The global laboratory information system (LIS) market is projected to reach US$ 2,176.54 million by 2028 from US$ 1,104.27 million in 2021; it is expected to register a CAGR of 10.4% from 2022 to 2028.

Laboratory information systems (LIS) are used to manage various tasks in the laboratory, including workflow management, instruments integration, records management, logistics management, decision making, enterprise resource planning, privacy, and security controls. Laboratories generate an ample amount of data that can be managed through LIS. LIS eliminates the chances of patient data getting misplaced or lost. It helps in storing, managing, and processing patient data. This reduces clerical work, improves communication, and improves the quality of information offered to the clinician.

Emergence of Cloud-Based LIS Services

The demand for cloud-based LIS services is growing as the approach requires lower capital and operational expenditures than on-premise LIS. Cloud-based solutions allow healthcare organizations and clinical laboratories to share and integrate data from several locations, making the data collection process more efficient. The emergence of Internet-enabled cloud-based services has resulted in major advancements in the global laboratory information system (LIS) market. Advancements in virtualization and increased access to high-speed internet allow for faster innovation at lower costs. Companies that employ cloud-based solutions just have to pay for the software subscription instead of the complete licenses. Moreover, cloud-based LIS does not require any upfront capital expenditure for hardware, which reduces the burden on healthcare and clinical settings with a minimum requirement of IT personnel.

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 demand for laboratory information systems was increasing as they were highly beneficial for laboratories during the COVID-19 pandemic. Laboratories equipped with LIS constantly performed the diagnostics faster with reduced turnaround times. This had a major impact on reducing the quarantine period of suspected patients and initiating a proper treatment of COVID-19-positive patients. Several laboratories, CROs, research institutes, and pharma and biotech companies worked uninterruptedly during the pandemic, thereby increasing productivity. Therefore, web-hosted solutions helped achieve long operational life, decrease ownership costs, and offer excellent investment returns. Since the pandemic's onset, prominent players in the laboratory information system landscape have collaborated with public and private sector organizations to employ advanced technologies for implementing COVID-19 testing capabilities. Thus, the COVID-19 has positive impact on the growth of the global laboratory information system (LIS) market.

Based on product, the global laboratory information system (LIS) market is segmented into integrated LIS and standalone LIS. The standalone segment held the largest market share in 2021; however, the integrated LIS segment is anticipated to register the highest CAGR of 10.9% in the market during the forecast period. Based on component, the global laboratory information system (LIS) market is segmented into software and services. By delivery mode, the global laboratory information system (LIS) market is segmented into on-premises delivery mode, web-based delivery mode, and cloud-based delivery mode. Based on end user, the global laboratory information system (LIS) market is segmented into hospital labs, independent labs, and physician office labs. The hospital labs segment dominated the end user segment as it is the primary point of contact for health related services in most countries. Hospital labs need LIS to provide better treatment and services for their patients. Hospital labs have various laboratory tasks like sample analysis, research, clinical trials, and biobank management. Managing an increasing number of bio-samples and complying with the regulatory requirements and national regulations is a significant priority for all hospitals. Thus, the increasing demand for sample management in hospitals is fueling the need for laboratory information systems.

Most global laboratory information system (LIS) market players are operating in North America and Europe. Research and development expenditure in countries such as China and India is growing, leading to a rising demand for LIS for data storage, research regulation compliance, and validation. Various countries in the abovementioned regions are capable of adopting advanced LIS; they are engaged in the development of cost-effective and high-performance systems to reach remote areas where advanced medical facilities are not available. In addition, the emergence of medical tourism in countries in Asia Pacific, especially in India, Vietnam, Malaysia, Indonesia, Thailand, and the Philippines, is expected to create lucrative growth opportunities for players in the global laboratory information system market. Further, the increasing incidence of various diseases in Asia Pacific has escalated the demand for diagnostic tests in the region. For instance, according to Globocan 2020, the number of new cancer cases in China reached 19,292,789. Furthermore, governments are enforcing regulations to encourage the use of LIS in traditional wet labs. The largest pool of patient population, availability of a large number of skilled science professionals for testing services, abundance of healthcare facilities, and lower costs of clinical trials would further drive the LIS market in Asia.

A few key primary and secondary sources referred to while preparing the report on the global laboratory information system (LIS) market are the World Health Organization (WHO), Korea Biotechnology Industry Organization, Swiss Healthcare Startups, Spanish Federation of Health Technology Companies (FENIN), American Society for Clinical Pathology, and AusBiotech, among others.