Laboratory Information Management Systems (LIMS) Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis

The Global Laboratory Information Management Systems Market (LIMS) was estimated at US$ 1,209.6 million in 2015 and is projected to reach US$ 2,271.5 million by 2024, according to a new report published by Coherent Market Insights. Increase in automation of processes in healthcare organizations is driving demand for LIMS worldwide.
Healthcare organizations are increasing spending on IT systems due to a shift towards utilization and maintenance of electronic health records (EHR). Usage of analytics techniques and big data is increasing among healthcare providers in order to improve their process outcomes and in turn make effective therapeutic decisions. Increasing trend of automating processes is pushing demand for customized solutions with multi-modality functions.
LIMS vendors are targeting different healthcare providers such as diagnostic laboratories, private clinics, blood banks, and other such institutes where use of LIMS is becoming a necessity for providing cost-effective services to their customers.
Developed economies such as the U.S. and Western European countries are witnessing growing demand for technologically-advanced products, which can automate the healthcare process. Patients are becoming tech savvy and are using wearable devices connected with mobile healthcare applications in order to self-monitor their health. This has encouraged healthcare organizations and practitioners to transform their conventional operations by integrating the processes and patient's critical data.
LIMS is further expected to develop with the formation of a structured regulatory framework for healthcare IT, mainly in developed economies such as the U.S., Canada, and certain Western European nations. This would facilitate exchange of information between the clinicians and patients in a secured manner.
Key takeaways of the market:
• Demand for integrated systems is growing, with hospitals and clinical laboratories expanding their footprint by launching franchise chains. The integrated systems segment is projected to witness revenue growth at a CAGR of 7.2% during 2016 - 2024.
• Cloud-based systems provide a very cost-effective alternative to conventional systems used by healthcare providers. Market for cloud-based LIMS is expected to reach 339.8 million by 2024. Barriers with respect to security and compliance are gradually coming down leading to a growing demand for cloud-based scalable LIMS systems.
• As data analytics and big data are marking its way in the healthcare arena, the LIMS service segment is projected to expand at a CAGR of 8% during the forecast period. Data security and monitoring, customer relationship management, and patient engagement are services witnessing increasing traction from healthcare providers.
• Hospitals account for the largest market share of 49% (in terms of revenue) among end user segments in the market in 2015. The hospitals segment is expected to grow rapidly over the forecast period. Increasing patient database, organizational processes, and tests are propelling adoption of LIMS in hospitals.
• Developed countries such as the U.S. and various Western European countries are the foremost adopters of this solution in order to reduce analytical work and improve efficiency. Due to this, North America held a lion's share of 56.4% (in terms of revenue) in 2015 in the global LIMS market. However, increasing number of healthcare facilities and rising expenditure on healthcare IT in emerging economies is anticipated to fuel demand for LIMS in these countries over the following decade.
Market leader such as Cerner Corporation, Merge Healthcare, Inc. (International Business Machines (IBM) Corp.), McKesson Corporation, LabWare, Roper Technologies Inc., and Meditech (Medical Information Technology, Inc.) are focusing on improving services and integrating new technologies in the current LIMS systems in order to enhance the efficiency of the systems, which in turn would help healthcare providers to offer better customer experience to payers.

Thrust Vector Control System (TVC) Market - Size, Share, Outlook, and Forecast till 2026

Published Date : Jun 2018

Thrust Vector Control system (TVC) also called as Thrust vectoring is the ability of an aircraft, rocket, or other vehicles to control the direction of the thrust from engine or motor in order to control the attitude or angular velocity of the vehicle. Thrust Vectorin...

Ultra High Molecular Weight Polyethylene Ropes Market - Size, Share, Outlook, and Forecast till 2026

Published Date : Jun 2018

Ultra High Molecular Weight Polyethylene (UHMWPE) is odorless, tasteless, nontoxic, and resistant to corrosive chemicals except oxidizing acids having low moisture absorption (Hydrophobic) capacity and low coefficient of friction.  UHMWPE can float in water due t...

Enzyme Linked Immunosorbent Assay (ELISA) Analyzer Market - Size, Share, Outlook, and Forecast till 2026

Published Date : Jun 2018

ELISA analyzer is a fully automated instrument for performing Enzyme Linked Immunosorbent Assay (ELISA). This device is designed to perform in vitro diagnostic tests for autoimmune diseases and infectious diseases such as AIDS. ...

Naloxone Market - Size, Share, Outlook, and Forecast till 2026

Published Date : Jun 2018

Naloxone, also referred to as Narcan, is an opioid antagonist that is widely used to reverse opioid overdose completely or partially. Opioid overdose generally causes respiratory depression among people, thus naloxone is used to reverse this adverse effect. Narcan is ...

Global Dual Specificity Protein Kinase TTK Market - Size, Share, Outlook, and Forecast till 2026

Published Date : Jun 2018

A protein kinase is a kinase enzyme that helps in the modification of other proteins by chemically adding phosphate groups to them, which is known as phosphorylation. Dual specificity protein kinase TTK, also known as Mps1, is an enzyme, which is encoded by the TTK ge...

Smoked Eel Market - Size, Share, Outlook, and Forecast till 2026

Published Date : Jun 2018

Smoked eels are fishes that are cured by smoking. Foods have been smoked by humans throughout history, however, it was done to preserve the food. Nowadays, preservation of fish is possible by refrigeration or freezing. The smoking of fish adds a unique taste and flavo...

Fallopian Tube Cancer Market - Size, Share, Outlook, and Forecast till 2026

Published Date : Jun 2018

Fallopian Tubes also called as uterine tube are pair of tubes, which carry an egg from the ovary to the uterus. Fallopian tube cancer also called as tubal cancer is caused due to uncontrolled growth of cells in fallopian tubes that connect the ovaries and the uterus. ...

Global (North America, Europe, Asia-Pacific, South America, Middle East and Africa) Automotive Electric Power Steering Systems Market 2018, Forecast to 2023

Published Date : Jun 2018

Automotive Electronic Power Steering System is a very popular steering system, a power steering system that directly relies on the motor to provide auxiliary torque; Currently, most of the vehicle are installed the electronic power steering system, and the electronic power steering system can reduce...

Global Automotive Electric Power Steering Systems Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2023

Published Date : Jun 2018

Automotive Electronic Power Steering System is a very popular steering system, a power steering system that directly relies on the motor to provide auxiliary torque; Currently, most of the vehicle are installed the electronic power steering system, and the electronic power steering system can reduce...

Global (North America, Europe, Asia-Pacific, South America, Middle East and Africa) Fleet Management System Market 2018, Forecast to 2023

Published Date : Jun 2018

A fleet management system is formed by the integration of hardware, software, and communication technologies. It provides a platform to fleet operators to efficiently control, track, and monitor commercial vehicles. They improve the overall operational efficiency by reducing the non-value-added acti...

 

Select Licence :

  • Single User : $4500
  • Multiple User : $7000
  • Corporate User : $10000

Happy To Assist You

Assist you at Worldwide Market Reports

We will be happy to help you find what you need. Please call us or write to us:

Worldwide Market Reports Benefits

Custom Research Solution

Talk to our research consultant to design an exclusive report as per your research needs.

Customer Fulfilment

We aim to fulfil client's research demands with tailored research solutions.

Quick Turnaround Time Reports

We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

360-degree Approach

We cover each industry from supply and demand side with an aim to provide a most holistic research study.