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
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.
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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.
Implementation of LIMS to allow for significant cost reduction passed on to end users
Laboratory information management systems developed by vendors offer various in-built functions, which may not be useful to all end users. Therefore, LIMS vendors are providing customized solutions to customers, specifically tailored according to their requirement and budget, in order to help in better return on investment. LIMS vendors are developing multi-modality systems that can integrate the entire process of clinical laboratories, hospitals or clinics and help the end user reduce their operational costs.
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Increasing adoption of LIMS in emerging economies
High costs associated with installation and large pool of skilled personnel to handle on-premise LIMS resulted in high concentration of the market in the developed countries such as the U.S. and Western European countries, including U.K and Germany. However, with the proliferation and promotions of cloud- and web-based solutions offering key features such as scalability at reduced costs, the market is witnessing a paradigm shift in the adoption patterns, with growing demand for cloud based solutions as compared to on premise ones. Improving internet infrastructure is increasing the healthcare IT spending across Asia, Latin America, South Africa and Middle East. As a result, these regions have been analyzed to be highly lucrative markets for vendors of LIMS during the forecast period. Various advantages such as private sharing and storage of data without need to maintain physical storage devices and save on related costs, is expected to boost adoption for cloud-based LIMS in these regions. To capitalize on this revenue opportunity, market player such as Cerner Corporation, Merge Healthcare, Inc. (International Business Machines (IBM) Corp.), McKesson Corporation, LabWare, Roper Technologies Inc., and Meditech (Medical Information Technology, Inc.) are expected to enter into strategic agreements in order to increase their footprint in these regions.
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