A cloud-based laboratory information system is expected to become the leading trend in the laboratory information systems (LIS) market. Cloud computing is associated with the sharing of computer resources and services including storage and servers over the internet for a reduced cost, increased speed, productivity, and security of the system in the network. The cloud system in laboratory information systems offers various advantages such as cost-efficiency, better results, and progress without space constrain. For instance, APEX laboratory information system by Apex HealthWare, LLC, Arxspan Laboratory Software by Bruker Software Solutions, and Orchard laboratory information system by Orchard Software Corporation are cloud-based systems, which improve efficiency, reduces errors, and enhance patient care. Thus, a cloud-based laboratory information system is expected to gain significant traction in the laboratory information system market.
The global laboratory information system market size is expected to decline from $1.62 billion in 2019 to $1.58 billion in 2020 at a compound annual growth rate (CAGR) of -2.42%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The laboratory information system market is then expected to recover and reach $2.33 billion in 2023 at a CAGR of 13.8%.
The rising demand for lab automation is a major factor driving the growth of the laboratory information system market share. A growing number of people are undergoing a series of tests, which in turn increases the burden on laboratories. Clinical laboratories are hiring more healthcare personnel to reduce the amount of workload on existing staff and minimize the number of errors associated with it, in order to increase the efficiency and efficacy of the lab’s functioning for accurate results. According to the Bureau of Labour Statistics, around 12,000 additional clinical laboratory professionals are required every year to meet the demand, however, only half of this number are entering the field. Thus, laboratories opt for automation to ease the workload. For instance, TriCore Reference Laboratories in Albuquerque, Mexico, introduced automation in its 20% of instrumentation, which performs almost 80% of the lab’s samples and displays, helping the lab in managing and optimizing its functions for faster and accurate results.
The laboratory information system market consists of revenue generated by companies offering laboratory information system software products and related services. A laboratory information system is a software or database that helps in efficient managing of a clinical laboratory for storing, processing, and tracking of data, which is used by hospitals, laboratories, physician offices and clinics for optimizing their workflow.
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