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(Medical-NewsWire.com, December 18, 2019 ) Market Overview
The global laboratory information management systems market is estimated to grow at a CAGR of 8.26% in the forecasted period (2019-2026).
A laboratory information management is a software system that records, manages and stores data for clinical laboratories.
Growing emergence of software as a service based laboratory information systems, integration of the systems with the hospitals and electronic laboratories, and increasing adoption of healthcare analytics in the industry are some of the key trends in the laboratory information systems.
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Industry Dynamics
Growing prevalence of chronic diseases, growing the aging population, adherence of compliance and government regulations, technological advancements in the LIMS software, increasing adoption of cloud-based LIMS offerings, and increasing R&D spend in the pharmaceutical companies are some of the major factors driving the growth of the market in the forecasted period.
High implementation costs and maintenance costs, Lack of proper integration and data migrations techniques, and growing concerns over data security and data privacy are the significant challenges in the growth of the laboratory information management systems.
Market Segmentation
By Deployment Model, the market is segmented into cloud deployment model and on-premises deployment model. The on-premises deployment model accounts for the largest market share accounting for more than 90% in 2017 with a cloud deployment model growing at the fastest growth rate in the forecasted period.
Growing technological advancements and increasing preference towards cloud-based models are driving the growth of the cloud-based model. The cloud-based model is currently in the growth stage while the on-premises model is the maturity phase.
The small companies prefer to use the cloud-based model due to the low costs and no investments for the infrastructure while on premises is majorly used by the large organizations with data security and privacy being the primary factor. Growing pressure on companies in reducing costs expenses will drive the growth of the cloud model, and the market share of the cloud is estimated to increase by the end of the forecasted period.
Geographical Share
The global laboratory information management systems are segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World.
The global LIMS market is dominated by the North American region followed by Europe and Asia-Pacific. United States dominates the global LIMS market by country. The significant presence of LIMS providers in the United States and the presence of top pharmaceuticals companies in the region is the primary factor for high market share.
North America is estimated to witness a slow growth rate in the forecasted period, and the North American market is also expected to see a decline in global market share.
Reduction in spending on the LIMS in the United States is the primary reason for the decline in the market share. Growing healthcare expenditure, increasing drug discovery and diagnostic procedures are some of the major factor contributing to the growth of the Asia-Pacific region.
Industry Outlook
Segmentation by Application
• Clinical LIMS
• Drug Discovery LIMS
Segmentation by Component
• Services
• Software
Segmentation by Deployment Model
• On-Premises LIMS
• Cloud-Based LIMS
• The report also covers the key factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
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