Global Laboratory Information System Market to Reach USD 3,620.3 Million by 2034, Growing at 5.3% CAGR

Global Laboratory Information System Market

Global Laboratory Information System Market

The global laboratory information system (LIS) market is on a strong growth trajectory, exhibiting a year-over-year increase of 6.0%. The market is anticipated to reach a valuation of USD 2,166.3 million in 2024. Over the next decade, the market is projected to expand at a compound annual growth rate (CAGR) of 5.3%, culminating in a forecasted valuation of USD 3,620.3 million by 2034.

Key Takeaways:

  • Market Valuation: The laboratory information system market is set to achieve a valuation of USD 2,166.3 million in 2024, up from previous levels.
  • Growth Forecast: The market is projected to grow at a CAGR of 5.3% over the next decade, reaching USD 3,620.3 million by 2034.
  • Demand Drivers: The growing demand for cloud-based laboratory information systems is a major driver, due to their enhanced accessibility, scalability, and cost-effectiveness. The cloud-based segment is expected to advance at a CAGR of 6.0% from 2024 to 2034.

The anticipated growth reflects the increasing adoption of advanced LIS solutions and the shift toward cloud-based systems, which offer significant advantages in modern laboratory management.

Germany dominates the European market for laboratory information systems, having accounted for a 28.2% market share in 2014, followed by France. The U.K is expected to become a major market for laboratory information systems (LIS) in the coming years.

The European laboratory information systems market is segmented on the basis of products, types, components, delivery mode, end users, and countries. The product segment is divided into standalone LIS and integrated LIS. The types included in the report are clinical LIS and anatomical LIS. The components covered in the report are services and software. On-premise, remotely-hosted, and cloud-based are delivery modes discussed in the report. The end users’ segment is further classified into clinical diagnostic laboratories, hospitals, anatomical pathology laboratories, blood banks, and molecular diagnostic laboratories. The countries such as Germany, Italy, Spain, U.K., and France would experience tremendous growth.

The European Commission’s new framework, Horizon 2020 has been the largest ever research and innovation programme in Europe for various fields including life sciences with a budget of $95 billion (€77 billion) from 2014-2020. In October 2017, The European Commission announced its plans to invest $37 billion (€30 billion) of this fund during 2018-2020 including $2.5 billion (€2 billion) to support Open Science, and $740 million (€600 million) for the European Open Science Cloud, European data infrastructure and high-performance computing. Horizon 2020 opened funding opportunities for future and emerging technologies and ICT Work Programme for life science researchers. Thus, increasing R&D activities and government funding will ultimately boost the demand for effective data management and hence drive the laboratory informatics market in Europe.

Competitive Landscape

Top companies in the laboratory information systems market are constantly releasing new products to increase their market share. They are bolstering their global reach through mergers, partnerships, and acquisitions.

Recent Developments

In September 2022, McKesson Corporation signed an agreement in principle to extend its partnership with CVS Health to distribute pharmaceuticals to mail order and specialty pharmacies, retail pharmacies and distribution centers through June 2027.

Key Companies Profiled: 

ECerner Corp, Evident, McKesson, Medical Information Technology, Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical, and LabWare

Key Segments Covered in the Laboratory Information Systems Industry Analysis

By Components:

  • Software
  • Hardware
  • Services

By Delivery Mode:

  • On-Premise
  • Cloud-Based

By End User:

  • Hospitals
  • Clinics
  • Independent Laboratories
  • Others

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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