Laboratory Information Management System Market Size, Share & Trends Report

Laboratory Information Management System Market Size, Share & Trends Analysis Report By Product (On premise, Cloud based, Web hosted), By Component (Software, Services), By End-use (Life Sciences, CROs), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-2-68038-595-3
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the laboratory information management system market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for laboratory information management system market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of laboratory information management system market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Laboratory Information Management System Market Categorization:

The laboratory information management system market was categorized into four segments, namely product (On-premise, Web-hosted, Cloud-based), component (Software, Services), end-use (Life Sciences, CROs, Petrochemical Refineries & Oil and Gas Industry, Chemical Industry, Food and Beverage & Agriculture Industries, Environmental Testing Laboratories), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The laboratory information management system market was segmented into product, component, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The laboratory information management system market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; Italy; France; Spain; Sweden; Denmark; Norway; Japan; China; India; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Laboratory information management system market companies & financials:

The laboratory information management system market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Thermo Fisher Scientific, Inc .- Thermo Electron and Fisher Scientific worked together to become the worldwide biotechnology development firm Thermo Fisher Scientific, Inc. Thermo Scientific, Applied Biosystems, Fisher Scientific, Invitrogen, and Unity Lab Services are just a few of the names under which the corporation does business. The business conducted business in 50 nations as of 2015. Thermo Fisher Scientific and Genovis announced a partnership in 2019 to create a complete biotherapeutics monitoring system. Particularly made for Liquid Chromatography-Mass Spectrometry (LC-MS) is the monitoring system. In 2019, the business brought in USD 25,542.0 million in net sales, USD 4,594.0 million in operating income, and USD 3,696.0 million in net income.

  • Siemens - Siemens is an electrical manufacturing firm that offers solutions to the food and beverage, paper, sugar, textile, oil and gas, and industrial industries. The business also provides software, clinical consulting services, and medical technology to its clientele in the healthcare industry. Both enterprise and digital health services are being actively developed. It operates 289 production facilities and sales offices worldwide.

  • LabVantage Solutions, Inc. - LabVantage Solutions, Inc. offers solutions for molecular diagnostics, biobanking, research & development, and quality control. The product range of the company includes ELN, business intelligence, and web-based LIMS.

  • LabWare - LabWare is a privately held laboratory informatics firm situated in the United States. It is distributed and sold in nearly ninety countries. Software solutions for many kinds of laboratories are provided by LabWare. Software solutions, expert installation services, validation support, training, and technical help are all part of its product line.

  • Abbott - Abbott Laboratories owns Abbott Informatics as a subsidiary. One of the top pharmaceutical and healthcare companies is Abbott Laboratories. The four main business segments of the corporation are diagnostics, nutrition, devices, and medicines. Its research, production, sales, and distribution operations are spread throughout more than 150 nations. Cloud-based platforms, ELN, SDMS, and STARLIMS laboratory information systems are among the products that the firm offers.

  • Autoscribe Informatics - A fully owned subsidiary of Autoscribe Limited is Autoscribe Informatics. It provides LIMS solutions for a range of industries, such as biobanking, veterinary medicine, petrochemicals, healthcare & medical research, minerals & mining, and energy & power. Services provided by the firm include proof of concept, validation of LIMS, training, support, and LIMS consultancy.

  • Illumina, Inc. - Illumina, Inc. is a business that is traded publicly. It is a producer, developer, and distributor of life science instruments and integrated systems that are helpful for extensive examination of genetic variation & function. The firm provides industry-leading service and support along with a number of cutting-edge, adaptable, and scalable technologies and solutions. Illumina operates 17 offices throughout 11 countries, including the United States, Germany, the United Kingdom, and Australia.

  • LABWORKS - A computer software business called LABWORKS focuses on LIMS solutions. The organization offers solutions related to analytics, agriculture, water quality, and the environment, among other topics. The firm is concentrating its product development efforts on user-friendly interfaces, process automation, and industry-specific solutions. Agriculture, water quality and wastewater, environmental, petrochemical, manufacturing & product quality, food & beverage, chemical, mining & oil exploration, and biofuels processing are just a few of the areas for which the firm provides solutions.

  • LabLynx, Inc. - The first company to provide laboratory informatics is LabLynx, Inc. It was formerly a product division of an IT consultancy business. It became a separately owned business in 2000 after being incorporated. Clinical, agricultural, forensic, environmental, healthcare, and other laboratories are among its main customers.

  • Accelerated Technology Laboratories, Inc. - Accelerated Technology Laboratories, Inc. is a business that is privately owned. It offers solutions to the manufacturing, biotechnology, clinical testing, food and beverage, environmental, analytical, and chemical sectors. It provides software solutions, training, technical support, and consulting services. The data management system of the corporation facilitates corporate expansion and advances GLP. At the moment, Accelerated Technology Laboratories serves 500 businesses globally.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Laboratory Information Management System Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Laboratory Information Management System Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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