Laboratory Information System Market by Deployment and Geography - Forecast and Analysis 2022-2026

  • Published: Dec 2021
  • Pages: 120
  • SKU: IRTNTR71657
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The laboratory information system (LIS) market share is expected to increase by USD 832.24 mn from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 9.04%.

This laboratory information system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers laboratory information system market segmentation by deployment (on-premise and cloud-based) and geography (North America, Europe, Asia, and ROW). The laboratory information system market report also offers information on several market vendors, including American Soft Solutions Corp., Cerner Corp., Comp Pro Med Inc., CompuGroup Medical SE and Co. KGaA, Computer Programs and Systems Inc., Epic Systems Corp., Medical Information Technology Inc., Orchard Software Corp.,  Soft Computer Consultants Inc, and Sunquest Information Systems Inc among others.

What will the Laboratory Information System Market Size be During the Forecast Period?

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Laboratory Information System Market: Key Drivers and Challenges

The need for laboratory automation is notably driving the LIS market growth, although factors such as high maintenance and service costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the laboratory information system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Laboratory Information System Market Driver

One of the key factors driving growth in the laboratory information system market is the need for laboratory automation. Laboratory automation is gaining traction as a viable alternative for addressing the labor shortage and reducing manual intervention in laboratory processes. The use of dedicated workstations and software to configure instruments that can automate common laboratory activities improves lab productivity and allows individual researchers to focus on more critical tasks. The presence of supervisory standards, as well as stringent regulatory criteria for error-free results, encourages the creation of efficiencies with repeatable outcomes. Laboratory information systems offer an effective solution as they facilitate, advance, and improve the productivity and efficiency of laboratory processes significantly.

Key Laboratory Information System Market Challenge

The high maintenance and service costs will be a major challenge for the laboratory information system market during the forecast period. According to industry analysts, the cost of maintaining IT solutions is higher than the cost of the product itself. Service and maintenance (which includes software updates to meet changing end-user requirements) is a recurring expense that accounts for nearly 20%-30% of the total cost of ownership. Furthermore, training and implementation costs account for about 15% of the total cost. Many small and medium-sized laboratories find it difficult to invest in these systems as a result of these cost constraints, thereby restricting the adoption of LIS.

This laboratory information system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Laboratory Information System Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • American Soft Solutions Corp.
  • Cerner Corp.
  • Comp Pro Med Inc.
  • CompuGroup Medical SE and Co. KGaA
  • Computer Programs and Systems Inc.
  • Epic Systems Corp.
  • Medical Information Technology Inc.
  • Orchard Software Corp.
  •  Soft Computer Consultants Inc
  • Sunquest Information Systems Inc

 

This statistical study of the laboratory information system market encompasses successful business strategies deployed by the key vendors. The LIS market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The laboratory information system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Laboratory Information System Market?

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41% of the market’s growth will originate from North America during the forecast period. The US is the key market for laboratory information systems in North America. Market growth in this region will be faster than the growth of the market in the European and ROW regions.

The infrastructural capabilities of vendors in the market will facilitate the laboratory information system market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Deployment Segments in the Laboratory Information System Market?

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The laboratory information system market share growth by the on-premise segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the LIS market size and actionable market insights on post COVID-19 impact on each segment.

 

Laboratory Information System Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 9.04%

Market growth 2022-2026

$ 832.24 million

Market structure

Fragmented

YoY growth (%)

8.35

Regional analysis

North America, Europe, Asia, and ROW

Performing market contribution

North America at 41%

Key consumer countries

US, Germany, UK, China, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

American Soft Solutions Corp., Cerner Corp., Comp Pro Med Inc., CompuGroup Medical SE and Co. KGaA, Computer Programs and Systems Inc., Epic Systems Corp., Medical Information Technology Inc., Orchard Software Corp.,  Soft Computer Consultants Inc, and Sunquest Information Systems Inc

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Laboratory Information System Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive laboratory information system market growth during the next five years
  • Precise estimation of the laboratory information system market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the LIS industry across North America, Europe, Asia, and ROW
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of LIS market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2021
    • Market outlook: Forecast for 2021 - 2026

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Deployment

    • Market segments
    • Comparison by Deployment
    • On-premise - Market size and forecast 2021-2026
    • Cloud-based - Market size and forecast 2021-2026
    • Market opportunity by Deployment

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2021-2026
      • Europe - Market size and forecast 2021-2026
      • Asia - Market size and forecast 2021-2026
      • ROW - Market size and forecast 2021-2026
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • American Soft Solutions Corp.
      • Cerner Corp.
      • Comp Pro Med Inc.
      • CompuGroup Medical SE and Co. KGaA
      • Computer Programs and Systems Inc.
      • Epic Systems Corp.
      • Medical Information Technology Inc.
      • Orchard Software Corp.
      •  Soft Computer Consultants Inc
      • Sunquest Information Systems Inc

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
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      The laboratory information system market growth will increase by $832.24 million during 2021-2026.
      The laboratory information system market is expected to grow at a CAGR of 9.04% during 2021-2026.
      Technavio has segmented the laboratory information system market by deployment (On-premise and Cloud-based) and geographic (North America, Europe, Asia, and ROW).
      American Soft Solutions Corp., Cerner Corp., Comp Pro Med Inc., CompuGroup Medical SE and Co. KGaA, Computer Programs and Systems Inc., Epic Systems Corp., Medical Information Technology Inc., Orchard Software Corp.,  Soft Computer Consultants Inc, Sunquest Information Systems Inc are a few of the key vendors in the laboratory information system market.
      North America will register the highest growth rate of 40.95% among the other regions. Therefore, the laboratory information system market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the laboratory information system market growth are:
      • Need for laboratory automation
      The laboratory information system market vendors should focus on grabbing business opportunities from the on-premise segment as it accounted for the largest market share in the base year.
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