The global laboratory information system market is anticipated to grow at 8.9% CAGR during 2021-2027 owing to the rising need for laboratory automation and increased lab efficacy, increased incidences of chronic diseases, surging demand for personalized medicine, increased demand for high lab productivity, advancement in integrating LIS, and rising prominence of cloud-based LIS and molecular diagnostics will propel the growth of the laboratory information system market.

The COVID-19 pandemic has a positive impact on the laboratory information system market as research laboratories or diagnostic labs that are focused on COVID-19 research need to handle various steps like test management, sample handling, inventory control, shipment modules, etc. Moreover, these research labs have to develop treatments and vaccines for coronavirus and improves the quality, productivity, and robust manufacturing process of vaccines.

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Based on product, the integrated laboratory information system is anticipated to be the fastest growing segment owing to the emergence of integrated information-based systems that provide the essential framework for automated processes, with easier connectivity and high accuracy led to the growth of the integrated laboratory information system segment.

Based on delivery mode, the cloud based segment is anticipated to have a high CAGR as cloud-based set up can help in assessing data from multiple locations and multiple syetms and from multiple branches. In addition, decreased IT manpower, cost-effective data management, and ease in deployability will fuel the growth of the segment.

North America dominates the laboratory information system market owing to well established infrastructure, increased demand for digitalized technologies, growth in biobanks, ease in availability of LIMS products and services, and strict regulatory requirement across industry verticals.

Orchard Software have acquired Corwen, LLC to develop its molecular capabilities and provide comprehensive, integrated LIS solutions in their response to COVID-19 and provides point-of-care testing solutions, includes sample pooling and liquid handler integration.

The prominent players in the laboratory information system industry include Cerner Corporation, SCC Soft Computer, Mckesson Corporation, Compugroup Medical AG, EPIC Systems Corporation, Computer Programs and Systems, Inc., International Business Machines, and Orchard Software Corporation.

Source: VynZ Research