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.
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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.
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.
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