A laboratory information management system industry is a software-based solution used in laboratories to streamline daily operations. The primary functions that a laboratory information management system provides are workflow and data tracking support, helping develop a robust yet flexible structure, data reading, writing, editing, and exchanging interfaces, and data security and storage. Apart from these basic functionalities, an advanced laboratory information management system may also aid researchers in functionalities like job scheduling, resource planning, and sample tracking. It may also be enabled with data mining capabilities, automated cloud uploads, or blockchain technologies to enhance data security.
While laboratories from all sectors may use a laboratory information management system, the major end-user industries which use a laboratory information management system are life sciences, CROs, petrochemical refineries & oil and gas industry, and the food and beverage industry.
The global laboratory information management systems market was valued at USD 1.1 billion in 2020 and is expected to grow at a CAGR of 4.0% from 2020 to 2027. North America has the largest market share regionally and it is expected to have the largest market share during the forecast period as well. Human genome testing has been on an increase over the last 4-5 years and a significantly high number of samples within the life science domain are generated which are analyzed by a laboratory information management system.
The COVID pandemic resulted in a boom for testing and drug development. With additional workload, the requirement for automation in laboratories was of utmost demand. There was a surge in the uptake of laboratory information management systems and analysis platforms which help researchers reduce the time of data analysis and storage and automate workflow and sample tracking.
Modern genomics is an area that has pushed the use of laboratory information management systems. The amount of data generated along with the requirement to have a short turnaround time for analysis is pushing laboratories to automate several aspects and one of them is the implementation of laboratory information management systems industry. Additionally, the laboratory information management systems may be hosted over a cloud platform and several other elements like blockchain technologies may be integrated to enhance data security. All these functionalities save personnel time and thereby aid the researchers to focus on the research while automating administrative and other workloads which may dampen their turnaround time. This directly promotes a greater throughput and hence helps drive the cost of operations down.
The cost of implementation along with the cost of maintenance of a laboratory information management system is high. The cost of maintenance during the lifetime of a laboratory information management system is more than the cost of installation. Cost realization for such an investment is seldom immediate or short-term. From the perspective of drug development, a high investment can only be realized after the successful development of a drug and that usually takes years of research. In addition to this cost, there is also additional training which is required to familiarize the users and a tech team to handle bottlenecks, which is an additional cost head for an end-user.
The key suppliers of a laboratory information management system are ThermoFisher Scientific, Siemens, LabVantage, LabWare, Perkin Elmer, Abbott Laboratories, Illumina, LabLynx, Autoscribe Informatics, Agilent Technologies, McKesson Corporation, etc. The market for Laboratory Information Management System is consolidated in nature. Although there are smaller suppliers who offer one or two of the functionalities that a laboratory information management system offers, there are few suppliers who provide a complete package along with service capabilities. Grand View Research will help our client identify the best-suited suppliers by mapping their core capabilities and operational efficiency.
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
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Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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