Laboratory Information Management System Market

Laboratory Information Management System Market Outlook

Laboratory Information Management System analysis report by Fact.MR shows that global revenue of Laboratory Information Management System in 2021 was held at US$ 1.8 Bn. With 8.1%, the projected market growth during 2022 - 2032 is expected to be significantly higher than the historical growth. Software segment is expected to be the highest revenue generator category, accounting for an absolute dollar opportunity of nearly US$ 2.4 Bn during 2022 – 2032.

Key Points Covered in Laboratory Information Management System Survey:

• Market Estimates and Forecasts (2017-2032)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• COVID-19 Impact on Laboratory Information Management System  and How to Navigate
• Recommendation on Key Winning Strategies

Recent Trends

• To assure reliable results, laboratories are switching from human-centered methods to automated lab systems as a result of technological improvements and the increasing evidence-based nature of medicine.
• The average no of new drugs approved by the FDA in the last decade has increased. On average FDA approved 38 New drugs annually for the decade 2010 to 2019 which is more by 60% than the previous decade. This rise in drugs invention is anticipated to give an upward trajectory for laboratory management solutions.
• According to recent surveys, the typical R&D expenditure for a new medicine ranges from less than $1 billion to more than $2 billion. These estimates include expenditures on both successful new medication clinical trials and laboratory research, as well as costs associated with unsuccessful drug development.
• The LIMS efficiently retrieves information and also reduces errors by preventing data loss. It also deters users from using outdated irrelevant information. As a result, the test results after analytical testing enhances preciseness. With the system, one can save turnaround time as it eliminates manual processes and frees up staff time to re-align organization tasks.
• The manufacturers have to maintain regulatory standards where LIMS can assist companies to stay in compliance with the regulations and stated quality requirements. The food and drug administration (FDA) demands for labs carry out an audit trail for all their activities.
• The laboratory information management system utilizes electronic signatures to authenticate crucial laboratory processes, assisting your company in adhering to 21 CFR Part 11 regulations.
• Inventory and operational test reports are maintained by the management system in distinct formats. These help companies analyzed trends and generate useful projections that are likely to increase the revenue of the firm.

Revenue of Laboratory Information Management System from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the Laboratory Information Management System research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Laboratory Information Management System increased at around 7.3% CAGR, wherein, countries such as the Germany, U.S., China and Japan held significant share in the global market. Laboratory Information Management System market is projected to grow at a CAGR of 8% over the coming 10 years.

• The Laboratory Information Management System market reached a valuation of US$ 1.8 Bn in 2021 with an increase of 7.5% over the last year. The worldwide revenues are projected to increase by 2x in 2032.
• North America and Europe together accounted for 63.7% of the market share in 2021.
• The Laboratory Information Management System revenue through services sector accounted for over 59% share in 2021.
• The cloud based services accounted alone 43% of the total market share of The Laboratory Information Management System.

What are the Key Factors Leading the Exponential Growth of Laboratory Information Management System (LIMS) Market?

Factors responsible for the growth of the laboratory information management systems (LIMS) market include the growing demand for bio banks, increasing emphasis on laboratory improvisation and experimentation and technological advancement in LIMS services. In recent years, the number of samples generated for study and analysis has exploded due to the increasing number of life-threatening diseases. Likewise, the focus on high sample quality and efficient sample management has become a major concern. This sample increase pushes researchers to face cost pressures, deal with regulatory issues, storage issues, and more.

To better manage these samples, bio banks are working tirelessly. LIMS helps bio banks manage and track samples generated as part of clinical trials, cohort projects, various biological studies, genomics, and specific procedures. In addition, LIMS also plays an important role in driving discoveries by providing biologically relevant samples to end users, such as hospitals and clinics.

Laboratory information management systems are predicted to gain popularity due to advancements in R&D laboratories, particularly in pharmaceutical and biotechnological labs. Other important factors supporting the growth of the Laboratory Information Management System (LIMS) Market include low implementation costs, effective time management, and compliance with GDP, GCP, and GMP.

Which Region is projected to Offer the Largest Opportunity for Laboratory information management systems?

Accounting for over 40% of the global revenue, laboratory information management systems market in North America is expected to score an absolute $ opportunity of around $900 Mn during 2022 - 2032. The existence of multiple global players in this region, and due to the well-established healthcare industry and improved reimbursement facilities, North America is likely to retain its dominant position in terms of market share in the future. Because of the higher adoption of digital healthcare in the country and increased expenditures made by enterprises there, the United States occupies the bulk of the market in North American.

Europe is the next region which falls just below North America in terms of market share of Laboratory information management systems. In 2017, the European Commission announced its plans to invest $37 billion in LIMS between 2018 and 2020, with $2.5 Bn allocated to Open Science and $740 Mn to the European Open Science Cloud, European data infrastructure, and high-performance computing.

As another development, Horizon 2020 has made financing available for future and emerging technologies, as well as for life science researchers under the ICT Work Programme. Increasing R&D activities and government financing will, in turn, enhance demand for good data management and, as a result, propel the European laboratory informatics market forward.

Country-wise Analysis

Which Country Lies at the Centerstage for Laboratory Information Management Systems Services?

North America now dominates the laboratory information management systems industry and is projected to do so for a few years longer. The United States maintains the largest market share in the North America. The United States is the world's most COVID-affected country.

The requirement for data sharing across platforms and with patients has become critical in the COVID-19 pandemic. Data must move readily from diagnostic centres to hospitals to proven positive patients without jeopardising privacy or other important aspects of ethical care and research. As a result, healthcare professionals in the United States are focusing on digital information systems to keep track of the overall number of tests performed, treatment results, shifting case definitions, and expedite a variety of other activities. As a result of the COVID-19 epidemic, laboratory informatics systems are more likely to be used and adopted today and in the future.

Furthermore, the geriatric population in the United States is rapidly increasing, and this group is linked to a number of ailments. As a result, as the number of lifestyle problems rises, so will the demand for laboratory examinations. These laboratory systems aid in increasing productivity.

Category-wise Insights

Why Component Makes the Bulk of Laboratory Information Management Systems Revenue?

In 2021, the services category led the market, accounting for almost 58% of total sales. This is due to fact that demand for LIMS deployment, integration, maintenance, validation, and support has skyrocketed. In addition, the increased demand for LIMS outsourcing solutions is projected to propel the market forward. As large pharmaceutical research labs lack the necessary resources and capabilities to deploy analytics, these services are outsourced.

Short-term, project-based, or long-term outsourcing are all options for it. Packages of these services are available, and they cover promotional spend compliance, social media analytics, predictive analytics for medical device failure, benchmarking services, among others. Because of the progression of software systems from SaaS to more advanced PaaS, CaaS, and community networks, the software segment is predicted to increase steadily over the projection period. Companies in the market are always experimenting with new methods in order to promote market growth.

In the healthcare industry, databases collect data on how things are done. A healthcare database records everything a doctor collects from a patient, including medications, prescriptions; treatments, operations data, and registries like encounter and discharge forms. It is difficult to comprehend the massive amount of healthcare data collected on a daily basis and these data are stored in cloud as enormous amount of data are available which needs to be updated in real time.

How Cloud-Based LIMS Propels the Overall Market Growth?

The rising frequency of chronic diseases is a major factor driving the worldwide laboratory information management system market. According to the World Health Organization (WHO), 422 Mn people worldwide suffer with diabetes, with the majority living in low- and middle-income nations. In addition, the increasing number of offers by participants is aiding market expansion. Labvantage Solutions, for example, had recently announced the availability of their new COVID-19 LIMS solution. The most recent solution is intended to help laboratories all around the world quickly input biospecimens into a pathology laboratory and begin doing COVID-19-related development and experiments using cloud based system.

Cloud computing is also gaining traction among mid-size and small enterprises, allowing them to access application software over an elevated internet connection without having to invest in computing software or hardware. CrelioHealth, for example, is a cloud-based diagnostic solution that allows labs to manage their radiological centers (RIS & PACS), pathological lab (LIMS), and inventory all in one place. It enables laboratories to streamline operations with adjustable report formats, digital billing, institution procedures, and payments, digital report delivery, and automated communications to patients, referrals, and business partners via a variety of channels including as SMS, email, WhatsApp, or a mobile app.

How Has COVID-19 Impacted Revenue Generation from Laboratory Information Management Systems Services?

The need to address the outbreak prompted pharma and biotech businesses, academics, diagnostic labs, and testing facilities working on COVID-19 research to use innovative technologies and solutions that went beyond traditional methods to improve workflows.

Clinical laboratories were having trouble dealing with the high volume of COVID-19 samples, which is affecting their capacity to produce correct results. The use of automated technologies like LIMS is thought to decrease this load on medical laboratories by allowing for more efficient testing of large samples. With the emergence of COVID-19, the use of LIMS has risen, allowing healthcare practitioners to focus on medicine and vaccine research by streamlining data gathering operations. Leading actors in the laboratories information systems environment are partnering with government and non- governmental entities to provide COVID-19 testing capabilities using sophisticated technology.

Competitive Analysis

There are a few key participants in the laboratory information management system industry, which is moderately competitive. Few large players currently control the market in terms of market share. With the growing demand for mobile health and developments in LIMS, a small number of smaller competitors are projected to enter the market and gain a significant stake. Abbott Laboratories, LabVantage, McKesson Corporation, LabLynx, and Siemens Healthcare GmbH, among others, are some of the key competitors in the market.

Some of the recent developments of key Laboratory Information Management System providers are as follows:

• In August 2021, CTI Clinical Trial and Consulting Services (CTI) and LabWare, Inc. announced cooperation to extend laboratory services to support rare disease and cell and gene therapy research around the globe.
• In March 2021, LabVantage Solutions, Inc. introduced LabVantage Analytics, a self-service advanced analytics system that allows customers to effortlessly explore, analyse, and visualise LIMS, enterprise, and external data to get meaningful business insights.

Laboratory Information Management System Market Report Scope

Report Attribute	Details
Forecast Period	2022-2032
Historical Data Available for	2017-2021
Market Analysis	US$ 18 Bn for Value
Key Regions Covered	North America Latin America Europe The Middle East
Key Countries Covered	Canada United States Brazil Mexico Germany UK France Spain Italy
Key Market Segments Covered	Component Deployment Mode End-User Region
Key Companies Profiled	LabWare (US) LabVantage Solutions (US) Thermo Fisher Scientific (US) Abbott Informatics (US) Agilent Technologies Inc. (US) LabLynx, Inc. (US) Dassault Systèmes (France) Labworks LLC (US) Autoscribe Informatics (US) Accelerated Technology Laboratories (ATL).
Pricing	Available upon Request

Market Segments Covered in Laboratory Information Management Systems Analysis

• By Component :

  • Software
  • Services

• By Deployment Model :

  • On-premise
  • Web-based
  • Web-Hosted

• By End-User :

  • CROs
  • Petrochemical Refineries & Oil and Gas Industry
  • Chemical Industry
  • Food and Beverage & Agriculture Industries
  • Environmental Testing Laboratories
  • Other Industries