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How Will the CAGR of the Laboratory Information System Market Influence Its Overall Growth by 2034?

There has been a robust expansion of the laboratory information system market in the past few years. It’s predicted to rise from its 2024 value of $2.57 billion to $2.75 billion in 2025, maintaining a compound annual growth rate (CAGR) of 7.0%. Reasons for this development during the historic period include technological progression, rising requirement for healthcare services, data organization and incorporation, along with quality assurance and reporting.

Over the coming years, the laboratory information system market is expected to experience substantial growth, reaching an estimated worth of $4.29 billion in 2029 with an anticipated compound annual growth rate (CAGR) of 11.8%. Contributing factors to this predicted growth during the forecast period include the increasing emphasis on digital transformation, personalized medicine, artificial intelligence, and machine learning, as well as point-of-care testing. Key trends for the projected period focus on the integration of these systems with electronic health records, cloud-based laboratory information systems, a keen focus on data security and privacy, and laboratory automation.

Which Macro and Microeconomic Factors Are Accelerating the Growth of the Laboratory Information System Market?

The laboratory information system market is experiencing tremendous growth, primarily driven by the skyrocketing demand for lab automation. With a surge in the number of individuals undergoing various tests, the pressure exerted on laboratories has substantially increased. To handle this increasing workload and decrease the chances of errors, clinical laboratories are employing additional healthcare workers. This aims to improve the lab’s operational efficiency as well as precision. The Bureau of Labor Statistics has noted that nearly 12,000 more clinical lab professionals are needed annually to meet demand, but only half this number is entering the profession. Therefore, to manage the workload and increase efficiency, labs are opting for automation. For instance, TriCore Reference Laboratories in Albuquerque, Mexico, have automated 20% of their instruments, which handle nearly 80% of the lab’s samples. This technological addition assists in streamlining and optimizing lab functions, resulting in quicker and more accurate results.

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Who Are the Leading Companies Pioneering Change in the Laboratory Information System Market?

Major companies operating in the laboratory information system market include Cerner Corporation, McKesson Corporation, Epic Corporation Inc., Medical Information Technology Inc., SCC Soft Computer Inc., Sunquest Information Systems Inc., CompuGroup Medical AG, Computer Programs and Systems Inc., Merge Healthcare Inc., Orchard Software Corporation, Abbott Laboratories, LabWare Inc., Thermo Fisher Scientific Inc., LigoLab LLC, Clinisys Group Ltd., Labvantage Solutions Inc., Labgen LIS, Polytech LIS, Avalon GloboCare Corp, NovoPath Inc., LABTRACK LIMS, Dendi Inc., Agilent Technologies Inc., QA Studio, Cirdan Imaging Ltd., Ovation Services Private Ltd., BioData Inc., Technidata AG, Psyche Systems Corporation, Data Innovations LLC

What New Trends Are Reshaping the Laboratory Information System Market and Its Opportunities?

The emergence of cloud-based laboratory information systems is projected to take center stage in the laboratory information systems market. This is largely attributable to the various benefits associated with cloud computing including shared computer resources and services such as storage and servers via the internet. This in turn, reduces costs while boosting speed, productivity and securing the system. The integration of cloud systems within laboratory systems presents multiple benefits including cost-effectiveness, superior outcomes, and room for improvement with no spatial constraints. Examples of these systems include the APEX laboratory information system from Apex HealthWare, LLC., Arxspan Laboratory Software‎ from Bruker Software Solutions and Orchard laboratory information system offered by Orchard Software Corporation. These systems have proven to boost efficiency, minimize errors and augment patient care. Hence, it’s anticipated that cloud-based laboratory information systems will experience significant growth in the laboratory information system market.

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Which Key Segments of the Laboratory Information System Market Are Poised for Growth and Innovation?

The laboratory information system market covered in this report is segmented –

1) By Product: Standalone LIS, Integrated LIS

2) By Component: Software, Services

3) By End User: Hospital Laboratories, Independent Laboratories, Physician Office Laboratories, Other End Users

Subsegments:

1) By Standalone LIS: On-premise Standalone LIS, Cloud-based Standalone LIS

2) By Integrated LIS: Laboratory And Hospital Information System (LIS-HIS) Integration, Laboratory And Electronic Health Records (LIS-EHR) Integration

Which Regions Are Leading the Charge in Laboratory Information System Market Development?

North America was the largest region in the healthcare services market in 2023. Western Europe was the second largest region in the healthcare services market. The regions covered in the laboratory information system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

How Is the Scope and Reach of the Laboratory Information System Market Defined?

A laboratory information system (LIS) is a computer system that assists in managing many aspects of a medical laboratory, including the input, processing, and storage of information and data.

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