreements with several lab and diagnostics firms, primarily in the specialty genetics market, to incorporate their tests into its electronic medical records system.

Regional Analysis of Global Laboratory Information System (LIS) Industry

North America is expected to dominate the laboratory information system market due to its established healthcare IT industry and government initiatives for easy access to laboratory services, making it the industry leader in laboratory informatics and likely to continue so for the foreseeable future.

The US leads the laboratory informatics industry in North America due to its growing adoption of digital healthcare and investments from US-based companies. Abbott, a US-based company, allocated USD 2,420 million for research and development in FY 2022.

The US market expansion is aided by several US-based manufacturers, including Orchard Software Corporation, Cerner, Epic Systems, Roper Technologies, and Comp Pro Med Inc.

China's laboratory information systems (LIS) sales are projected to grow at a 9.3% CAGR over the forecast period. This growth is driven by the country's growing preference for personalized medicine, government policies, and lab automation expansion.

The government's efforts to streamline reimbursement, modernize regulatory routes, and standardize clinical studies are also driving LIS sales. The market is also expected to expand due to the rise in cloud-based healthcare services and demand for laboratory information software.

Segments Covered in the Laboratory Information System (LIS) Market Report

Laboratory Information System (LIS) Market Segment by Component

• Solutions
• Services

Laboratory Information System (LIS) Market by Mode of delivery

• On-Premise
• Cloud-Based

Laboratory Information System (LIS) Market by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
• Middle East
• Africa
• Latin America

Frequently Asked Questions

What does Laboratory Information System (LIS) do?

A Laboratory Information Management System (LIMS) is software that streamlines sample and data management, automating workflows, integrating instruments, and enhancing data integration in labs.

What is the expected growth rate of the Laboratory Information System (LIS) market over the next 7 years?

The Laboratory Information System (LIS) Market to grow from USD 4.56 Billion in 2023 to USD 7.78 Billion by 2030, at a CAGR of 9.8%.

Who are the major players in the Laboratory Information System (LIS) market and what is their market share?

Sysmex Corporation, Total Specific Solutions (TSS), Roper Technologies, XIFIN Inc., Orchard Software Corporation, Cerner Corporation, Comp Pro Med Inc., Epic Systems Corporation, Margy Tech, Cirdan Ltd, are prominent players operating and dominating in the market.

Which geographical areas dominate the worldwide market for Laboratory Information System (LIS)?

North America region are emerging as the top regional markets for Laboratory Information System (LIS).