According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 6.5% from 2020 to 2030 (forecast period). The market is being propelled by the burgeoning requirement for advanced healthcare information systems, surging need for molecular diagnostics, increasing adoption of cloud computing in LISs, soaring demand for higher lab productivity, and enactment of cost reduction measures in hospitals.

The burgeoning demand for advanced healthcare information systems is one of the major factors propelling the advancement of the laboratory information system (LIS) market. LISs assist in delivering treatment, rehabilitation, and diagnosis services through one integrated platform. These systems reduce the diagnosis time period by streamlining various back-office operations and help doctors discuss and share their treatment plans with patients. For example, the National Health Service (NHS) and other local healthcare councils have been working together since 2016 for developing transformation and sustainability partnership covering all of the U.K. and setting proposals for improving healthcare outcomes for patients.

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Of these, the software category contributed the highest revenue to the market in the past. This was because of the high requirement for laboratory information management software in academic institutions, research centers, hospitals, and diagnostic laboratories. Across the globe, North America held the largest share in the LIS market in the years gone by and it is predicted to retain its dominance in the coming years as well. This is ascribed to the beneficial reimbursement scenario, enactment of regulatory policies that make the incorporation of these solutions in healthcare settings mandatory, and increasing incidence of chronic diseases in the region.

Therefore, the market is predicted to exhibit huge expansion in the coming years, primarily because of the expansion of the healthcare sector and mushrooming population of geriatric people all over the world.