Healthcare facilities are using laboratory information systems for quick diagnosis, decision making, and management of treatment data, as these systems enable them to obtain, manage, store, record, and retrieve laboratory data. Furthermore, the accuracy of diagnostic data offered by laboratory information systems helps improve procedures following the treatment of diseases. The usage of this system, therefore, helps healthcare facilities reduce operational costs. Thus, the surging focus of hospitals on cost reduction and improved lab productivity will facilitate the use of laboratory information systems, worldwide.

Besides, the rising prevalence of chronic diseases, burgeoning demand for advanced healthcare information systems, and increasing volume of molecular diagnostic tests will drive the laboratory information system market at 6.5% CAGR during 2020–2030. The market was valued at $1,756.2 million in 2019, and it is projected to generate $3,457.2 million revenue by 2030. According to the WHO, chronic diseases or NCDs cause approximately 41 million deaths every year, globally. CVDs, cancer, respiratory diseases, and diabetes are the most prevalent NCDs worldwide.

In the coming years, the cloud-based category is expected to showcase the fastest growth in the laboratory information system market, within the delivery mode segment. The growth of the market in this category will be on account of the low infrastructure costs, high flexibility and stability, and reduced IT manpower requirement associated with the cloud-based laboratory information systems. Additionally, cloud-based systems enable healthcare facilities to share and integrate information from multiple applications through an easy process of data gathering.

Standalone and integrated laboratory information systems used in hospital laboratories, independent laboratories, and physician laboratories are provided by Abbott Laboratories, CompuGroup Medical SE & Co. KGaA, Computer Programs and Systems Inc., Comp Pro Med Inc., and Orchard Software Corporation. These companies are currently engaging in collaborations and partnerships to meet the needs of end users. For instance, in March 2020, IBM Watson Health collaborated with EBSCO Information Services to improve clinical decision support (CDS) and operations for health systems and healthcare facilities.

According to P&S Intelligence, the North American region was the dominant user of laboratory information systems in the years gone by. This was on account of the growing prevalence of chronic ailments and the burgeoning need for online data storage solutions. For example, the Public Health Agency of Canada states that osteoarthritis, osteoporosis, dementia, asthma, and rheumatoid arthritis affected 2,687.2 women, 2,151.1 women, 1,488.7 women, 446.2 women, and 186.7 women, respectively, per 100,000 persons aged 65 years and older in Canada between 2016 and 2017.

Whereas, the APAC laboratory information system market is expected to demonstrate the fastest growth in this decade, owing to the growing burden of chronic diseases and the rising number of diagnostic imaging centers in the region. As per the WHO, 8.5 million deaths in the Southeast Asian region are caused due to NCDs every year. The organization also estimates that 48% of all NCD deaths in the region are recorded in the population below 70 years of age.

Therefore, the soaring focus of hospitals on cost reduction and improved lab productivity and the increasing cases of chronic diseases will propel the use of laboratory information systems, worldwide.