Europe 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), Com

Europe 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 Europe is expected to grow from US$ 228.16 million in 2021 to US$ 476.17 million by 2028; it is estimated to grow at a CAGR of 11.1% from 2021 to 2028. The demand for cloud-based LIMS services is growing as the approach requires less capital and operational expenditures than premise-based LIMS. Cloud-based solutions allow healthcare organizations and clinical laboratories to share and integrate data from several locations, making the data collection process more efficient. The emergence of Internet-enabled cloud-based services has resulted in major advancements in the laboratory information management systems market. Advancements in virtualization and increased access to high-speed internet allow for faster innovation at lower costs. Companies that employ cloud-based solutions just have to pay for the software subscription instead of the complete licenses. Moreover, cloud-based LIMS do not require any upfront capital expenditure for hardware, which reduces the burden from healthcare and clinical settings with a minimum requirement of IT personnel, thus, enabling rapid and secure data transmission within organizations. Pharmaceutical and medical devices manufacturers are increasingly employing centralized corporate-based facilities to develop a virtual network of contract research, development, and manufacturing organizations (CRDMOs) and academic institutions. The adoption of cloud-based LIMS solutions would enable them to manage large volumes of data gathered from their operations. Cloud-based models would emerge as an effective LIMS solution due to benefits such as increased data accessibility, cost-effectiveness, and real-time analysis, providing substantial growth prospects to the laboratory information management system market players.

The European economy is severely affected due to the exponential growth of COVID-19 cases in the region. Spain, Italy, Germany, France, and the UK are among the most affected European countries. As the number of patients in the European healthcare setting has increased dramatically due to this outbreak, laboratories are at risk of diagnostic error. However, LIMS solutions help companies and organizations to run their laboratories remotely and from multiple locations. With the COVID-19 pandemic, most laboratories conducted their data-oriented processes from home using cloud-hosted, remote-based LIMSs. Several laboratories, CROs, research institutes, and pharma and biotech companies have worked uninterruptedly during the pandemic. Therefore, web-hosted solutions help achieve long operational life, decrease ownership cost, and offer excellent investment returns. Since the pandemic’s onset, prominent players in the laboratory information systems landscape have been collaborating with public and private sector organizations to employ advanced technologies for implementing COVID-19 testing capabilities. For instance, LabWare Technologies has collaborated with the National Health Service to provide laboratory management software to healthcare settings across the UK.

The Europe laboratory information management systems (LIMS) market is segmented based on type, deployment, component, application, and end-user. Based on deployment, the market is segmented into web-based delivery mode, cloud-based delivery mode, and on-premise delivery mode. In 2021, the web-based delivery mode segment held the largest share in the market. The web-based mode of delivery is adopted widely in healthcare settings. The primary reason for adoption is high security, lower price, instant software updates, and unlimited storage capacity. In addition, the web-based delivery provides universal access to the patient database. Improved efficiency and affordability are prime factors contributing to the increasing adoption of web-based delivery. The web-based delivery mode aims to transfer the medical care services to the patient rather than transporting the patient to the medical service providers. Web-based delivery mode solutions include modern medical informatics services, which are faster, easier, and less expensive than hardware-dependent platforms. The system supports 24-hour access and real-time teleconsultation capability; accommodates user language preferences; and provides maps and daily updates to the patient. Moreover, these systems are promoting cost-efficient transfer, enabling the sharing of clinical information irrespective of location and distance, and offering access to diverse application programs to utilize multimedia modalities.

The Europe 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 Europe 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 Europe 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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