Lab Information Management System refers to software system which is used to manage, record, and store data for clinical laboratories. LIMS is used by physicians and lab technicians to supervise in-patient and out-patient medical testing, including hematology, chemistry, immunology, and microbiology. Basic laboratory systems have features that manage patient check-in, order entry, specimen processing, result entry, and patient demographics. An LIMS tracks and stores every detail about a patient from the minute they arrive, until they leave and keep the information stored in its database for future reference. The global LIMS market is expected to grow with a CAGR of 10.2% during forecast period. The key trend leading to the development of laboratory information system is the gradual integration of corporate and consumer IT products. For example: the use of mobile phones and smart phones in healthcare sectors. The mobile solutions can be used to manage the process of taking laboratory samples in many laboratories and also to collect data for analysis. The growth of the global LIMS market is mainly driven by:
- Increasing research and development by biotech and healthcare companies
- Increasing technological innovations
- Adoption across end user segments
- Rising awareness in emerging economies
The increasing cases of data breaches from hospitals and various other healthcare organizations increases the concern for security issues. According to the Ponemon Institute’s Fourth Annual Benchmark Study on Patient Privacy and Data Security published in 2014, cybercriminal attacks on the healthcare organization have doubled in the past three years. Experts believe that medical identities are precious commodities in the black market more than the financial identities. A financial identity can be worth $5-$10, while a medical identity could be five to ten times to that amount as it’s very easy to monetize this information. The global laboratory information management system market is having gigantic opportunities in emerging countries or untapped region due to rising healthcare spending across such regions and moreover, the growing burden of chronic diseases which results in rising patient pool across the emerging countries is enhancing the growth of laboratory information management system market.
The lack of access and awareness across emerging countries for the laboratory information management system, the high cost of maintenance of the laboratory information management system and security and privacy concerns are the key factors which are hampering the growth of the global laboratory information management system market. Security and privacy concern is one of the major factors which is hampering the growth of the laboratory information management system market.
Source: OBRC Analysis
The global LIMS market is segmented into components, end user and deployment mode. Component is further sub segmented into:
- Software
- Services
End-user is further segmented into:
- Biotechnology industry
- Pharmaceuticals industry
- Hospitals
- Research centers
Deployment mode is further segmented into:
- On-premises
- Cloud based
The revenue for the above industrial end-users are specific to the laboratory information system market. However, the total revenue of these end-users in general has been excluded from the scope of the report. Also, the total market revenue has been calculated by summing up component, end-user and deployment mode. However, the component segment only includes software solutions and excluded hardware solutions from the scope of the report.
The global laboratory information systems market is segmented into:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
North America held the largest market share in global LIMS market. Asia Pacific laboratory information management system market has the fastest growth rate in the global LIMS market. The growth in Asia Pacific is mainly driven by the rising chronic diseases and the increasing number of patients. The increasing demand for the cloud-based LIMS is also creating huge growth opportunity in the Asia Pacific laboratory information management system market. China is the key country in the Asia Pacific which is contributing to the growth in the Asia Pacific market. It is expected that the Chinese consumers and businesses will spend $7 billion on cloud computing by 2018. The Chinese healthcare industry is undergoing excelling rapidly, recording double-digit growth after massive investments from the government, hospitals, venture capitalists, and private equities. The IT spending of the China Healthcare industry is expected to grow up to $2.5 billion in 2015 and will continue to grow annually by 20%. North America is the leading region in the global laboratory information management system market. North America held the largest market share of around 40% in 2016 which is mainly attributed by the rising healthcare spending and increasing R&D initiatives by the biotech and healthcare companies in North America region.
The global laboratory information management system market is segmented into deployment mode, component and end user. The deployment mode segment is further segmented into on premises and cloud based LIMS. The cloud-based LIMS segment is the fastest growing segment in the deployment mode. The component segment is further segmented into software and services.
The major market players of the global laboratory information system market are:
- ABBOTT INFORMATICS (STARLIMS)
- 3M HEALTH INFORMATION SYSTEMS INC
- COMPUTER PROGRAMS AND SYSTEMS
- LABVANTAGE SOLUTIONS INC
- MCKESSON CORPORATION
- OTHERS
These companies use various strategies such as mergers & acquisitions, collaboration, partnership and product launching. Example: In Jan 2017, Abbott acquired St. Jude Medical, Inc.The acquisition led to immense opportunity for long term growth and supports the company’s efforts to develop a strong, diverse portfolio of devices, nutritionals, and diagnostic and branded generics pharmaceuticals. Moreover, the acquisition strengthened Abbott’s portfolio.
Detailed analysis of these companies provided in this report comprises of overview, scot analysis, product portfolio, strategic initiative and strategic analysis.
Why to buy the report:
This report will:
- Provide you the business strategies adopted by market player such as acquisitions as on January 2017 Abbott acquired St. Jude Medical, Inc.
- Provide in detail the different segments such as component, end-user and deployment mode which affect the global laboratory information system market.
- Provide you the patent analysis of global laboratory information system market.
- Identify and understand the strengths, opportunities, challenges and threat of the laboratory information system market.
- Provide revenues of major players of the market such as Abbott Informatics (Starlims), Cerner Corporation, Computer Programs and Systems, Inc., Lab vantage Solutions Inc.
- Provide you the various regulatory policies which affect the global laboratory information system market.
How we are different from others:
At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global laboratory information system market offers the longest chain of market segmentation covering major market segmentation based on component,deployment mode end users.The report tracks the major market trends in the global laboratory information system market such as gradual integration of corporate and consumer IT products. For each market segments covered in global laboratory information system market report, we provide opportunity matrix, and DROC analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the laboratory information system industry, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360 degree analysis, See Saw analysis, and Porter five force model and so on. For the high level analysis in the report we provide a comparative analysis of historic and current year data.
Key findings of the global laboratory information system market
- North America had the largest revenue share in 2016.
- Services segment is dominating the market due to the increasing requirement of services such as software upgrading, training and maintenance post software installation.
- Acquisition is the key strategy adopted by the various market players of global laboratory information system market.
- Cloud based segment is expected to grow at the highest CAGR in the deployment mode segment due to the capacity flexibility it gives with no upfront capital investment for hardware.