Laboratory Information Management Systems (LIMS) Market Expected Industry Offer, Improvement Stages To 2026

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Laboratory Information Management Systems – Process Automation to Improve Efficiency

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).

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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).

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.

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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About Author

Cynthia Carrier is a graduate of Texas A&M, where she played volleyball and annoyed a lot of professors. Now as Plains Gazette's entertainment and Lifestyle Editor, she enjoys writing about delicious BBQ, outrageous style trends and all things Texas.