Laboratory Information System (LIS) Market is expected to reach US$ 2,176.54 Million by 2028

The global laboratory information system (LIS) market size is expected to reach US$ 2,176.54 Mn by 2028, registering at a CAGR of  10.4% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

Standalone Segment to Lead Market during 2022–2028

The market growth can be attributed to increase in automation in laboratories, rise in research and development activities, and the presence of many market players. However, the high cost of implementing a laboratory information system (LIS) is hindering the market growth.

Based on product, the global laboratory information system (LIS) market is segmented into standalone LIS and integrated LIS. The standalone LIS segment is estimated to account for the largest market share. The segment's growth can be attributed to advancements in R&D labs, low implementation costs, and efficient time management. However, the integrated LIS segment is expected to grow at the fastest CAGR during the forecast period. This can be attributed to increased product launches and technological advancements by market players.

Report : Laboratory Information System (LIS) Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Standalone LIS and Integrated LIS), Delivery Mode (Cloud-Based Delivery Mode, Web-Based Delivery Mode, and On-Premises Delivery Mode), Component (Software and Services), and End User (Hospital Labs, Independent Labs, and Physicians’ Office Labs)

Impact of COVID-19 Pandemic on Global Laboratory Information System (LIS) Market:

The COVID-19 pandemic adversely affected industries worldwide. The outbreak led to significant disruptions in primary industries, such as manufacturing, healthcare, energy & power, electronics & semiconductor, aerospace & defense, and construction, in 2020. The pandemic increased the demand for clinical diagnostics and therapeutic systems. Therefore, healthcare facilities, clinical laboratories, and pharmaceutical and biotech companies preferred automated systems to handle the burden of COVID-19. These conditions resulted in the growth of the global laboratory information system (LIS) market.

Thermo Fisher Scientific Inc.; Illumina, Inc.; LABWORKS; LabLynx, Inc.; LabVantage Solutions,Inc.; Francisco Partners; CompuGroup Medical; Hex Labs; AAC Infotray AG, and McKesson Corporation are among the leading companies in the global laboratory information system (LIS) market.

A few of the recent developments in the global laboratory information system (LIS) market are mentioned below:

• In April 2022, LabVantage Solutions, Inc. announced the introduction of LabVantage Forensic Navigator, an industry expert-built informatics platform designed to seamlessly manage the vast amounts of forensic evidence and data used throughout the entire criminal justice life cycle.
• In February 2022, McKesson Medical-Surgical partnered with Orchard Software as an authorized distributor offering technology solutions that support workflow and efficiency of laboratories
• In May 2022, LabLynx launched its newest LIS solution CannaQA Standard Edition made for startup and growing cannabis testing labs. This latest solution by LabLynx offers a streamlined version of the company’s enterprise CannaQA solution with many of the product’s great features but with a more affordable price and faster implementation timeline.
• In April 2022, LabLynx, Inc. a long-time leader in enterprise-level cloud-hosted LIMS/LIS announced that it had developed the world's first LIS dedicated specifically to COVID-19 diagnostic testing.

Based on product, the global laboratory information system (LIS) market is bifurcated into standalone LIS and integrated LIS. In terms of delivery mode, the market is segmented into cloud-based delivery mode, web-based delivery mode, and on-premises delivery mode. Based on component, the global laboratory information system (LIS) market is segmented into software and services. In terms of end user, the market is segmented into hospitals labs, independent labs, and physicians’ office labs.

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