Consumerization of IT is leading to an increasing demand for cloud-based solutions
Increasing proliferation of smartphones , mobile solutions , point-of-care devices and e-services is a trend observed across the globe , and is not different in the healthcare sector . Healthcare providers are aiming to automate various processes , while patients are also demanding technological solutions for convenient health testing , monitoring , and recording solutions . In the recent past , features such as cost effectiveness , scalability , and ease of use have increased demand for cloud-based systems among end users . The cloud-based LIMS segment is projected to be the largest sub-segment ( in terms of revenue ), projected to reach US $ 339.8 million by 2024 . Growing demand for IT solutions that can integrate all major disciplines of laboratory medicine and pathology is expected to create high demand for integrated LIMS products in the near future .
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Implementation of LIMS to allow for significant cost reduction passed on to end users
Laboratory information management systems developed by vendors offer various in-built functions , which may not be useful to all end users . Therefore , LIMS vendors are providing customized solutions to customers , specifically tailored according to their requirement and budget , in order to help in better return on investment . LIMS vendors are developing multi-modality systems that can integrate the entire process of clinical laboratories , hospitals or clinics and help the end user reduce their operational costs .
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Increasing adoption of LIMS in emerging economies
High costs associated with installation and large pool of skilled personnel to handle on-premise LIMS resulted in high concentration of the market in the developed countries such as the U . S . and Western European countries , including U . K and Germany . However , with the proliferation and promotions of cloud- and web-based solutions offering key features such as scalability at reduced costs , the market is witnessing a paradigm shift in the adoption patterns , with growing demand for cloud based solutions as compared to on premise ones . Improving internet infrastructure is increasing the healthcare IT spending across Asia , Latin America , South Africa and Middle East . As a result , these regions have been analyzed to be highly lucrative markets for vendors of LIMS during the forecast period . Various advantages such as private sharing and storage of data without need to maintain physical storage devices and save on related costs , is expected to boost adoption for cloud-based LIMS in these regions . To capitalize on this revenue opportunity , market player such as Cerner Corporation , Merge Healthcare , Inc . ( International Business Machines ( IBM ) Corp .), McKesson Corporation , LabWare , Roper Technologies Inc ., and Meditech ( Medical Information Technology , Inc .) are expected to enter into strategic agreements in order to increase their footprint in these regions .
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