Laboratory Information Systems (LIS) Market with Growing CAGR of 8.0% by the end of 2029, Size, Share, Growth, Demand and Outlook
Laboratory Information Systems (LIS) Market report studies the market and the Healthcare industry comprehensively by considering several aspects. The report helps in achieving a sustainable growth in the market, by providing a well-versed, specific and most relevant product and market information. Inputs from various industry experts, essential for the detailed market analysis, have been employed very carefully to generate this finest market research report. The company profiles of all the top market players and brands are listed in the Global Laboratory Information Systems (LIS) Market report which puts light on their moves like product launches, product enhancements, joint ventures, mergers and acquisitions and their effect on the sales, import, export, revenue and CAGR values.
Data Bridge Market Research analyses that the laboratory information systems (LIS) market which was USD 1.85 billion in 2021, would rocket up to USD 3.42 billion by 2029, and is expected to undergo a CAGR of 8.0% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Market Definition
LIS (Laboratory Information Systems) is a software service built for usage in various labs that aids in the automation of laboratory activities as well as the categorization and management of lab information. This program aids in the organization of data, resulting in increased operational efficiency and effectiveness.
Global Laboratory Information Systems (LIS) Market Dynamics
Drivers
- Connected to PIM Solutions
Data management has become critical in every industry in today’s fast-paced corporate climate. End-users can store customized information about the patient, dosage description, and medicine description using the product information management system. These technologies are capable of efficiently handling and managing data and information. With the support of a diverse workflow, these solutions also help to increase transparency, generate ownership, and facilitate interdepartmental cooperation.
- A preference for a centralized data model in the pharmaceutical industry
In the pharmaceutical business, centralized data models have seen widespread acceptance. Researchers employ stored information and data to detect chemical formulae, test theories, and compound patterns when producing novel drug versions.
- Increasing demand for automated operations
Due to the demand for efficient operations and rise in incidences of chronic diseases globally, this factor is expected to drive the market’s growth.
- Increasing need for laboratory automation
Laboratory automation is gaining traction as a viable solution to the difficulties of a labour scarcity and strategies to eliminate manual intervention in lab processes. Automation of regular lab procedures boosts lab efficiency and allows individual researchers to focus on critical activities with the use of dedicated workstations and software to programme devices. Automation produces high-quality data and makes documentation easier.
Some of the major players operating in the laboratory information systems (LIS) market are:
- Thermo Fisher Scientific (U.S)
- LabWare (U.S.)
- LabVantage Solutions Inc. (U.S.)
- Abbott (U.S.)
- Core Informatics (U.S.)
- LabLynx LIMS (Laboratory Information Management System) (U.S.)
- Labworks (U.S.)
- Computing Solutions and Inc. (U.S.)
- Autoscribe Informatics (U.K.)
- Illumina, Inc. (U.S.)
- Siemens (Germany)
- Accelerated Technology Laboratories, Inc.(U.S)
- Orchard Software Corporation (U.S.)
- Cerner Corporation (U.S.)
- Soft Computer Consultants, Inc. (U.S.)
- Sunquest Information Systems Inc. (U.S.)
- McKesson Corporation (U.S.)
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
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Some of the Most Important Questions Scrutinized in the Business Intelligence Report:
- What are the key growth parameters for this global market during the forecast period?
- Which key players are expected to hold the largest market share over the forecast period?
- Who are the leading vendors and manufacturers in this market?
- What are the key strategies adopted by leading players in the market for business development and geographical expansion?
- Which end-use industries can trigger high demand in the market over the forecast period?
- What are the key segments in this market?
- Which regional player will have anticipated leading the global market in terms of size?
- What is the impact of the novel coronavirus pandemic?
- Which obstacles must new players overcome in order to occupy a major position?
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