The global Laboratory Information Management System Market is expected to witness a CAGR of 10% over the forecast period of 2018-2023. The Laboratory Information Management System (LIMS) is a part of laboratory system which helps in the integration of laboratory operations such as consolidation of test results and speeding up the overall operations being carried out in the laboratory.
Companies Mentioned:
Abbott Laboratories, LabVantage, LabWare, McKesson Corporation, Thermo Fisher Scientific, Lablynx, Computing Solutions, Labworks LLC, Siemens, and Dassault Systèmes among others
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Rising Demand for Bio-Banking
There has been an explosive growth in the number of samples generated for research and analysis purposes due to the rising epidemic of the life-threatening diseases. Similarly, a significant rise in the focus on high quality of samples and efficient management of the same has become a great point of concern. This rise in the sample is pushing the researchers in cost pressure, managing regulatory issues, storage issues and so on. For the sake of better management of these samples, bio-banks are continuously taking efforts. The LIMS helps bio-banks in the management and tracking of the samples that are generated within the framework of clinical trials, cohort projects, various biological studies and specific protocols. In addition, the LIMS also plays a key role in advancing the discoveries with the provision of concerned biospecimens to the end users such as hospitals, clinics etc.
Owing to the increase in chronic diseases and mortality associated with the same, biobanking is rapidly growing and researchers are focusing on novel discoveries that can prevent or treat diseases. Therefore, biobanking has got big demand and ultimately, for the management of biobanking, LIMS is being used which is becoming the fueling factor for LIMS market. Along with that, other factors driving the market include increasing focus on improvisation of laboratory and technological advancements in LIMS offerings.
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Cost Associated With Implementation of Laboratory Information Management System Solutions
Laboratory Information Management System is one of the most popular and widely used services in the healthcare sector, especially in the labs. As the efforts are being taken to improve the laboratory operations and make it better, the demand for LIMS is rising. With the increasing demand, there are technological advancements being done in the LIMS and the overall cost of the system is increasing which is resulting in the rise in implementation cost.
Similarly, the cost of the implementation of Laboratory Information Management System systems is quite higher and is not affordable for everyone. The countries where healthcare expenditure is low, implementation of such high-cost services becomes challenging and it results in the decrease in the demand. Due to the higher maintenance cost of the systems, the overall cost of tests increases, which lands the end users into hesitation before obtaining the service. Hence, the cost associated with the LIMS solutions is affecting the market in a negative manner. Rising Data Security and Privacy Concerns is another factor that is hindering the growth of the market.
North America Holds the Largest Share in the Laboratory Information Management System Market
North America accounts for the largest share of the market studied. This can be primarily attributed to increased R&D expenditure and adoption to the technological advancements, which is expected to augment the growth of the market studied over the forecast period.
Key Developments in the Market
Aug 2017: Thermo Fisher Scientific had completed the acquisition of Patheon.
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Current and future global Laboratory Information Management System Market outlook in the developed and emerging markets
Analysis of various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
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