Laboratory Information Management Systems (LIMS) Market Driven By Latest Technological Advancements By 2026

Laboratory information management systems is a powerful IT tool for inventory management, clinical research, project management, and patient data management. Integration of various related processes in an organization, especially in the healthcare sector can result in improved patient care and increased efficiency of services. It also reduces operational costs and increases organizational agility. Laboratory Information Management Systems are helping hospitals, diagnostic laboratories, blood banks, private clinics, and other such healthcare institutions to increase their productivity and improve turnaround time of clinical trials. Increased focus on improving patient care, therapy outcomes at reduced cost are the primary factors driving the market for laboratory information management systems (LIMS) globally. The global laboratory information systems market was valued at US$ 1,209.6 million in 2015 and is expected to expand at a CAGR of 7.3% during the forecast period (2016 – 2024).

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Market Drivers - Laboratory Information Management Systems (LIMS) Market

Growth of the global laboratory information management systems market is mainly driven by factors such as rising healthcare IT spending, development of structured regulatory framework in developed nations such as the U.S. and Canada, and increasing inclination of end users such as hospitals and clinical laboratories towards providing quality care. However, lack of trained professionals and high cost of systems are factors hampering market growth. Market players are capitalizing on potential revenue opportunity in emerging economies such as China, India, Brazil, and ASEAN countries, where demand for LIMS is increasing due to growing healthcare IT spending.

Increasing Adoption of LIMS In Emerging Economies

High costs associated with installation and large pool of skilled personnel to handle on-premise LIMS resulted in high concentration of the market in the developed countries such as the U.S. and Western European countries, including U.K and Germany. However, with the proliferation and promotions of cloud- and web-based solutions offering key features such as scalability at reduced costs, the market is witnessing a paradigm shift in the adoption patterns, with growing demand for cloud based solutions as compared to on premise ones. Improving internet infrastructure is increasing the healthcare IT spending across Asia, Latin America, South Africa and Middle East. As a result, these regions have been analyzed to be highly lucrative markets for vendors of LIMS during the forecast period. Various advantages such as private sharing and storage of data without need to maintain physical storage devices and save on related costs, is expected to boost adoption for cloud-based LIMS in these regions.

Consumerization of IT Is Leading To An Increasing Demand For Cloud-Based Solutions

Increasing proliferation of smartphones, mobile solutions, point-of-care devices and e-services is a trend observed across the globe, and is not different in the healthcare sector. Healthcare providers are aiming to automate various processes, while patients are also demanding technological solutions for convenient health testing, monitoring, and recording solutions. In the recent past, features such as cost effectiveness, scalability, and ease of use have increased demand for cloud-based systems among end users. The cloud-based LIMS segment is projected to be the largest sub-segment (in terms of revenue), projected to reach US$ 339.8 million by 2024. Growing demand for IT solutions that can integrate all major disciplines of laboratory medicine and pathology is expected to create high demand for integrated LIMS products in the near future.

Competitive Landscape

Key companies covered as a part of this study include Cerner Corporation, Computer Programs and Systems, Inc. (CPSI), Merge Healthcare, Inc. (International Business Machines (IBM) Corp.), McKesson Corporation, LabWare, EPIC Systems Corporation, SCC Soft Computer, Compugroup Medical AG, Roper Technologies Inc., and Meditech (Medical Information Technology, Inc.)

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Market Taxonomy

This report segments the laboratory information management systems market on the basis of product type, component, delivery mode, and end user. There are two types of commercially available LIMS – standalone and integrated LIMS. On the basis of component the global LIMS market is segmented into hardware, software, and services. The software segment is further sub-segmented into on-premise, web-based, and cloud-based LIMS. End users of LIMS covered in the market report are hospitals, clinics, independent laboratories, and others (retail clinics and nursing homes).

Detailed Segmentation:

Global Laboratory Information Management Systems Market, By Product Type:
Standalone
Integrated

Global Laboratory Information Management Systems Market, By Component:
Hardware
Software
Services

Global Laboratory Information Management Systems Market, By Delivery Mode:
On Premise
Cloud Based

Global Laboratory Information Management Systems Market, By End User:
Hospitals
Clinics
Independent Laboratories
Others

Implementation of LIMS To Allow For Significant Cost Reduction Passed On To End Users

Laboratory information management systems developed by vendors offer various in-built functions, which may not be useful to all end users. Therefore, LIMS vendors are providing customized solutions to customers, specifically tailored according to their requirement and budget, in order to help in better return on investment. LIMS vendors are developing multi-modality systems that can integrate the entire process of clinical laboratories, hospitals or clinics and help the end user reduce their operational costs.

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