Laboratory Information Systems Market to Reach US$ 3.57 Billion, at a Revenue CAGR of 7.1%, During the Forecast Period 2023 - 2031, According to Growth Plus Reports

Newark, New Castle, USA, April 17, 2023 (GLOBE NEWSWIRE) -- As per the recent research by Growth Plus Reports, the global Laboratory Information Systems Market was valued at US$ 1.93 billion in 2022 and is expected to reach US$ 3.57 billion, registering a revenue CAGR of 7.1% by 2031.

The global laboratory information systems market was assessed and is expected to continue to expand with a sizable revenue share during the forecast period. Data from medical laboratories are managed and processed using software programs called laboratory information systems (LIS). The software controls laboratory operations, including monitoring patient samples, producing, and sending test findings, and controlling laboratory workflows.

Recent Development in Laboratory Information Systems Market: 

• In November 2022, The BICO company Biosero, Inc., which creates laboratory automation systems to facilitate scientific discoveries, announced the availability of several new products and features in its Green Button Go software suite. Together, these solutions offer a wide variety of advanced capabilities that help clients simplify, control, and improve the performance of their automated lab systems.

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                        Laboratory Information Systems Market Scope

Key Takeaways: 

• The need for improved data management systems in the life sciences drives the rise in market revenue.
• It is expected that cost-cutting technological improvements will increase market revenue.
• The precise and effective outputs of these systems are also increasing their revenue share in the market.

Market Drivers and Restraints: 

The market is expected to rise because of the fast expansion of the healthcare sector in both established and emerging nations, as well as the growing need for laboratory information software. Furthermore, collaborations, alliances, purchases, and the approval and release of new products are all having a positive influence on the market recently.

However, the initial investment in LIS might be substantial for acquiring, installing, and maintaining it, especially in smaller laboratories. These might restrain the market revenue growth during the forecast period.

Market Segmentation: 

Segmentation By Delivery Mode

Based on the delivery mode, the global laboratory information systems market is segmented into on-premises, web-hosted, and cloud-based. The cloud-based segment accounts for the largest market revenue share due to the various advantages, such as data security and mobility, eliminating the need for hardware and software, and reducing upfront and ongoing maintenance costs. 

Segmentation By Components

Based on the components, the global laboratory information systems market is segmented into software and services. The services segment accounts for the largest revenue share in the global market due to the range of support and maintenance services provided to laboratories. 

Segmentation By End User

Based on the end-user, the global laboratory information systems market is segmented into hospitals, clinics, independent laboratories, and others. The hospital segment accounts for the largest revenue share in the global market due to the management and integration of lab automation with advanced LIS. 

Regional Growth Dynamics

Based on the region, the global laboratory information systems market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounts for the largest revenue share in the global market due to the accessibility of state-of-the-art infrastructure, rapid technological adoption, and increased demand for genomic research. 

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Competitive Landscape

A list of the market player operating in the global laboratory information systems market are: 

• Illumina, Inc.
• PerkinElmer Inc.
• Orchard Software Corporation
• Abbott Laboratories Inc 
• Total Specific Solutions 

Report Coverage 

The study examines the fundamental market characteristics, important investment areas, analytics of regional growth, revenue prediction, prominent market players, and partnerships. The report also thoroughly analyzes the market for laboratory information systems globally.

Table of Content

1. INTRODUCTION
   1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
   1. Research Approach
   2. Data Collection Methodology
   3. Data Sources
      1. Secondary Sources 
      2. Primary Sources
   4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions
3. PREMIUM INSIGHTS
   1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022) 
4. MARKET DYNAMICS
   1. Drivers
   2. Restraints/Challenges
   3. Opportunities
5. GLOBAL LABORATORY INFORMATION SYSTEMS MARKET - ANALYSIS & FORECAST, BY DELIVERY MODE
   1. On-premise
   2. Web-hosted
   3. Cloud-based
6. GLOBAL LABORATORY INFORMATION SYSTEMS MARKET - ANALYSIS & FORECAST, BY COMPONENT
   1. Software
   2. Services 
7. GLOBAL LABORATORY INFORMATION SYSTEMS MARKET - ANALYSIS & FORECAST, BY END USER
   1. Hospitals
   2. Clinics
   3. Independent Laboratories
   4. Others

LABORATORY INFORMATION SYSTEMS MARKET TOC

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• Winning imperatives
• Exhaustive coverage on 'Strategic Developments' registered by leading players of the market

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