Facts and Factors have published a new research report titled “Laboratory Information Management System (LIMS) Market By Type (Broad, Industry-Specific), By Component (Services, and Software), By Delivery (On-premise, and Cloud), and By End User (Pharma, CRO, Biotech, Agriculture, Food and Beverages, Chemical, Oil, and Gas): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026”.
“According to the research report, the global Laboratory Information Management System (LIMS) Market was estimated at USD 1,321.4 Million in 2019 and is expected to reach USD 2,446.4 Million by 2026. The global Laboratory Information Management System (LIMS) Market is expected to grow at a compound annual growth rate (CAGR) of 9.2% from 2019 to 2026”.
Laboratory Information Systems (LIS) are critical to laboratories meeting quality standards, reducing data redundancy, shortening the time between receiving a specimen and producing reports, and improving patient outcomes. Increasing specimen concentrations, as well as increased demands for and dependence on laboratory data to meet public health and clinical needs, have resulted from technological developments in laboratory instrumentation over the last decade. These innovations showed that paper-based records management and results analysis were unreliable and unable to satisfy the laboratory’s business requirements. As a result, there has been a massive increase in demand for LIS adoption at all levels. As a result of increased use of LIS, end-users have been able to more clearly express detailed device specifications, prompting vendors to create more appealing and viable LIS options.
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Key Questions Answered in this Report
1) What was the pre and post-business impact of COVID-19 on the Laboratory Information Management System (LIMS) Market?
2) What is the market size, share of the Laboratory Information Management System (LIMS) Market?
3) Who are the top market players in Laboratory Information Management System (LIMS) Market?
4) What will be the future market of the Laboratory Information Management System (LIMS) Market?
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
Most of the businesses are facing a growing litany of business-critical concerns related to the coronavirus outbreak, including supply chain disruptions, a risk of a recession, and a potential drop in consumer spending. All these scenarios will play out differently across various regions and industries, making accurate and timely market research more essential than ever.
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Increasing Focus on Improving the Efficiency of Laboratories
Laboratory Information Management System is a software-based solution that can assist laboratories in efficiently handling laboratory data and increasing the productivity of various lab operations. A LIMS serves as a link between the laboratory personnel and the database that houses all of the data. In today’s competitive climate, every lab is attempting to obtain the best technological results possible. They must minimize processing time, improve customer loyalty, and adhere to their industry’s regulatory requirements. The primary goal of LIMS is to improve lab performance by eliminating manual activities. The decision to introduce a LIMS is usually based on collaboration between various departments, including the lab as well as the IT department. It is crucial that the IT department has the infrastructure in place to sustain the LIMS implementation. Alternatively, the lab could opt for a cloud-based LIMS that can be accessed 24 hours a day, 7 days a week, from any internet-connected computer, without the need for IT support. Choosing a LIMS, on the other hand, necessitates a proper examination of the numerous factors that can affect its effective and long-term implementation and use.
Industry Major Market Players
- Abbott Laboratories
- LabLynx Inc.
- Promium LLC.
- Thermo Fisher Scientific Inc.
- Novatek International
- Siemens Group SA
- Autoscribe Informatics
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A laboratory information system (LIS) is a system that aids in the management of several dimensions of a clinical lab, such as visualizing, processing, and maintaining information and data. Laboratories have made great strides from being hidden away out of sight of a hospital or relying on a few specialists for survival. Laboratories are now known as centers of excellence and among the most lucrative revenue streams. The value of reliable diagnostic outcomes in inpatient care has increased as evidence-based medicine has emerged, placing increased pressure on labs to work efficiently. It is a well-known fact that combining human tasks with technologies improves cognitive performance, particularly in the field of healthcare, and this is one of the reasons why Lab Information Systems are rapidly gaining popularity (LIS).
Global Laboratory Information Management System (LIMS) Market: Growth Factors
The growing demand for laboratory automation, as well as increasing reliance on upgrading diagnosis accuracy, increased use of laboratory information systems, increased development of integrated laboratory data systems, increased need to meet all the requirements, and increased adoption of LIS to improve lab efficiency, are among the major factors driving the market growth. Enhanced service and maintenance expenses, among other things, would hinder market growth, whereas interfacing with a variety of lab equipment, the need for specialized LIS solutions, and a scarcity of skilled people would all pose significant challenges to the growth of the laboratory information systems (LIS) market during the projected timeframe.
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Global Laboratory Information Management System (LIMS) Market: Segmentation
The global laboratory information management system (LIMS) Market is segregated based on the type, component, delivery, and end-user. Based on type the market is segmented into broad, and industry-specific. Based on components it is further sub-segmented into services and software. Additionally, by Delivery, it is further sub-segmented into on-premise and cloud. Moreover based on end-users it is further divided into CRO, pharma, agriculture, biotech, chemical, food and beverages, and oil and gas.
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North America Region Dominates the Global Laboratory Information Management System (LIMS) Market
North America held the major share of the market in 2019, followed by Europe. The strong economies of the United States and Canada have encouraged substantial investment in new technology, the expansion of bio-banks, the easy availability of LIMS goods and services, and the introduction of stringent requirements in a variety of industries. This is a big reason for North America’s dominant position in this market. Due to the growing number of LIMS-providing CROs in this area, the market in the Asia Pacific is expected to grow at the fastest rate during the forecast period.
Browse the full “Laboratory Information Management System (LIMS) Market By Type (Broad, Industry-Specific), By Component (Services, and Software), By Delivery (On-premise, and Cloud), and By End User (Pharma, CRO, Biotech, Agriculture, Food and Beverages, Chemical, Oil, and Gas): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/laboratory-information-management-system-lims-market
The global Laboratory Information Management System (LIMS) market is segmented as follows:
- Food and Beverages
- Oil and Gas
KEY REPORT POINTERS & HIGHLIGHTS:
- Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
- Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
- Micro, Meso, Macro, and In-Depth Analysis of Technically relevant and Commercially viable Segments and Sub-segments of the Market
- Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data
- Historical and Current Demand (Consumption) and Supply (Production) Scenarios as well as Projected Supply-Demand Scenario Analysis
- Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
- Value Chain and Supply Chain Analysis along with Horizontal and Vertical Integration Scenarios
- Manufacturing and Production Cost Structure Analysis including Labor Cost, Raw Material Expenses, and Other Manufacturing Expenses, wherever relevant
- Overview of Key Marketing Strategies and Key Industry vertical Adopted in the Market
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