At 4.3% CAGR, Laboratory Information Management System (LIMS) Market is Anticipated to reach USD 1440.2 Million by 2027, Statistics Growth, Covid-19 Impact | Brandessence Market Research
LONDON, June 29, 2021 /PRNewswire/ -- Brandessence Market Research has published a new report title and According to Study "Global Laboratory Information Management System Market is valued at USD 1072.6 Million in 2020 and expected to reach USD 1440.2 Million by 2027 with a CAGR of 4.3% over the forecast period."
Increasing prevalence of chronic diseases, rising number of technological advancements, rising popularity of cloud-based systems are some of the major factors anticipated to drive the growth the Global Laboratory Information Management System Market.
COVID-19 pandemic has affected the laboratory information management system (LIMS) market in a positive manner. The COVID 19 outbreak has shown a huge impact on the way of life across the worldwide. During the pandemic, the demand for 24/7 laboratory testing, experienced all-time high surge capacity in clinical laboratories, hence resulting in significant stress on the laboratory personnel as well as its infrastructure. Increasing demand of laboratory information management system to analyze, to track and maintain record of Corona virus patients across the globe has shown a positive impact on the market growth. However, in many countries situation such as lockdown has stopped manufacturing which have faced market disruption. Swab tests were conducted on people all over the world and results shared the government regulators which helped maintain the decorum of hospital and homes around the world and containing viruses globally.
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The laboratory information management system (LIMS) is designed to help in the integration of laboratory operations, such as consolidation of test results and speeding up the overall operations being carried out in the laboratory. It helps in the efficient organization of samples and data associated with it. A laboratory information management system helps a lab to integrate instruments, manage samples, and automate the workflows. It is also being used in modern genomics. The exceptional amount of information that is generated from modern genomics is simply managed with the help of the LIMS software. Owing to the improved efforts of researchers and clinicians for the betterment of lab operations and the growing number of samples in the labs, the requirement for LIMS software is increasing, which is contributing to the development of this segment of the market studied.
LIMS has wide range of applications in different fields such as pharmaceuticals, environmental science, petrochemicals and others. LIMS is applicable in the data mining, data analysis, sample management, and electronic laboratory network. In pharmaceutical industry, LIMS provides huge applications such as test library included as standard functionality, disintegration, dosage uniformity, dissolution, product assays, drug release and stability module that simplifies stability studies. Biotechnological applications, LIMS assists research and development labs by integrating with instrumentation to offer automation to gel electrophoresis, microarrays, gene expression profiling etc.
The laboratory information management system market is segmented on the basis of product type, mode of delivery, component, end-user and region & country level. On the basis of product type, the market is divided into multi-purpose and purpose-built. On the basis of mode of delivery, market is divided into on-premise solutions, cloud-based solutions and web-based solutions. On the basis of component, market is divided into services and software. On the basis of end-use, the market is divided into life sciences industry, pharmaceutical and biotechnology companies, biobanks & biorepositories, academic research institutes and contract research organizations, molecular diagnostics & clinical research labs, food & beverage and agriculture industries, petrochemical refineries and oil & gas industries, chemical testing laboratories, environmental testing laboratories and others.
Rising Prevalence of Chronic Diseases, Increasing Number of Technological Advancement, Growing Popularity of Cloud-Based Systems Drive the Market Growth
The major factor driving the growth of global laboratory information management system market is increasing in prevalence of chronic diseases. According to World Health Organization (WHO), there are 422 million peoples worldwide having diabetic, mainly in low-and-middle income countries. In addition, rising number of offerings by players is also supplementing the market growth. For example; Labvantage Solutions had announced the accessibility of its new purpose-built COVID-19 LIMS solution. The latest solution is designed to jump-start the capability of laboratories everywhere to enter biospecimens into a biobank & speedily begin conducting COVID-19-related research and testing. Furthermore, cloud computing is gaining popularity among mid-size and small business, enabling many businesses to access to application software over high-speed internet connection without the need for investing in computer software and hardware. For instance; CrelioHealth is a One-Stop cloud-based Diagnostic Solution which enables labs to handle radiology centre (RIS & PACS), pathology lab (LIMS), and inventory. It enables labs to simplify operations with configurable report formats, online billing, institution workflows, & payments, digital report delivery and automated communications using numerous channels like SMS, email, WhatsApp, or Mobile app to patients, referrals and business partners.
However, shortage of skilled professionals may hamper the global laboratory information management system market growth. In spite of that, many other IT companies and corporates are investing in laboratory information management systems to analyze this cloud-based data to track the onset of new viruses and be prepared before hand which may create more opportunities for the further growth of the market.
Key Players for Global Laboratory Information Management System Market Report:
Key players operating in the global laboratory information management system market include Thermo Fisher Scientific, Inc., Siemens Group SA, Labvantage Solutions, Abbott Laboratories, Accelerated Technology Laboratories, Inc., Novatek International, LabLynx Inc., LabWare Inc., PerkinElmer Inc. Promium LLC and others.
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News: LabVantage Solutions Expanded and Improved its Portfolio
May 4th, 2021; LabVantage Solutions, the supplier of laboratory informatics software announced another high level analytic solution, a novel approved SaaS solution and an update to its LIMS Platform. LabVantage Analytics addresses another achievement on the side of digital change turning logical, business, and external information into available data that speeds new revelations, expands lab usefulness, improves quality, and diminishes consumables waste and instrument downtime. The objective is to help labs function more effectively while pinpointing the key data required for more educated and productive dynamic. These incorporate many secret gems presently darkened in the massive information generated by labs. Adding approval backing to a cloud-facilitated, Software-as-a-Service (SaaS) LIMS builds certainty for associations that function in regulated areas, like pharmaceuticals, biobanking, and clinical and sub-atomic diagnostics. Pre-packaged LabVantage LIMS that currently offer SaaS approval are LabVantage Pharma, LabVantage Biobanking, and LabVantage Covid-19 LIMS.
North America is Anticipated to Dominate the Global Laboratory Information Management System market
North America is expected to dominate the global laboratory information management system market due to the highly advanced healthcare infrastructure, increasing government funding in research and healthcare and presence of key market players in this region. In addition, increasing incidence of chronic diseases, increase accessibility to healthcare facilities, rising geriatric population, and rising demand among clinicians are also fostering the market growth in this region.
Asia Pacific is predicted to witness the fastest development in laboratory information management system in the coming years. Increasing prevalence of chronic diseases such as diabetes, cancer, and neurological disorders, developing healthcare infrastructure, and growing awareness about the benefits of using laboratory information management system are some of the major factors driving the market growth in this region. According to World Health Organization, diabetes is a growing challenge in India with estimated 8.7% diabetic population in the age group of 20 and 70 years. In addition, continuous rise in the demand for advanced technologies are also fuelling the demand for laboratory information management system market in this region. In April 2020, the Ministry of Health in China has defined an action plan for the deployment of e-health-related solutions to geographically dispersed sections of the country surrounding broad areas of medical services and insurance plans, with a great focus on the adoption of electronic record systems to permit information sharing across the national healthcare system.
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