According to the research report titled ‘Global Laboratory Information Systems (LIS) Market Size study, Product (Standalone, Integrated), Component (Services, Software), Delivery Mode (On-premises, Cloud-based), End User (Hospital Labs, Independent Labs, POLs, Other End Users) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global laboratory information systems market was valued at USD 1.38 billion in the year 2020 and is expected to grow at a healthy rate of 9% CAGR over the next six years, reaching a valuation of USD 2.52 billion during the period 2021-2027.
 

The growing prevalence of chronic diseases, and widespread adoption of the equipment for improving lab efficiency are factors propelling the growth of global laboratory information systems (LIS) market.
 

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Notably, lab automation solutions help in minimizing errors caused by humans due to repetition like moving plates and pipetting and also aid in giving more accuracy, which is estimated to augment the pace of the industry growth during the forecast period. Additionally, soaring demand for personalized medicine is further accelerating the progress of the market.
 

Despite the positive outlook, the dearth of integration standards for laboratory information systems is likely to hamper industry development in the forthcoming years.
 

Based on product type, the market is categorized into integrated, and standalone. In terms of component ambit, worldwide laboratory information systems industry is divided into software, and services.
 

Concerning delivery mode, the market is segmented into cloud-based, and on-premises modes. Speaking of end-user terrain, the industry is split into physician office labs (POL)s, independent labs, hospital labs, and others. 
 

From a regional standpoint, North America region is poised to garner a major chunk of the market share during the analysis period, due to surging demand for digitalized technologies, and extensively developed infrastructure in the country.
 

Moreover, Asia Pacific market is anticipated to witness substantial growth during the projected timeline, owing to the rising enhancements in the healthcare infrastructure.
 

The competitive landscape of global laboratory information systems market is defined by companies such as Comp Pro Med Inc., American Soft Solutions Corp., Epic Systems Corporation, Orchard Software Corporation, SCC Soft Computer Inc., Sunquest Information Systems Inc., Meditech Healthcare, Cerner Corporation, Computer Programs and Systems Inc., and CompuGroup Medical SE & Co. KGaA among others.