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.
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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:
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.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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