LABORATORY INFORMATION SYSTEMS MARKET ANALYSIS

Laboratory Information Systems Market Size and Trends

Global laboratory information systems market is estimated to be valued at USD 2.52 Bn in 2024 and is expected to reach USD 4.91 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10% from 2024 to 2031. Rising chronic diseases, growing geriatric population and increasing preference for online consultations and e-pharmacies can drive the laboratory information systems market growth.

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Global laboratory information systems market growth is driven by need for healthcare organizations to meet regulatory compliance, improve diagnostic accuracy and enable better data management using information technology. Growing adoption of digital healthcare and benefits of integration with other hospital information systems such as reduced medical errors, availability of reports and modernizing laboratory operations can boost investments and demand for core laboratory information systems. Vendors are focusing on  launching innovative product upgrades that leverage artificial intelligence, cloud computing and mobile technologies to provide healthcare organizations seamless data analytics workflow and workflow efficiency. Integration of laboratory information systems with laboratory instruments and diagnostic technologies allows real-time data transfer between different systems.

Rising demand for lab automation and advancement in the R&D labs

Rising demand for lab automation and digitalization of processes within research and development laboratories can drive the market growth. Laboratories are under increasing pressure to improve efficiency, reduce manual errors, and deliver accurate test results faster than before. This has led to rising investments in automated tools, equipment, and software systems that can streamline operations within labs. There has been increase in adoption of advanced technologies like automated liquid handling machines, microplate readers, and digital data collection platforms. These allow for walk-away sample preparation, analysis, and standardized electronic data capture. This significantly boosts productivity and throughput while minimizing human error risks. Leading global life sciences labs are at the forefront of automation technology implementation to support their complex research on diseases. For instance, in 2020, according to a survey conducted by Astrix Technologies LLC, a leading healthcare IT service provider, significant benefits were reported by users of laboratory information management systems. 61% people noted increased efficiency from eliminating manual operations, 57% improved their sample management practices, and 46% witnessed notable productivity gains in their labs. 77% of surveyed organizations currently have a LIMS implemented in their laboratories. Most of these organizations have more than 25 users, and 30% use between 3 to 5 different types of LIMS across their implementations. 36% of respondents expressed high satisfaction with their LIMS, and 44% highlighted substantial improvements in laboratory efficiency. These findings underscore the growing effectiveness of laboratory informatics within the healthcare sector.

Integration with hospital information systems

Integration with hospital information systems has boosted demand for laboratory information systems globally. With growing need for hospitals and diagnostic centers to streamline operations and enhance efficiency, there has been an increased focus on integrating laboratory software with existing hospital information systems (HIS). This integration allows for seamless exchange of patient and test details between the labs and other clinical departments like pharmacy, radiology.  It eliminates the need for duplicating patient data entry, reduces turnaround time for test reports and ensures test results are promptly available to clinicians. Many large hospitals have implemented laboratory information systems that are seamlessly integrated with their HIS platforms. This integrated approach enables facilities to maintain centralized patient records and test history. It also helps in better monitoring and management of workflows. According to the World Health Organization, the average turnaround time for medical test reports had reduced by over 30% in public hospitals across developing nations that deployed integrated laboratory-hospital information systems between 2020-2022. The new collaborative work environment empowered caregivers with quick access to accurate diagnostic insights, thus, enhancing patient care quality.