The laboratory information management system market is expected to grow by USD 705.85 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Laboratory Information Management System Market 2020-2024 (Graphic: Business Wire)
The demand for bio-banking, a repository for collection of biological materials such as serum, blood, tissue, and DNA is increasing. Bio-banks play a critical role in research and requires a LIMS solution to effectively manage and track data quality, bio-species location, security, compliances, end-user billing, and patient demographics. LIMS also helps in improving the sampling of data that involves different laboratories, FDA, and partner organizations and helps in integrating research information. It also helps in easy access of data for analysis. LIMS deployment enables dependable transmission of information among different bio-banks as well as bio-banks with different health. Thus, the growing demand for bio-banks will drive the growth of the LIMS market during the forecast period.
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As per Technavio, the emergence of SaaS-based LIMS will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Laboratory Information Management System Market : Emergence Of SaaS-Based LIMS
Companies are installing SaaS-based LIMS as it is economical and improves the efficiency of the processes in research centers and laboratories. The growing acceptance of SaaS-based LIMS can be attributed to its advantages over the traditional LIMS such as better flexibility and short implementation time. It allows laboratories to remotely access data through a web-browser without installing and managing separate application software. This reduces implementation cost and improves the returns on investment. Some of the popular SaaS-based LIMS vendors are CloudLIMS, FreezerPro, ChemWare, and EUSOFT. Thus, the emergence of SaaS-based LIMS will have a positive impact on the growth of the market.
“Factors such as the integration of LIMS with hospital information systems and increased adoption of analytics in healthcare industry will have a positive impact on the growth of the LIMS market value during the forecast period,” says a senior analyst at Technavio.
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Laboratory Information Management System Market : Segmentation Analysis
This market research report segments the laboratory information management system market by deployment (on-premise LIMS and cloud-based LIMS), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the laboratory information management system market in 2019, followed by Europe, APAC, South America, and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the infrastructural capabilities of vendors and the growth of end-user industries such as the healthcare industry.
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Some of the key topics covered in the report include:
- On-premise LIMS
- Cloud-based LIMS
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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