Laboratory Information Management Systems (LIMS) Market Driving Factors, Industry Analysis, Investment Feasibility and Trends


Posted February 6, 2019 by coherent123

Laboratory information management systems is a powerful IT tool for inventory management, clinical research, project management, and patient data management.

 
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).

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. To capitalize on this revenue opportunity, market player such as Cerner Corporation, Merge Healthcare, Inc. (International Business Machines (IBM) Corp.), McKesson Corporation, LabWare, Roper Technologies Inc., and Meditech (Medical Information Technology, Inc.) are expected to enter into strategic agreements in order to increase their footprint in these regions.

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).
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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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
• Global Laboratory Information Management Systems Market, By Geography:
◦ North America
◦ Europe
◦ Asia Pacific
◦ Latin America
◦ Middle East
◦ Africa

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Issued By COHERENT4484
Country India
Categories Health
Tags Laboratory Information Management Systems (LIMS) Market
Last Updated February 6, 2019