The laboratory information management system market is prognosticated to expand at a rapid rate during the forecast period of 2018-2026. The escalating demand for lab automation and the technological advancements will bring immense growth prospects for the laboratory information management system market.

  • The increasing awareness about the importance of laboratory information management systems and the inclining adoption of technology in laboratories will serve as good growth opportunities for the laboratory information management system market.
  • The growing popularity of cloud-based technologies bodes well for the growth of the laboratory information management system market. The heightening demand for genomic studies and rising government funding will prove to be a good growth generator for the laboratory information management system market.
  • Research and development activities play a pivotal role in the growth of the laboratory information management system market. The players are involved in these activities for discovering insights. These factors will help in the overall development of the laboratory information management system market, eventually increasing the growth rate.
  • Strategic collaborations have an important part. Mergers and acquisitions assist in strengthening the foothold of the players in the laboratory information management system market, ultimately contributing to the growth of the laboratory information management system market.

Laboratory information management system is a software-based solution that helps in the day-to-day laboratory operations. Laboratory information management system are sometimes referred to as laboratory information system (LIS) or laboratory management system (LMS). Laboratories around the world depend on a laboratory information management system to manage data, assign rights, and manage inventory.

Rising demand for lab automation due to high emphasis on using the latest laboratory systems for maximum efficiency is driving the global laboratory information management system market.  Government support through grant of funds for procuring quality laboratory information management system are boosting the laboratory information management system market. Other factors boosting the market include improving drug discoveries, rapidly increase in disease outbreaks, and rise in sophistication regarding use of specific equipment. However, high investment required for the procurement of laboratory information management system and research & development activities is likely to hamper the laboratory information management system market. Nevertheless, the picture is soon expected to change as numerous service providers companies are gradually introducing cost-effective laboratory information management system for utilization in various sectors. This is anticipated to create new opportunities in the market.

The global laboratory information management system market can be segmented into component, deployment, type, end-use industry, and geography. In terms of component, the laboratory information management system market can be segregated into hardware, software, and services. Based on deployment, the laboratory information management system market can be classified into cloud based and on-premise based solutions. Of the two deployment segments, the majority revenue share in the global laboratory information management system market is expected to be held by cloud deployment segment. The cloud deployment model refers to hosted services which are delivered using the Internet. Benefits associated with cloud deployment include accessing mission critical data remotely, cost savings on infrastructure, and enhanced collaboration. These benefits are expected to propel the cloud deployment model segment during the forecast period. Increasing demand from organizations to switch to alternate business models such Software-as-a-Service (SaaS), as it is perceived to be cost-effective and equipped with various features provided is expected boost the growth of the aforementioned segment.  On-premise deployment, refer to the computation that is located within the physical confines of an organization, is expected to hold a smaller share of the global laboratory information management system market. In terms of end-use, the market can be segmented into life sciences industry, contract services organizations, next-generation sequencing laboratories (NGS) laboratories, academic research institutes, pharmaceutical and biotechnology companies, bio banks & bio repositories, toxicology laboratories, petrochemical refineries, and oil & gas.

The global laboratory information management system market can be divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to hold a prominent share of the global laboratory information management system market. This dominance can be attributed to the presence of several global players in this region, especially in the U.S. and Canada. Europe is expected to account for a significant share of the market. This trend can be attributed to the increasing focus on innovations through research & development and IT technologies in developed countries in the region. The market in Asia Pacific is expected to expand at a rapid pace from 2018 to 2026. High adoption of exploration & production solutions along with growing adherence toward regulatory compliances are some of the factors driving the laboratory information management system market in Asia Pacific. Developing economies in Asia Pacific such as India and China are inviting global players to their local markets. This, in turn, is propelling the market in the region.

Companies are strengthening their position in the global market through merger & acquisition and continuously investing in research & development activities to develop solutions to cater to the customer’s changing requirements. Furthermore, solution providers are invest in advanced technologies such as artificial intelligence to provide cost competitive products in the market in the near future.

Major players operating in the global laboratory information management system market include Dassault Systmes, Labware, Labworks LLC, Thermo Fisher Scientific, Autoscribe Informatics, Labvantage, Accelerated Technology Laboratories, Abbott Informatics, Genologics, Inc., Computing Solutions, McKesson, Lablynx, and Siemens.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

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Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

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Laboratory Information Management System Market