Global Hospital Laboratory Information Management Systems Market – Industry Trends and Forecast to 2029

Global Hospital Laboratory Information Management Systems Market, By Type (Broad Based LIMS, Industry-specific LIMS), Component (Software, Services), Deployment Model (On premise LIMS, Remote Hosted LIMS, Cloud LIMS), Industry (Life Sciences, Petrochemical Refineries and Oil and Gas, Food and Beverage and Agriculture, Chemical, Environmental Testing Laboratories, Other Industries) – Industry Trends and Forecast to 2029

Global Hospital Laboratory Information Management Systems Market Analysis and Size

Hospital laboratory information management systems have evolved over recent years from simple sample tracking to an enterprise resource planning tool. These systems manage multiple aspects of laboratory informatics.

• Global hospital laboratory information management systems market was valued at USD 1.1 billion in 2021 and is expected to reach USD 4.90 billion by 2029, registering a CAGR of 20.55% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Global Hospital Laboratory Information Management Systems Market Definition

A laboratory information management system (LIMS), also called laboratory management system (LMS) or laboratory information system (LIS), refers to a software-based solution for modern laboratory operations. Key features of LIMS include data tracking and processing, coupled with workflow management. The system possess flexible architecture and data exchange interfaces.

Hospital Laboratory Information Management Systems Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

• The increase in the cost of operations and the decline in reimbursements for laboratory services

The surge in the cost of various medical procedures, along with the reduction in reimbursements for laboratory services, accelerate the demand for hospital laboratory information management systems across healthcare providers and healthcare payers.

• Government investments for healthcare interoperability

The increase in the funding by the federal government to drive the adoption of these solutions further influence the market.

• The rise in the adoption of electronic health records (EHR)

It is a challenge to store the bulk data generated by the electronic health records (EHR) on the local storage devices due to the risk associated with the loss of essential data. Hence, deploying these hospital laboratory information management solutions in the healthcare sector becomes critical to enable easy sharing and storage of big data.

Opportunities

Furthermore, use of LIMS in the cannabis industry and growing popularity of cloud-based LIMS extend profitable opportunities to the market players in the forecast period of 2022 to 2029.

Restraints/Challenges Global Hospital Laboratory Information Management Systems Market

On the other hand, high maintenance and service costs and lack of integration standards for LIMS are expected to obstruct market growth. Also, interoperability issues and limited adoption of LIMS in small and medium-sized companies are projected to challenge the hospital laboratory information management systems market in the forecast period of 2022-2029.

This hospital laboratory information management systems market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on hospital laboratory information management systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Hospital Laboratory Information Management Systems Market

Covid-19 had a positive impact on hospital laboratory information management systems market. The increase in the number of COVID-19 accelerated the demand for laboratory services. Clinical laboratory services are essential in clinical decision making for numerous infectious diseases treatment procedures. Hospital laboratories or diagnostic labs handled multiple steps, including test management, sample handling, and inventory control, among others during the pandemic. The growth of the market is most likely to increase to improve the research and testing activities, along with efficient data management.

Recent Development

• LabWare introduced LIMS—LabWare 8, latest version of its LIMS in June’2020. LabWare 8 solution is enterprises laboratory platform (ELP) that provides capabilities of both ELN and LIMS in a single integrated system.

Global Hospital Laboratory Information Management Systems Market Scope and Market Size

The hospital laboratory information management systems market is segmented on the basis of type, component, deployment model and industry. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Broad Based LIMS
• Industry-Specific LIMS

On the basis of type, the hospital laboratory information management systems market is segmented into broad based LIMS, and industry-specific LIMS.

Component

• Software
• Services

On the basis of component, the hospital laboratory information management systems market is segmented into software, and services.

Deployment Model

• On Premise LIMS
• Remote Hosted LIMS
• Cloud LIMS

On the basis of deployment model, the hospital laboratory information management systems market is segmented into on premise LIMS, remote hosted LIMS, and cloud LIMS.

Industry

• Life Sciences
• Petrochemical Refineries and Oil And Gas
• Food And Beverage and Agriculture
• Chemical
• Environmental Testing Laboratories
• Other Industries

On the basis of industry, the hospital laboratory information management systems market is segmented into life sciences, petrochemical refineries and oil and gas, food and beverage and agriculture, chemical, environmental testing laboratories, and other industries. Life sciences is further sub segmented into pharmaceutical and biotechnology companies, biobanks and biorepositories, contract services organizations (CROs and CMOs), academic research institutes, clinical research laboratories, toxicology laboratories and next-generation sequencing laboratories.

Hospital Laboratory Information Management Systems Market Regional Analysis/Insights

The hospital laboratory information management systems market is analysed and market size insights and trends are provided by country, type, component, deployment model and industry as referenced above.

The countries covered in the hospital laboratory information management systems market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the hospital laboratory information management systems market because of the supportive policies facilitating laboratory automation adoption, such as EHR programs within the region.

Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the low-cost production in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The hospital laboratory information management systems market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for hospital laboratory information management systems market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the hospital laboratory information management systems market. The data is available for historic period 2010-2020.

Competitive Landscape and Hospital Laboratory Information Management Systems Market Share Analysis

The hospital laboratory information management systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hospital laboratory information management systems market.

Some of the major players operating in the hospital laboratory information management systems market are CliniSys (UK), Thermo Fisher Scientific (US), Abbott (US), Illumina, Inc. (US), LabVantage Solutions Inc (US), LabLynx LIMS (Laboratory Information Management System) (US), Agilent Technologies, Inc. (US), GenoLogics (Canada), Labworks (US), Dassault Systèmes (France), Siemens (Germany), Accelerated Technology Laboratories, Inc. (US), ApolloLIMS. (US), Eusoft Ltd. (Italy), Horizon LIMS. (US), Promium, LLC. (US), among others.

Research Methodology : Global Hospital Laboratory Information Management Systems Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-hospital-laboratory-information-management-systems-market