Market Size of Global Laboratory Information System Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 3.49 Billion |
Market Size (2029) | USD 6.36 Billion |
CAGR (2024 - 2029) | 12.79 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Laboratory Information System (LIS) Market Analysis
The Global Laboratory Information System Market size is estimated at USD 3.49 billion in 2024, and is expected to reach USD 6.36 billion by 2029, growing at a CAGR of 12.79% during the forecast period (2024-2029).
Covid 19 has had a huge impact on the laboratory information system market due to the surge in Covid 19 cases daily. According to the study published in the Journal of the American Medical Informatics Association in August 2020, the Belgium national reference testing center has carried out more than 25,000 covid PCR tests in parallel to standard routine testing since the start of the outbreak by the implementation of laboratory information systems. Companies have also launched laboratory informatics, especially for the Covid 19 testing. For instance, The COVID-19 LIMS from LabVantage is a powerful, adaptable, and easy-to-use system that can be swiftly adapted to fulfill the rising demand for diagnostic testing in PHLs, as well as the adaptability to handle workflows for other types of testing. Therefore, handling the large volume of testing samples by LIMS during the covid, avoiding manual errors, and simplifying the process, covid selective innovative products have resulted in the surge of laboratory informatics demand during the pandemic.
The laboratory information system (LIS) is driven by the rising demand for lab automation and advancement in the R&D labs, especially in the pharmaceutical and biotechnological laboratories. Additionally, the high accuracy and efficiency results of laboratory informatics products are driving the growth of the laboratory informatics market. According to the survey conducted in 2020 by Astrix Technologies LLC, a professional healthcare IT service provider, 61% of Laboratory Information Management System (LIMS) users profited from the removal of manual operations, 57% improved their sample management approach, and 46% saw a substantial increase in productivity within their laboratory setting.
According to the same source, a present LIMS implementation in their laboratory was reported by 77 percent of the organization's survey. The bulk of the organizations had more than 25 users, and 30% of the companies had at least 3 to 5 distinct types of LIMS across their implementation. Over 36% of customers said they were extremely happy with their LIMS, and 44% said it improved laboratory efficiency significantly. This represents the improved performance of laboratory informatics across the healthcare industry, thereby propelling the market growth.
Technological advancements have enabled healthcare providers and scientists to prepare samples and carry out a diagnosis with more precision and accuracy and minimize errors with these laboratory informatics and have therefore fuelled the market growth. For Instance, in March 2021, LabVantage Solutions, Inc., one of the leading providers of laboratory informatics solutions and services including purpose-built LIMS solutions that allow labs to go live faster and at a lower total cost, launched LabVantage Analytics. It is a full-featured, self-service advanced analytics solution that lets users easily explore, analyze, and visualize LIMS, enterprise, and external data to gain actionable business insights. Such advancements are expected to propel the growth of the market.
Thus, owing to the abovementioned factors, the market is expected to show growth over the forecast period. However, the high cost of LIMS software is a factor that may hinder the growth of the market.
Laboratory Information System (LIS) Industry Segmentation
As per the scope of this report, a laboratory information system is a software that is used to store and manage the data in laboratories. These systems are widely being used in hospitals and clinics to maintain the records of the patient's medical history and to send laboratory test orders. The Laboratory Information System Market is segmented by Component (Software and Service), Mode of Delivery (On-premise and Cloud-Based), End-User (Hospital, Clinics, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
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Global Laboratory Information System Market Size Summary
The laboratory information system (LIS) market is poised for significant growth, driven by the increasing demand for lab automation and advancements in research and development, particularly within pharmaceutical and biotechnological laboratories. The COVID-19 pandemic has notably accelerated the adoption of laboratory informatics, as systems like LabVantage's COVID-19 LIMS facilitated the handling of large volumes of testing samples, reducing manual errors and streamlining processes. Technological advancements have further enhanced the precision and accuracy of diagnostics, with solutions such as LabVantage Analytics offering advanced analytics capabilities to derive actionable insights. Despite the high cost of LIS software posing a potential challenge, the market is expected to expand, with cloud-based solutions gaining traction due to their cost-effectiveness, reduced IT manpower requirements, and enhanced data security.
North America is anticipated to maintain a dominant position in the laboratory information system market, supported by a robust healthcare IT sector and government initiatives to improve access to laboratory services. The United States, in particular, is leading the way with increased digital healthcare adoption and substantial investments in laboratory informatics software development. Key players like Abbott and Orchard Software Corporation are contributing to this growth, alongside new service implementations such as LigoLab's integrated LIS support for COVID-19 testing. The competitive landscape is intensifying, with major companies focusing on expanding their LIS portfolios through acquisitions and collaborations, while also presenting opportunities for new entrants. This dynamic environment is expected to drive the market's expansion over the forecast period.
Global Laboratory Information System Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Demand for Bio-banking
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1.2.2 Increasing Focus on Improvisation of Laboratory
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1.2.3 Technological Advancements in LIMS Offerings
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1.3 Market Restraints
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1.3.1 Cost Associated with Implementation of Laboratory Information Management System
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1.3.2 Rising Data Security and Privacy Concerns
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Component
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2.1.1 Software
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2.1.2 Services
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2.2 By Mode of Delivery
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2.2.1 On-premise
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2.2.2 Cloud-based
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2.3 By End User
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2.3.1 Hospital
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2.3.2 Clinic
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2.3.3 Other End Users
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Global Laboratory Information System Market Size FAQs
How big is the Global Laboratory Information System Market?
The Global Laboratory Information System Market size is expected to reach USD 3.49 billion in 2024 and grow at a CAGR of 12.79% to reach USD 6.36 billion by 2029.
What is the current Global Laboratory Information System Market size?
In 2024, the Global Laboratory Information System Market size is expected to reach USD 3.49 billion.