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 the healthcare sector can result in improved patient care and increased efficiency of services. It also reduces operational costs and enhances organizational productivity. Laboratory information management systems are aiding hospitals, diagnostic laboratories, blood banks, private clinics, and other such healthcare institutions to increase their productivity and improve turnaround time of clinical trials. Increasing focus of market players on improving patient care, therapy outcomes at reduced cost are the primary factors that are expected to drive growth of the market over the forecast period.
The global laboratory information systems market was valued at US$ 862.3 Mn in 2018 and is expected to reach US$ 2,013.7 Mn by 2027 at a CAGR of 10.0% during the forecast period.
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Increasing focus on improving laboratory practices, in order to enhance efficiency of clinical laboratories
Clinical laboratories constantly focus towards improving their laboratory practices to reduce cost and improve efficiency. Moreover, adoption of LIMS in hospital laboratories is expected to exhibit a CAGR of 10.0% during the forecast period. Installing LIMS in clinical laboratories can help in trimming processes, and continuous improvement in patient and business outcomes.
Consumerization of IT is expected to increase demand for cloud-based solutions
Increasing proliferation of smartphones, mobile solutions, point-of-care devices, and e-services is a trend that is 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 expected to be the largest sub-segment (in terms of revenue) and is expected to be valued at US$ 2,013.7 Mn By 2027. Growing demand for IT solutions that can integrate all major disciplines of laboratory medicine and pathology is expected to drive demand for integrated LIMS products thereby driving growth of the market over the forecast period.
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Implementation of LIMS to allow for significant cost reduction passed on to end users
Laboratory information management systems developed by key players offer various in-built functions, which may not be useful to all end users. Therefore, LIMS players are focused on offering customized solutions to customers, according to their requirement and budget, in order to help in better return on investment. LIMS market players are focused on developing multi-modality systems that can integrate the entire process of clinical laboratories, hospitals or clinics and help the end user to reduce their operational costs.
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 Pacific, Latin America, South Africa and Middle East. As a result, these regions are expected to be highly lucrative markets for players of LIMS over 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.
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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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