Laboratory Information Management System analysis report by Fact.MR shows that global revenue of Laboratory Information Management System in 2021 was held at US$ 1.8 Bn. With 8.1%, the projected market growth during 2022 – 2032 is expected to be significantly higher than the historical growth. Software segment is expected to be the highest revenue generator category, accounting for an absolute dollar opportunity of nearly US$ 2.4 Bn during 2022 – 2032.
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How Has COVID-19 Impacted Revenue Generation from Laboratory Information Management Systems Services?
The need to address the outbreak prompted pharma and biotech businesses, academics, diagnostic labs, and testing facilities working on COVID-19 research to use innovative technologies and solutions that went beyond traditional methods to improve workflows.
Clinical laboratories were having trouble dealing with the high volume of COVID-19 samples, which is affecting their capacity to produce correct results. The use of automated technologies like LIMS is thought to decrease this load on medical laboratories by allowing for more efficient testing of large samples. With the emergence of COVID-19, the use of LIMS has risen, allowing healthcare practitioners to focus on medicine and vaccine research by streamlining data gathering operations. Leading actors in the laboratories information systems environment are partnering with government and non- governmental entities to provide COVID-19 testing capabilities using sophisticated technology.
- To assure reliable results, laboratories are switching from human-centered methods to automated lab systems as a result of technological improvements and the increasing evidence-based nature of medicine.
- The average no of new drugs approved by the FDA in the last decade has increased. On average FDA approved 38 New drugs annually for the decade 2010 to 2019 which is more by 60% than the previous decade. This rise in drugs invention is anticipated to give an upward trajectory for laboratory management solutions.
- According to recent surveys, the typical R&D expenditure for a new medicine ranges from less than $1 billion to more than $2 billion. These estimates include expenditures on both successful new medication clinical trials and laboratory research, as well as costs associated with unsuccessful drug development.
- The LIMS efficiently retrieves information and also reduces errors by preventing data loss. It also deters users from using outdated irrelevant information. As a result, the test results after analytical testing enhances preciseness. With the system, one can save turnaround time as it eliminates manual processes and frees up staff time to re-align organization tasks.
Key Points Covered in Laboratory Information Management System Survey:
- Market Estimates and Forecasts (2017-2032)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on Laboratory Information Management System and How to Navigate
- Recommendation on Key Winning Strategies
There are a few key participants in the laboratory information management system industry, which is moderately competitive. Few large players currently control the market in terms of market share. With the growing demand for mobile health and developments in LIMS, a small number of smaller competitors are projected to enter the market and gain a significant stake. Abbott Laboratories, LabVantage, McKesson Corporation, LabLynx, and Siemens Healthcare GmbH, among others, are some of the key competitors in the market.
Some of the recent developments of key Laboratory Information Management System providers are as follows:
- In August 2021, CTI Clinical Trial and Consulting Services (CTI) and LabWare, Inc. announced cooperation to extend laboratory services to support rare disease and cell and gene therapy research around the globe.
- In March 2021, LabVantage Solutions, Inc. introduced LabVantage Analytics, a self-service advanced analytics system that allows customers to effortlessly explore, analyse, and visualise LIMS, enterprise, and external data to get meaningful business insights.
Key Companies Profiled
- LabWare (US)
- LabVantage Solutions (US)
- Thermo Fisher Scientific (US)
- Abbott Informatics (US)
- Agilent Technologies Inc. (US)
- LabLynx, Inc. (US)
- Dassault Systèmes (France)
- Labworks LLC (US)