Asia Pacific Laboratory Information Management Systems (LIMS) Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Standalone and Integrated), Deployment (On-Premise Delivery Mode, Web-Based Delivery Mode, and Cloud-Based Delivery Mode

Asia Pacific Laboratory Information Management Systems (LIMS) Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Standalone and Integrated), Deployment (On-Premise Delivery Mode, Web-Based Delivery Mode, and Cloud-Based Delivery Mode), Component (Software and Services), Application (Sample Management, Workflow Automation, Records Management, Logistics Management, Enterprise Resource Planning, and Decision Making), and End-User (Hospitals & Clinics, Pharmaceutical Companies, Contract Research Organizations, and Other End Users)

The laboratory information management systems (LIMS) market in Asia Pacific is expected to grow from US$ 353.16 million in 2021 to US$ 158.49 million by 2028; it is estimated to grow at a CAGR of 12.1% from 2021 to 2028. A majority of the laboratory information management systems market players operate in the region. Prime vendors in the market have sidelined a few countries from the region, which hold huge potential for the healthcare market. Research and development expenditure in countries such as China and India is growing, which has led to a rise in demand for LIMS for data storage, research regulation compliance, and validation. Various countries in the region are capable of adopting advanced LIMS; they are engaged in developing cost-effective and high-performance systems to reach remote areas where advanced medical facilities are not available. In addition, the emergence of medical tourism in Asia Pacific countries, especially in India, Vietnam, Malaysia, Indonesia, Thailand, and the Philippines, is expected to create lucrative growth opportunities for players in the laboratory information systems market. According to a report released by the India Brand Equity Foundation in January 2019, the approximate Foreign Tourist Arrivals (FTAs) in India for medical purposes in 2015, 2016, and 2017 were 233,918; 427,014; and 495,056, respectively.

Further, the increasing incidence of various diseases in Asia Pacific has escalated the demand for diagnostic tests in the region. For instance, according to the WHO Globocan 2018, the number of new cancer cases in China reached 4,285,033. Furthermore, governments are enforcing regulations to encourage the use of LIMS in traditional wet labs. The largest pool of patient population, availability of a large number of skilled science professionals for testing services, the abundance of healthcare facilities, and lower costs of clinical trials would further drive the LIMS market in the region.

Countries in Asia Pacific are facing challenges due to the increasing incidence of COVID-19. Currently, India is the second worst-hit country in the world. Several measures have been implemented to contain the spread of COVID-19, resulting in significant operational disruption for many companies, including those operating in the laboratory information management system manufacturing industry. Staff quarantine, supply-chain failures, and reductions in demand have generated serious complications for companies. Also, there has been a significant drop in in-patient and out-patient for private hospital chains. Hence, when the COVID-19 pandemic started to spread, the laboratory information system market in Asia Pacific was negatively affected because the development of the related software and provision of associated services was halted. However, as the patient count increased and went unchecked, the demand for LIMS solutions began to rise again. This was because of a sudden surge in the number of people visiting diagnostic laboratories for COVID tests, which put a strain on the operations of such medical facilities.

The Asia Pacific laboratory information management systems (LIMS) market is segmented based on type, deployment, component, application, and end-user. Based on component, the market is segmented into software and services. In 2021, the software segment held the largest share in the market. Companies continuously provide advanced software for diagnosis, research, and streamlining purposes. When LIMS systems are used for medical or pharmaceutical industries, it is called medical lab software. This software is a flexible, extensible, cloud-based platform that effectively enables management samples and associated data. The advanced software help produce reliable results more quickly and track data from sequencing runs over time and across experiments to improve efficiency. High adoption of these systems is also due to their associated benefits, such as cost-effectiveness and reduced time. For instance, Agilent’s OpenLab ELN helps speed up the lab’s cycle time by sharing and organizing information between lab members and collating protocols, ideas, and results (data files) in one place. A major benefit offered by the deployment of advanced LIMS software is enabling workflow automation which can, in turn, reduce human error, centralize access and storage of quality control data, support compliance efforts, enable downstream data analysis, allow to perform instrument run monitoring, integrate with instruments in-lab systems to improve lab efficiency, and help track reagents and samples. It is estimated that the software segment shall retain its dominance through the forecast period, owing to the costs involved in the replacement and update of obsolete infrastructure and the higher cost of software solutions against hardware.

The Asia Pacific laboratory information management systems (LIMS) market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific laboratory information management systems (LIMS) market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Asia Pacific laboratory information management systems (LIMS) market. THERMO FISHER SCIENTIFIC INC.; Abbott; Illumina, Inc.; LabLynx, Inc.; LabVantage Solutions, Inc.; Accelerated Technology Laboratories, Inc.; LabWare; and Autoscribe Informatics are among the leading companies in the market.

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