Laboratory Information Management Systems Market to surpass US$ 2.2 Billion by 2024 - Coherent Market Insights

Published On : Dec 26, 2016

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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Key players operating in LIMS market are focused on targeting various 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 customers.

The U.S. and Western European economies are witnessing high demand for technologically advanced products in order to establish automated healthcare infrastructure. Increasing adoption of advanced technology by patients for monitoring vital health parameters using wearable devices synchronized with smartphones are driving growth of the market. Healthcare organizations are integrating data provided by smart wearable medical devices to conduct conventional operations.

Furthermore, advancements in LIMS regarding formation of structured regulatory framework for healthcare IT sector in developed economies such as the U.S., Canada, and Western European nations is expected to improve exchange of information between the healthcare providers 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.

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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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