Laboratory Information Management System Market is expected to get major boost in demand over the forecast period 2022-2031

Key Companies Covered in the Laboratory Information Management System Market Research are LabWare (US)LabVantage Solutions (US),Abbott Informatics (US),Agilent Technologies Inc. (US),LabLynx, Inc. (US),Dassault Systèmes (France) and other key market players.

The Laboratory Information Management System Market size is expected to reach US$ 2.4 Bn  million in 2027, from 1.8 Bn.  million in 2019, growing at a CAGR of 8.1% from 2022 to 2031.Kenneth Research has evaluated the current market opportunities in Laboratory Information Management System  Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:

As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation. 

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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the According to the statistics by the World Bank, current health expenditure around the world increased from 9.391 % of GDP in the year 2011 to 9.896 % of GDP in the year 2017. Moreover, the statistics also stated that Tuvalu, a nation in Oceania region, had the highest expenditure of 17.143 % of GDP in the year 2017, followed by the United States, with 17.061 % of GDP.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

The Laboratory Information Management System (LIMS) forms a niche market segment in India presently. The growing systemization of laboratories will gradually steer forth the market. The simultaneous rapid development of Indian healthcare sector that is seeing rise in number of various types of laboratories will propel the future of LIMS adoption in Indian healthcare sector as well.
The report begins with macro economic indicators whereby the basic economic indicators have been depicted.
The introduction section provides a broad overview of Indian healthcare sector and how IT adoption in healthcare is having a valued impact on performance of the sector. The report progresses to describe the sectors where LIMS has applications along with the benefits of the software. The section also describes the historical development pathway of LIMS.
The next section highlights the value wise market size and growth of LIMS software and also the adoption of LIMS specifically in the Indian healthcare sector.
The report then describes the LIMS structure encapsulating common modules and the step wise workflow of the LIMS from requisition to information deliver and LIMS in terms of application. In the next section, the distribution channel has been elaborated from designing of software to final installation of software.
The report then focuses on the healthcare applications of LIMS with description of methodical solutions LIMS provides in life sciences, pharmaceutical and biotechnology and in contract service laboratories.
The next section elaborates the drivers and challenges that the market is currently facing. Drivers include growing clinical laboratories, growing pharmaceutical industry, growing clinical trials market, rising biotechnology industry and factor such as significance laid on laboratory accreditation. Challenges in the market include disparity in ‘quality’ standards and high cost of installation.

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Though the LIMS market is still in a nascent stage, yet the software developers are trying to make the software user friendly and cost effective for which it has come up with the concept of LIMS on Cloud.
The competitive landscape section begins with the Porter’s Five Forces Analysis, illustrating the competitive rivalry, bargaining power of suppliers and buyers and threat of new entrants and substitutes. The section includes competitive benchmarking of the top players operating in the Indian LIMS market. The report also features brief profiles of major domestic and foreign players in the market and a snapshot of their corporation, financial performance along with the key financial ratios, business highlights, their product portfolio and SWOT analysis, thus providing an insight into the existing competitive scenario.
The final section of the report contains strategic recommendations which will be instrumental for the companies to garner a larger market share in the Indian market.

The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of Laboratory Information Management System Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Playes
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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