Global Laboratory Information Management Systems(LIMS) Market Trends and Analysis 2024

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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).Renewed focus on improving laboratory practices in order to enhance efficiency

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Clinical laboratories constantly strive towards improving their laboratory practices to reduce cost and improve efficiency. Adoption of LIMS in hospital laboratories is expected to increase at a CAGR of 7.6% during the forecast period. Deploying LIMS in clinical laboratories can help in trimming processes, and continuous improvement in patient and business outcomes.

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.

Market Dynamics

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.

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).

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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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