New York, USA, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Laboratory Information Systems Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Laboratory Information Systems Market Information by Application, Components, Delivery, and Region - Forecast till 2030”, the market can expect to gather a 9.5% CAGR from 2022 to 2030, and touch USD 3.8 Billion.
Market Scope
Laboratory information systems deal with data and records gathered by the professionals at clinical laboratories. In earlier times with no technological innovations, clinics had to maintain the patients’ hardware inventory by taking samples and conducting tests on them, then recording them, and sending the results to the patients. But with laboratory information systems, clinics are now adopting software-oriented systems for record maintenance.
The laboratory information systems industry is increasingly utilizing ERP models to gather patient details and produce a XML report which is then segregated on the basis of the patient history and name.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 3.8 Billion |
| CAGR | 9.5% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, Components and Delivery |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased demand for reformed and processed data that could be shared across the world. |
| The laboratory information systems market is on the high rise due to Introduction of cloud-based storage. |
Laboratory Information Systems Market Competitive Landscape:
The important vendors in the medical robotics industry are:
- Abbott Laboratories
- Cerner Corporation
- IBM
- LabWare Inc
- McKesson Corporation
- Medical Information Technology Inc.
- Roper Industries.
- TCG Lifesciences Pvt. Ltd
- Thermo Fisher Scientific Inc.
- Sysmex Corporation
- XIFIN Inc.
- Margy Tech
Laboratory Information Systems Market USP Covered:
Market Drivers:
Technological innovations pertinent to pharmaceutical labs along with the escalating demand for lab automation can translate into considerable demand for laboratory information systems in the ensuing years. Developments in R&D labs, particularly in biotechnological and pharmaceutical laboratories, will also mean notable growth for the laboratory information systems market. On top of this, low implementation costs, compliance with GCP, GMP, and GDP, and efficient time management, will also ensure sustained market expansion all through the assessment period.
Collaborations, acquisitions, product launches, and approvals along with partnerships between the top companies have a strong influence on the worldwide market. Besides, LIMS’ impressive benefits and the surging awareness about these benefits, will further enhance the market share.
Rise in the automation trend across laboratories, the mounting need to comply with regulations, technological innovations in LIMS, and the rise in R&D expenditure are a few growth-inducing factors as well.
Market Restraints:
The high service and maintenance costs of LIS can bring down their demand in the market, thereby acting as a major restraint. Industry experts say that the maintenance cost of a variety of IT solutions is much higher than that of the software. Service and maintenance (including software modification according to the changing user needs) are recurring expenditures, which usually amount to nearly 20–30% of the overall cost of ownership.
Furthermore, implementation and training costs together come to about 20% of the total price. Given these factors, several small and medium-sized laboratories are finding it tough to spend on these systems, which in turn limits their adoption. On the bright side, with the rising adoption of cloud-based LIS offerings, these restraints might not affect the worldwide market much in the coming years.
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COVID 19 Analysis
The COVID-19 outbreak as well as the subsequent lockdown has had a brutal effect on the healthcare industry, considering the shutdown of production units and the travel restrictions. The immense pressure on the healthcare sector in view of the expanding patient base suffering from SARS-CoV-2 should be favorable for the LIS market. The mounting number of patients in line with the declining number of surgeons and medical professionals should further foster the demand for laboratory information systems.
Also, with the lockdown being lifted up across various nations and the prime focus on finding a vaccine for novel coronavirus, laboratory information system developers are now seeing improvements in their business. This will translate into a quicker recovery for the worldwide market in the following years.
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Market Segmentation
By Application:
The laboratory information management systems market by application has been considered for industrial use, the discovery of drugs by service, and clinical trials. A large number of clinical trials for Alzheimer’s are taking place worldwide. Patients receive the placebo drug or get stimulated using memory testing, with the final results maintained by LIS. They then undergo hospital testing, after which the report of failure and success is shared, allowing the doctors to participate. Pharma companies are increasingly adopting contract manufacturing to explore new drugs, which are then tested according to the Laboratory information management standards, after which they are released to be used commercially.
By Components:
Based on components, the global market has been segmented into software, hardware, and services.
By Delivery:
The laboratory information management systems market, with respect to delivery, caters to cloud-based as well as paper-based. The cloud-based segment is in the lead and will retain its top position throughout the review period, given the robust demand for the same in the market. Data is easily accessed from various locations, multiple branches, and multiple systems with the cloud-based platform, which enhances its demand. Other than this, less need for IT manpower, easy deployability, and cost-effective data management also drives its demand.
Regional Insights
The North American market is responsible for the highest revenue generation, thanks to the supportive regulations and policies that encourage the use of laboratory automation, including EHR programs. Additionally, the well-established healthcare infrastructure, heightened focus on genomic studies, and surging government spending will further augment the market position. Other favorable factors include the mounting number of CROs in the region that offer LIS. Other than this, the US holds a large number of LIS companies including Sunquest Information Systems, Orchard Software Corporation, CPSI, SCC Soft Computer, and Cerner Corporation. The vast number of players in the region offering advanced systems should ensure substantial market expansion in the region.
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On the other hand, with numerous biopharma companies shifting their manufacturing units to the Asia Pacific due to the low production costs, the region will make the fastest progress in the coming years. This has led to high demand for laboratory information systems in various Asian countries. However, following the COVID-19 outbreak, the major stakeholders in the developed markets like Europe and the U.S. are compelled to bring down their dependence on Asian nations and are, therefore, shifting back to in-house operations. Singapore, China, Japan, Brazil, and India are some of the top markets for LIMS in the region, given the lenient government regulations.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
- Sysmex Corporation
- XIFIN Inc.
- Margy Tech
