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Laboratory Information Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type ; Deployment ; Component ; Application ; End-User, and Geography

Laboratory Information Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type ; Deployment ; Component ; Application ; End-User, and Geography

  • July 2021
  • 216 pages
  • ID: 6128418
  • Format: PDF
  • The Insight Partners

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The Laboratory Information Management System (LIMS) Market was valued at 1,122.36 million in 2021 and is projected to reach US$ 2,402.48 million by 2028; it is expected to grow at a CAGR of 11.5 % from 2021 to 2028.
The growth of the Laboratory Information Management System (LIMS) market is attributed to factors such as rising adoption of automation in laboratories, and technological advancements in LIMS systems. However, the market is likely to get impacted by the limited expertise in healthcare IT domain and high costs of implementation of LIMS during the forecast period.

A laboratory information management system (LIMS), also known as a laboratory information system (LIS) or laboratory management system (LMS), is a software-based solution that support a modern laboratory’s operations.Key features of LIMS include workflow management and data tracking and processing.

Its flexible architecture, and data exchange interfaces fully support its use in regulated clinical environments. The features and uses of a LIMS have evolved over the years from simple sample tracking to an enterprise resource planning tool that manages multiple aspects of laboratory informatics.
Laboratory automation is emerging as an approach to minimize human involvement in laboratory processes.The automation of routine laboratory procedures with the help of dedicated workstations and system software helps increase laboratory efficiency and enables researchers to concentrate on important tasks along with avoiding human errors.

Laboratories are increasingly adopting laboratory information management systems (LIMS) to maintain stringent regulatory compliance, uplift efficiency and productivity, and drive data security and integrity.According to a study published in the Journal of Lab Automation, the error incidences in fully automated, semi-automated, and manual operations are 1–5%, 1–10%, and 10–30%, respectively.

The growing use of digital workstations, automated analyzers, and total laboratory automation (TLA) allows laboratory personnel to reassign activities and contribute a greater value to operations. Moreover, high volumes of data generated by laboratory systems is triggering the demand for effective data processing, analysis, and sharing methods, thereby highlighting the need of efficient and cost-effective solutions such as the LIMS.
Further, growing demand for data integration is another factor contributing to the laboratory information management systems market growth.
COVID-19 pandemic has become the most significant challenge across the world.Clinical laboratories are finding it difficult to cope with the rapid influx of COVID-19 testing samples, impacting their ability to provide accurate testing.

Implementation of automated solutions like LIMS is expected to relieve this stress on clinical laboratories by promoting efficient testing of voluminous samples.Significant adoption of LIMS has been witnessed since the COVID-19 pandemic’s onset, enabling healthcare providers to concentrate on drug and vaccine development by smoothening data collection procedures.

Prominent players in the laboratory information systems landscape are collaborating with public and private sector organizations to employ advanced technologies for implementing COVID-19 testing capabilities. For instance, LabWare Technologies has collaborated with the National Health Service to provide laboratory management software to healthcare settings across the United Kingdom.
Based on type, the Laboratory Information Management System (LIMS) market is segmented into standalone and integrated. The standalone segment held a larger share of the market in 2021, however the integrated segment is anticipated to register a higher CAGR in the market during the forecast period.
Based on deployment, the Laboratory Information Management System (LIMS) market is segmented into web-based delivery mode, cloud-based delivery mode, and on-premises delivery mode.In 2021, the web-based delivery mode segment is likely to hold the largest share of the market, however cloud-based delivery mode segment is expected to grow at the fastest rate during the forecast period.

Growth of web-based delivery mode segment is attributed to the advantages such as high security, lower price, instant software updates, and unlimited storage capacity.
Based on component, the Laboratory Information Management System (LIMS) market is segmented into software and services.The software segment is likely to hold a larger share of the market in 2021, however the services segment is anticipated to register a higher CAGR in the market during the forecast period.

Growth of the software segment is attributed to improved efficiency, quick results, data tracking from various experiments.
Based on application, the Laboratory Information Management System (LIMS) market is segmented into sample management, workflow automation, logistics management, enterprise resource planning, privacy and security controls, and other applications. The sample management segment is likely to hold the largest share of the market in 2021 and is anticipated to register the highest CAGR in the market during the forecast period.
Based on end user, the Laboratory Information Management System (LIMS) market is segmented into hospitals & clinics, pharmaceutical companies, contract research organizations, and others. The pharmaceutical companies segment is likely to hold the largest share of the market in 2021, however the contract research organizations segment is anticipated to register the highest CAGR in the market during the forecast period.

The European Union, National Health Service, The Food and Drug Administration, The World Health Organization, Biotechnology Industry Research Assistance Council, Pharmaceutical and Medical Devices Agency, American Society for Clinical Pathology, and Healthcare Information and Management Systems Society are among the major primary and secondary sources referred for preparing this report.

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