The global information management system is expected to grow at a CAGR of 20.9 percent from 2018-2025. Previously in 2017, the market was valued at $481.8 million. Some factors influence the growth like rising adoption of automation in laboratories and technological advancements in lab information management systems. In emerging nations, the market is significantly growing which means that there are opportunities for the businesses to create an impact and increase its customer’s base in Asian and Latin American regions. Lack of IT technicians and high costs of the LIMS will impact the market negatively in the coming years. The amount of data that is required to be stored is by LIMS is not an unsettled issue. The inclusion of more data-intensive analysis into the LIMS is still under serious consideration.
Several instruments from advanced laboratories are attached to LIM data system. The data is accessed through internet-based memory tools knows as a local area network (LAN). The standard of the constructed LAN is questionable causing severe problems. Several hardware vendors came forward to help in the building of a LAN, but no vendor offered computerized intelligence of an analytical instrument. There are various difficult specification decisions concerns within the LAN solutions. Laboratory LAN standard establishment will enable the LIMS designers to construct systems that are effective irrespective of the choices of instrument vendors made by staffs of the analytical laboratory. Adoption and development of LAN-based laboratory information management systems are anticipated to be one of the leading trends of the market in the coming years. Based on the deployment, global laboratory information management systems market is segmented into a web-based delivery mode, on-premise delivery mode, and cloud-based delivery mode.
Due to the better customization options, the cloud-based delivery mode is expected to increase in the coming years. The level of risks involved is very minimal with the cloud-based delivery mode. Some of the significant primary and secondary data sources included in the report for the LIMS are American Society for Clinical Pathology, Healthcare Information and Management Systems Society, World Health Organisation, Pharmaceutical and Medical Devices Agency, and National Center for Biotechnology Information.