Westford, USA, Dec. 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global laboratory information system market share will reach a value of USD 5.33 Billion by 2031, with a CAGR of 10.90% during the forecast period (2024-2031). Due to technical advancements in pharmaceutical laboratories and growing demand for lab automation, the global laboratory information system market has witnessed tremendous growth over the past few years. The laboratory information system market growth is being positively affected by advancements in R&D laboratories, particularly in the biotechnological and pharmaceutical labs. Due to the ongoing R&D activities of several market players, there is increasing demand for laboratory information systems. With this support, better laboratory information management systems are launched that yield better findings.
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Laboratory Information System Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 2.33 Billion |
| Estimated Value by 2031 | USD 5.33 Billion |
| Growth Rate | Poised to grow at a CAGR of 10.90% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Component, Delivery Mode, Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Laboratory information system market witnesses' rapid growth |
| Key Market Opportunities | Cloud-Based LIS Solutions |
| Key Market Drivers | Growing Demand for Automation |
Cloud-Based Laboratory Information Systems Driving Market Growth with Flexibility and Cost-Effectiveness
As per the 2023 laboratory information system market analysis, the cloud-based product category is ruling this market. This is the case for the reason that cloud-based storage systems can be accessed from a large number of varied access points. Furthermore, factors such as the increased trends towards remote work and the freedom created by tools such as virtual access points are key drivers fueling the growth of this market. In addition, the market is growing in this segment because of factors such as reduced IT personnel, cost-effective data administration, and simple deployment. Cloud-based LIMS is widely being used by laboratories from several sectors in a bid to improve data accessibility and collaboration with a reduced need for substantial on-site IT infrastructure.
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Contract Research Organizations Leading Rapid Expansion in Laboratory Information Systems Market
As per the laboratory information system forecast, the contract research organization category is growing the fastest. Outsourcing is gaining momentum among biotechnology and pharmaceutical companies due to the increasing need for outsourcing. This is largely because of some benefits associated with the same, such as cost-effectiveness and the necessity to always emphasize its core competencies. To free up their staff to work on more critical projects, pharmaceutical and biotech companies may outsource labor-intensive lab work to CROs. This increases the productivity and yield of the laboratories.
North America Dominates Laboratory Information Systems Market with Growing Demand for Data Management
The laboratory information systems market is dominated by North America, which holds the largest market share. The main reason for this growth is the growing need of industry leaders for digital data and information management. A large amount of information that has been gathered over decades needs to be sorted and dealt with according to the corporate plan. The requirement for new technologies has increased with the amount of sorting that is needed for the information that the laboratories have gathered. Processes that allow better access to the needed information from a variety of sources are also becoming increasingly important.
Laboratory Information System Market Insights
Drivers
- Growing Demand for Automation.
- Improved Patient Outcomes.
- Increasing Laboratory Data Management Needs.
Restraints
- Data Security & Privacy Concerns.
- Lack of Skilled Workforce.
- Maintenance and Upkeep Costs.
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Key Players Operating Within the Laboratory Information System Market
- Aspyra
- Comp Pro Med Inc.
- GPI S.P.A.
- Labware
- Xifin, Inc.
- Pathagility
- Clinsis
- Alphasoft
- Dendi, Inc.
- Apex Healthware
Key Questions Covered in the Global Laboratory Information System Market Report
- What are the factors restricting the market growth?
- What are the key strategies adopted by market players to remain competitive in the market?
- Which region gained the highest laboratory information system market share?
- What are the key market trends?
- By 2031, what will be the size of the market?
This report provides the following insights:
Analysis of key drivers (growing demand for automation, rising healthcare investments), restraints (data security & privacy concerns, lack of skilled workforce) opportunities (cloud-based LIS solutions), and challenges (interoperability issues) influencing the growth of the laboratory information system market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the laboratory information system market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the laboratory information system market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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