In a recent published report, Kenneth Research has updated the market report for Laboratory Information System Industry Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Laboratory Information System Industry Market products.
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” In 2020, the global laboratory information management system market is worth 1.1 billion U.S. dollars, and it is expected to expand at a compound annual growth rate (CAGR) of 4.0% from 2021 to 2028. Technological advancements associated with pharmaceutical laboratories and increasing laboratory demand automation are expected to drive the demand for laboratory information management systems (LIMS) in the coming years.
During the COVID-19 pandemic, the demand for laboratory testing 24 hours a day, 7 days a week, experienced an unprecedented high-volume surge in clinical laboratories, putting tremendous pressure on laboratory personnel and their infrastructure. When the laboratory has a large number of potentially biohazardous samples every day, these stressful environments are very unwelcome. In addition, the delay in testing these samples directly leads to delays in clinical decision-making, which leads to congestion in emergency departments and isolation units.
It turns out that during the COVID-19 pandemic, it is beneficial to use the LIMS function to simplify all stages (pre-analysis, analysis, and post-analysis). Advances in R&D laboratories, especially pharmaceutical and biotechnology laboratories, are expected to enable the industry of laboratory information management systems to achieve positive growth.
In addition, low implementation costs, efficient time management, GDP, GCP and GMP compliance are the main factors driving the laboratory information management system market. In addition, major players in the laboratory information management system market also expect technological progress. To promote market growth. For example, in July 2020, LabVantage Solutions released its fully integrated scientific data management system (SDMS) through its LabVantage 8.5 version. These factors are driving the growth of the laboratory information management system market.
Cloud-based market segments dominate the laboratory information management system market, with the largest revenue share in 2020 at 41.0%. Data can be accessed from multiple locations, multiple systems, and multiple branches. These are key factors due to its popularity during the forecast period. In addition, reduced IT manpower, cost-effective data management, and ease of deployment are some of the other factors contributing to the growth of this segment. Its adoption rate among customers is high.
Compared with other LIMS services, the on-premises segment is expected to grow because it is more personalized and reliable, so it is expected to become more and more popular in the next few years. The revenue share in 2020 is 57.9%. This is due to the growing demand for LIMS implementation, integration, maintenance, verification and support. In addition, the growing demand for LIMS outsourcing solutions is also expected to drive the development of this market segment.
As the software system develops from SaaS to PaaS, CaaS and more advanced community networks, it is expected that the software department will show steady growth in the laboratory information management system market. Information management systems account for 40.6% of the highest revenue share in 2020. This is due to the adoption of LIMS in more and more pharmaceutical laboratories.
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Lack of qualified internal resources, increased productivity, profitability, and growing demand for biobanks and biobanks are also expected to drive growth in this area. Due to the increasing demand for outsourcing by pharmaceutical and biotech companies, the Contract Research Organization (CRO) department is expected to see lucrative growth in the laboratory information management system market. Related benefits, such as profitability, focus on core competencies, and mutual benefit between contractors and customers, are other drivers of this market segment.
North America dominates the laboratory information management system market and will account for the largest revenue share in 2020 at 46%. As supportive policies promote the adoption of laboratory automation (such as the HCE program), they dominate. In addition, the existence of advanced infrastructure, growing demand for genomics research, and increased government funding are other factors contributing to the market growth in this region.
In the Asia-Pacific region, the laboratory information management system market is expected to be the fastest. CAGR The number of LIMS that provides CRO in the region is increasing. Major players outsource LIMS to regional CROs to reduce the cost of the LIMS support system and improve operational efficiency. Developing economies such as India and China have become major outsourcing centers.
In April 2020, the Ministry of Health of China formulated an action plan to deploy electronic health-related solutions in geographically dispersed areas of the country, covering a wide range of medical services and insurance plans, with a focus on the use of electronic records to allow access to the entire national health system System for exchanging data in China.
Key company and market share insights:
Market leaders engage in acquisitions, strategic partnerships, and new product launches to resist competition. In March 2021, Autoscribe Informatics released an updated version of its regulated manufacturing LIMS, which is a solution based on the Matrix Gemini LIMS solution configuration. This product is an ideal choice for all manufacturing organizations, including highly regulated industries such as pharmaceuticals And medical equipment.
This program expands the Autoscribe Informatics product portfolio. In addition, in June 2020, Labware announced the launch of Labware 8, its enterprise laboratory platform. Some of the major players in the laboratory information management system (LIMS) market include: Thermo Fisher Scientific SiemensLabVantage Solutions Inc LabWarePerkinElmer Inc. Abbott LaboratoriesAutoscribe InformaticsIllumina, Inc.LabLynx Laboratories, Inc.
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