The Worldwide Laboratory Information Systems sector happens to be experiencing a massive upswing, throttled by a remarkable 6% year-on-year rate of growth. This positive trend, which has been reported by Future Market Insights Inc., is anticipated to push the market to a substantial valuation of almost US$ 2,166.3 million by the end of 2024.
This outstanding growth is indeed attributed to a mix of numerous elements, such as technological advancements, surging demand for efficient data management across laboratories, and an ever-expanding healthcare industry. The Laboratory Information System- LIS market has gone on to become a cornerstone when it comes to enhancing operational efficiency, data precision, and overall laboratory performance.
Going forward, the market is indeed projected to sustain momentum with an anticipated CAGR of 5.3% across the next decade. By 2034, the global laboratory information system market is projected to attain an impressive valuation worth US$3,620.3 million, thereby signaling a constant upward trajectory.
Germany goes ahead and dominates the European market when it comes to laboratory information systems, since being accounting for a 28.2% market share in 2014, which happened to be followed by France. The UK is all set to become a prominent market for laboratory information systems- LIS in the years to come.
It is well to be noted that the European laboratory information systems segment is fragmented on the basis of products, types, elements, delivery modes, end users, and countries. The product segment gets divided into standalone LIS as well as integrated LIS. The types that are included in the report happen to be clinical LIS as well as anatomical LIS. The components covered within the report are services as well as software. On-premise, remotely hosted, and cloud-based happen to be delivery modes have been discussed in the report. The end users’ portion gets further classified into clinical diagnostic laboratories, anatomical pathology laboratories, hospitals, blood banks, and molecular diagnostic laboratories. Countries like Germany, the U.K., Italy, Spain, and France would experience tremendous progress, as the report suggests.
It is well to be noted that the European Commission’s new framework, Horizon 2020, happens to be the largest ever research and innovation program across Europe for numerous fields, such as life sciences, with a budget of $95 billion, which is equivalent to €77 billion from 2014–2020. Notably, in October 2017, the European Commission went ahead and announced its plans to go ahead and fund $37 billion, or €30 billion, in this fund across the period of 2018–2020, with an inclusion of $2.5 billion, or €2 billion, in order to support open science and $740 million, or €600 million, for the European Open Science Cloud, European data infrastructure, as well as high-performance computing.
Horizon 2020 happened to open funding opportunities for the future and emerging technologies, as well as the ICT Work Programme for life science researchers. Hence, increasing R&D activities along with government funding will ultimately go on to boost demand when it comes to effective data management and therefore drive the laboratory informatics market across Europe.
Global Laboratory Information System Sector: Major Takeaways
• An Impressive Growth Trajectory: The worldwide laboratory information system market happens to be experiencing substantial year-on-year progress of 6%, thereby reaching a projected valuation of around US$ 2,166.3 million by the end of 2024. This growth is kind of indicative of the market’s vitality as well as its potential.
• Consistent Evolution with Technology: Technological progress goes on to play a pivotal role in terms of driving the adoption of laboratory information systems. The segment is witnessing a massive shift due to cutting-edge technologies, elevating operational efficiency and data accuracy across the laboratories.
• Growing Demand When It Comes to Efficient Data Management: Labs are grappling with massive amounts of data, thereby needing sophisticated information systems when it comes to efficient management. The demand as far as robust laboratory information systems is concerned, happens to be on the rise as organizations are taking into account the importance of streamlined processes along with organized data.
• Healthcare Sector- Key Contributor: The ever expanding worldwide healthcare industry is a prominent catalyst for the laboratory information system market. Such systems are becoming indispensable when it comes to supporting diagnostic and research activities, syncing with the rising needs of the healthcare industry.
• Forecasted CAGR of 5.3% over the Next Decade: Moving forward, the market is all set for sustained growth, with a projected CAGR of 5.3% across the next decade. By 2034, the laboratory information system market is all set to attain a noteworthy valuation of US$ 3,620.3 million.
