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Laboratory Information Management System Market - Forecast(2024 - 2030)
Laboratory Information Management
System Market Overview
Laboratory Information Management System Market size
is estimated to reach $2.4 billion by 2026, growing at a CAGR of 8.7% during the
forecast period 2021-2026. Laboratory Information Management system is a
software that is utilized in laboratories for data management and to process a mass
of laboratory samples to control laboratory workflow. Enterprise Resource
Planning (ERP) software is planned to possess one unified database to control
different functions of the business. The utility of Enterprise Resource
Planning (ERP) systems in the laboratory can be expedited or even improved when
they are combined with laboratory information management systems (LIMSs) in a manner
that unifies the internal and external business procedures of the laboratory. Process
development execution systems (PDES) are software systems utilized to direct
the growth of high-tech manufacturing technologies like semiconductor
manufacturing, It is recognized that a laboratory information management system, also termed as a laboratory information system (LIS) or laboratory
management system (LMS), is a software-based solution with characteristics that
back the operations of a contemporary laboratory. Classically, the LIMS, LIS,
and process development execution system (PDES) have all carried out identical
functions. An electronic signature system is a legal technique to acquire
consent or authorization on electronic documents or forms. In a Food and Drug
Administration (FDA) regulated environment, 21 CFR Part 11 compliance is crucial
when utilizing a Laboratory Information Management System to process
electronic signature system that falls under the FDA’s predicate rule.
The increased demand for 24/7 laboratory testing
in clinical laboratories with electronic signature system owing to the onset of
the Novel Coronavirus (COVID-19) pandemic has fuelled the growth of the Laboratory
Information Management System Market. The heightened progress in R&D
laboratories, particularly in pharmaceutical and biotechnological laboratories
is set to propel the growth of the Laboratory Information Management System Market during the forecast period 2021-2026. This represents the Laboratory
Information Management System Industry Outlook.
Report
Coverage
The report: “Laboratory Information
Management System Market Forecast (2021-2026)”, by Industry
ARC, covers an in-depth analysis of the following segments of the Laboratory Information Management
System Market.
By
Type: Multi-Purpose, Purpose-Built.
By Component: Software, Services.
By Mode Of Delivery: On-Premise, Cloud-Based
By
End User: Hospitals, Clinics, Others.
By Geography: North America (the U.S,
Canada and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia and Rest
of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New
Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Rest of
South America) and Rest Of The World (Middle East, Africa).
Key Takeaways
- Geographically, North America Laboratory Information Management System Market accounted for the highest revenue share in 2020 and it is poised to dominate the market over the period 2021-2026 owing to the increasing acceptance of laboratory information management systems (LIMS) with enterprise resource planning (ERP) and the existence of a well-established healthcare infrastructure in the North American region.
- Laboratory Information Management System Market growth is being driven by the heightening demand for bio-banking and expanded focus on enhancement of the laboratory with enterprise resource planning (ERP) and electronic signature system. However, the soaring cost connected to the application of a laboratory information management system is one of the major factors hampering the growth of Laboratory Information Management System Market.
- Laboratory Information Management System Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Laboratory Information Management System Market report.
Laboratory Information Management System Market Share, By Component, 2020(%)
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Laboratory
Information Management System Market Segment Analysis – By Component:
The Laboratory Information Management
System Market based on component can be further segmented into Software
and Services. The Software
Segment held the largest market share in 2020. This growth is owing to the
increased efficiency in management of samples and data connected with
laboratory information management software (LIMS) equipped with electronic
signature system. The boost in the endeavors of clinicians and researchers for
superior laboratory performance and the surge in the count of samples in the
laboratories are further propelling the growth of this segment.
Furthermore, the Services segment is
estimated to grow with the fastest CAGR of 9.3% during the forecast period
2021-2026 owing to the heightening requirement for LIMS implementation,
integration, maintenance, validation, and support and the soaring demand for
LIMS outsourcing solutions with enterprise resource planning (ERP).
Laboratory
Information Management System Market Segment Analysis – By Mode Of
Delivery:
The Laboratory Information
Management Syste Market based on the mode of delivery can be further
segmented into On-Premise
and Cloud Based. The Cloud-Based Segment held the largest market share in
2020. This growth is owing to the increased accessibility of data from
different locations, different systems and different branches. By establishing
user profiles for every lab member to log in, integrated with authentication
settings to maximize safety, every laboratory can offer its members real-time
convenience and keep data secure. The accelerated implementation time,
increased automatic updates, decreased IT manpower, cost-effective data
management with enterprise resource planning (ERP), great security and effortless
deploy ability are further propelling the growth of this segment.
Furthermore, the On-Premise
segment is estimated to grow with the fastest CAGR of 9.5% during
the forecast period 2021-2026 owing to the increased customization with
enterprise resource planning (ERP) and trustworthiness in comparison with other
LIMS services.
Laboratory
Information Management System Market Segment Analysis – By Geography:
The Laboratory Information
Management Syste Market based on geography can be further segmented
into North America, Europe, Asia-Pacific, South America and Rest of the World.
North America (Laboratory Information Management System Market) held the
largest share with 38% of the overall market in 2020. The growth of this region
is owing to the increasing count of innovative product launches and the soaring
concentration of key players like Abbott Laboratories in the region. The favorable policies facilitating acceptance of laboratory
automation like electronic health records (EHR) and electronic signature
system, the existence of progressive infrastructure, boost in demand for
genomic studies, and increased government funding are fuelling the growth of
the Laboratory Information Management System Market in the North
American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2021-2026. This growth is owing to factors like increasing utilization of Laboratory Information Management Systems (LIMS) in Contract Research Organizations (CROs) in the Asia-Pacific region. Dominant players outsource LIMS from CROs based in the region to decrease the cost of LIMS support systems and enhance operational efficiency along with enterprise resource planning (ERP). This is fuelling the progress of the Laboratory Information Management System Market in the Asia-Pacific region.
Laboratory Information Management System Market Drivers
Global Prevalence Of Incessant Ailments Is Projected To Drive The Growth Of Laboratory Information Management System Market:
As per World Health Organization (WHO), nearly 70% of demises from cancer happen in low- and middle-income countries. Furthermore, WHO figures indicate that total yearly cost of cancer in 2010 was approximated at US $1.16 trillion. The increasing count of cancer cases worldwide is propelling cancer research to enhance cancer therapy. The prototypical disposition of cancer research needs the processing and combination of datasets in a strong technological environment. A suitable Laboratory Information Management System for Cancer Research must back the complete procedure from tissue and sample collection and annotation to data analysis and reporting. A Laboratory Information Management System for cancer research needs to be malleable, robust, and compliant and may be equipped with electronic signature system. It is required to be able to control data flow across various disciplines and permit the researchers to effortlessly share and receive data, metadata, and results with other researchers in real-time. Combining a Laboratory Information Management System with the various devices like DNA sequencers, visual tools, and additional software, like EMR, EHR, pathology systems, statistical tools, will offer the oncologist with a complete view of the cancer patient in a real-life situation. These features are fuelling the growth of the Laboratory Information Management System Market during the forecast period 2021-2026.
Technological Innovations Are Expected To Boost The Demand Of Laboratory Information Management System:
Technological innovations are driving the growth of the Laboratory
Information Management System market. Laboratory Information Management
System may be equipped with electronic signature system. Labworks has
developed a Laboratory Information Management System for agriculture and
farming. The LABWORKS solution for
Agriculture Labs is the key to managing the different challenges encountered,
from tracking submissions from internal inspectors, other government entities
and private and public customers, to seed and feed testing and labelling,
pesticide testing, equine drug testing, animal industry, food, fuel, fertilizer
and other testing and reporting against state and/or federal regulations. These
kinds of technological innovations are driving the demand of the Laboratory
Information Management System during the forecast period 2021-2026.
Laboratory Information Management System Market Challenges
Laboratory Information Management System Implementations Are Challenging:
LIMS implementations are frequently demanding owing to the cost
investment, budget limitations, dedication of resources, competing priorities
within the company, and guaranteeing the correct features are included within
the system. As the system is configured, it may be effortless to overload the
software with features. One needs to concentrate on the principal system
objectives from the beginning. Acquiring the Minimal Viable Product (MVP) first
will assist in staying focused on functionality. If there are too many
requirements to the project scope that are unnecessary, there could be gaps
between system capabilities and requirements, resulting in a compromised
implementation procedure. Yet another challenge in LIMS application is selecting
the correct vendor. Purchasing a LIMS based on word of mouth or the suggestion
pf a colleague is nearly always a bad idea. In a technique hugely based on
data, utilizing qualitative assessments to decide the LIMS is not supportive. Rather,
one needs to spend time and effort comparing prospective LIMS suppliers. These
issues are hampering the growth of the Laboratory Information Management System Market.
Laboratory Information Management System Market - Landscape:
Novel product launches, acquisitions, technological
advancements, strategic collaborations and R&D expenditures are key
strategies adopted by players in the Laboratory Information Management System Market. Key companies of this market include:
- Abbott Laboratories
- Siemens Healthineers
- LabVantage
- LabLynx
- Mckessen Corporation
- Thermo Fisher Scientific
- LabWare
- Labworks
- PerkinElmer Inc.
- Autoscribe Informatics
Acquisitions/Product Launches:
- In October 2021, LabVantage Solutions, the chief provider of laboratory informatics solutions and services, launched LabVantage Analytics – a full-featured, self-service advanced analytics solution that is completely integrated into the LabVantage LIMS platform.
- In May 2021, Siemens Healthineers introduced Somatom X.ceed, a novel high-resolution, high-speed CT (computed tomography) scanner engineered particularly for the most demanding clinical areas where time and accuracy are of essence.
Laboratory Information System /LIS Market
Report
Code: HCR 0494
Clinical Information System Market –
Forecast (2021 - 2026)
Report Code: HCR 0123