Laboratory Information Management Systems Market

SKU: DMHCIT546 | Last Updated On: Jan 10 2023 | Available Formats

>Laboratory Information Management Systems Market is expected to reach a high CAGR By 2030:

Laboratory Information Management Systems Market is segmented By Product Type (Software, Services), By Deployment Type (On-Premise, Web-Based, Cloud-Based), By Industry (BioBanking, Contract Labs, Pathology, Pharmaceutical companies, Radiopharmacy), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

 

Laboratory Information Management Systems Market size was valued at US$ YY million in 2021 and is expected to reach US$ YY million by 2029, growing at a high CAGR during the forecast period (2023-2030).

LIMS (Laboratory Information Management System) is a software-based laboratory and information management system with characteristics that support a modern laboratory's operations. Flexible architecture, data tracking support, and data interchange interfaces are essential features that allow it to be used in regulated situations. These systems ensure patient demographics, security, and end-user billing. They also boost data sampling and the integration of study material, making data access more manageable. LIMS uses include sample management, data mining, data analysis, and an electronic laboratory network.

Laboratory Information Management Systems Market

Metrics

Details

Market CAGR

 High

Segments Covered

By Product Type, By Deployment Type, By End-user, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Market Dynamics

The growing prevalence of chronic diseases, growing aging population, adherence to compliance and government regulations, technological advancements in the LIMS software, increasing adoption of cloud-based LIMS offerings, and increasing R&D spending in the pharmaceutical companies are some of the major factors driving the growth of the market in the forecasted period.

The increasing use of LIMS to meet stringent regulatory requirements is expected to drive market growth.

Pharmaceutical and biotechnology companies are under pressure to meet stringent regulatory criteria for preclinical and clinical research before releasing new treatments in many countries. For instance, in the pharmaceutical and biotech industries, regulatory requirements such as 21 CFR Part 11 and Clinical Laboratory Improvement Amendments (CLIA) entail documentation and audit trails from research and development and testing to production and quality controls. In addition to this law, it is important to follow the guidelines for authorized labeling and advertising. As a result of these data management and security consent, most laboratories are rapidly embracing LIMS to automate their procedures and meet tight regulatory standards. These systems aid laboratories in satisfying regulatory standards without sacrificing process adaptability since they are straightforward to configure with laboratory systems to record and update data. Therefore, it is expected to enhance the need for LIMS in laboratories serving the target sectors. Thus, from the above-mentioned factors, the market is expected to drive in the forecast period.

The lack of skilled professionals and the high cost of software maintenance is expected to hamper the market growth.

However, it is necessary to have skilled personnel who understand how the software works and can deal with any malfunctions that may occur while processing and managing data and information. Such a massive loss presents a significant threat to the market. Moreover, the high LIMS maintenance and service costs are significant market constraints. IT system maintenance costs exceed the cost of the product. The cost of service and maintenance, which includes adjusting the software to changing user needs, is recurrent and contributes to around 20 to 30% of the total cost of ownership. Training and implementation costs account for around 15% of the total cost. These limitations make it difficult for many small and medium-sized laboratories to invest in these technologies, limiting their adoption.

COVID-19 Impact Analysis

The COVID-19 epidemic positively impacted the laboratory information management systems industry. During the pandemic, demand for COVID -19 laboratory testing surpassed capacity around the clock, putting a major strain on laboratory workers and infrastructure. Laboratory information management systems (LIMS) are being used to streamline all phases of laboratory testing (preanalytical, analytical, and post-analytical). The use of LIMS has increased since the development of COVID-19, allowing healthcare practitioners to focus on medicine and vaccine research by streamlining data collection processes. Moreover, the companies have developed laboratory information management system software during the pandemic to help physicians in the laboratories. For instance, labWare provides a comprehensive set of capabilities, including solutions for COVID-19 surveillance and results sharing. The company is creating technologies, such as the Portable Disease Surveillance Lab (PDSL), to streamline the COVID-19 patient registration and sample collecting procedure as part of field-based and COVID-19 testing operations. These solutions are being implemented at the company's customers' state public health labs. Thus, from the above-mentioned factors, the market is affected positively in the forecast period.

Segment Analysis

Cloud-Based segment is expected to hold the largest market share in laboratory information management systems

The cloud-based segment is accounted for the largest market share in 2021.  Cloud-based solutions enable organizations and laboratories to share and integrate data from several locations, resulting in a more efficient data collection procedure. The introduction of cloud-based Internet-enabled services has resulted in significant advancements in the global laboratory information system (LIS) market. Virtualization advancements and improved access to high-speed internet enable faster innovation at reduced costs. Companies that use cloud-based solutions must pay for the software subscription rather than the full licenses.

Furthermore, cloud-based LIS does not necessitate any upfront capital expenditure for hardware, reducing the strain on healthcare and clinical settings while requiring the least amount of IT professionals. Therefore, because of features such as greater data accessibility, cost-effectiveness, and real-time analysis, cloud-based delivery models would emerge as an effective LIS solution with significant growth potential. Thus, from the above-mentioned factors, the market segment accounted for the largest market share in the forecast period.

 Geographical Analysis

North America region holds the largest market share in the global laboratory information management systems  

North America region accounted for the largest market share in 2021. Favorable government initiatives, increased investments in R&D by the government, product launches, collaboration and partnership by the market key players are the factors to drive the market in the forecast period. For instance, Ovation, a U.S.-based firm, launched a project in March 2020 centered on its cloud-based LIMS and aimed at enabling independent laboratories to increase their capabilities while effectively tripling testing capacity across the country.

Moreover, McKesson Medical-Surgical collaborated with Orchard Software in February 2022 as an authorized distributor supplying technological solutions that assist laboratory productivity and efficiency. Additionally, in May 2022, LabLynx launched its newest LIS solution, CannaQA Standard Edition, designed for new and expanding cannabis testing labs. This latest LabLynx solution provides a reduced version of the company's enterprise CannaQA solution with all of the product's powerful features but at a lower cost and faster implementation timetable. Thus, from the above-mentioned factors, the North American region accounted for the largest market share in the forecast period.

Competitive Landscape

Major key players in the laboratory information management systems market are Thermo Fisher Scientific, Inc., Siemens Group, LabWare, PerkinElmer Inc., Abbott Laboratories, LabVantage Solutions, Novatek International, LabLynx Inc., Promium LLC., LABWORKS, Illumina, Inc., Autoscribe Informatics.

On August 31, 2021, CTI Clinical Trial and Consulting Services (CTI) and LabWare, Inc. partnered to provide laboratory services to support rare illnesses and cell and gene therapy research worldwide.

Illumina, Inc.:

Overview:

Illumina, Inc. is an American company that develops, manufactures, and markets integrated systems to analyze genetic variation and biological function. The Company operates through segments such as Core Illumina. Core Illumina's products and services serve customers in the research, clinical and applied markets and enable the adoption of various genomic solutions. The Company's portfolio of integrated sequencing and microarray systems, consumables, and analysis tools is designed for genetic analysis. Its customers include genomic research centers, academic institutions, government laboratories, hospitals, pharmaceuticals, biotechnology, commercial molecular diagnostic laboratories, and consumer genomics companies.

­Product Portfolio:

Illumina Array LIMS: Illumina offers a state-of-the-art array-based Laboratory Information Management System (LIMS) that guides time-consuming and error-prone sample/data handling and tracking, ensuring reliable, high-quality data outputs and enabling multiple projects to be managed in parallel. The system facilitates high-throughput microarray processing and sample tracking using advanced automation and precise robotic control.

The global laboratory information management systems report would provide an access to an approx. 45+market data table, 40+figures and 180pages.

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