Laboratory Information Management System: Swift generation of reliable data

2018-05-21 12:22:57

Market Overview
According to a new report published by Reports Monitor titled, “Laboratory Information Management System Market by Product, Component, Deployment Model, and End-User: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the laboratory information management system market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. 

Improvement in patient care solutions and increased efficiency of services is made possible through integration of various associated processes in an organization, particularly in the healthcare industry. Laboratory information management system is software that allows effective management of samples measurements, associated data, and automation of work frame together with integration of instruments. Contemporary genomics generates bizarre amount of data that increases challenges with laboratory. To overcome these tasks labs has modernize their approach towards managing, tracking and centralizing genomic data. 

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Growing application of LIMS & compliance with strict regulatory requirements together with the increasing need for adoption of LIMS in research centers and contract research organizations drives the growth of LIMS market. In addition, technological advancement in LIMS offerings, rising R&D investment of pharmaceutical and biotechnological companies and increasing awareness via conferences and forums further propels the growth of the market. However, lack of integration standards for LIMS and high deployment, maintenance & service cost might restrict the growth of the market. Significant growth potential in emerging nations and huge acceptance of cloud based LIMS incorporates great opportunities for key players to penetrate the market. Penetrating pharmaceutical and biotech industry, intensified research & development programs and early adoption of technology drives the growth of LIMS market in North America.

The global LIMS market is segmented on the basis of product type, component, deployment model, end-user and region. Considering product type the market is spilt into standalone LIMS and integrated LIMS. Based on component segment market is divided into hardware, software and services. As per deployment model the market is separated into on-premise LIMS and cloud-based LIMS. According to end-use segment the market is categorized into life hospitals, clinics, independent laboratories and others. 

Competitive Analysis
The major players operating in the laboratory information management system includes Thermo Fisher Scientific, Inc., Abbott Informatics, Merge Healthcare, Inc., International Business Machines Corp., Cerner Corporation, McKesson Corporation, Meditech, LabWare, Roper Technologies Inc. and Core Informatics, LLC. 

In April 2018, ABBOTT INFORMATICS a leading provider of laboratory information management solutions announced the introduction of the STARLIMS Public Health Solution PH12.0. In current scenario the solution product is deployed in laboratories throughout the United States. Enhancement on new-born screening and cyber security is the primary focus of this solution owing to healthcare setting and privacy & security concerns of patient’s record is of utmost importance. 

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