April 19, 2024

Laboratory Information Management System Category Is Expected to Grow at CAGR of 6.7% From 2023 to 2030

4 min read
The laboratory information management system category is anticipated to grow at a CAGR of 6.7% from 2023 to 2030.

Laboratory Information Management System Procurement Intelligence

The laboratory information management system category is anticipated to grow at a CAGR of 6.7% from 2023 to 2030.

Increasing automation such as cloud-based system, predictive analytics, and artificial intelligence has resulted in streamlined operations, increased productivity, and reduced cost, which helps laboratory information management systems (LIMS) in managing samples and associated data in the laboratories in an effective and efficient way. Additionally, rising demand for drug discoveries and R&D activities has led to the adoption and implementation of LIMS across the globe.

Order your copy of the Laboratory Information Management System category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Laboratory Information Management System Procurement Intelligence Report Scope

The Laboratory Information Management System category is expected to have pricing growth outlook of 3% – 4% (annual) from 2023 to 2030, with below pricing models.

  • Service-based pricing
  • subscription-based pricing
  • Competition based pricing

Supplier Selection Scope of Report

  • Cost and pricing
  • services provided
  • features
  • technical support
  • vendor’s reputation
  • service reliability and scalability

Supplier selection criteria of Report

  • Various services provided
  • application support provided
  • IT support
  • technology used
  • end-to-end service
  • additional features
  • location and presence of supplier
  • others

Laboratory Information Management System Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

  • Market Intelligence along with emerging technology and regulatory landscape
  • Market estimates and forecasts from 2022 to 2030
  • Growth opportunities, trends, and driver analysis
  • Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments
  • Porter’s 5 forces
  • Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis
  • Engagement and operating models, KPI, and SLA elements
  • LCC/BCC analysis and negotiation strategies
  • Peer benchmarking and product analysis
  • Market report in PDF, Excel, and PPT and online dashboard versions 

Laboratory Information Management System Procurement Cost and Supplier Intelligence

Labor, IT hardware costs, maintenance, staff training, legal charges, software update costs, and others are some of the cost components in providing laboratory information system services. The price varies based on the number of labs, modules, test methods, and customization required. The software development with basic features can cost around USD 45,000 to USD 70,000. With additional advance features, the cost may rise from USD 80,000 to USD 120,000. The cost of hiring solution providers in the U.S., and the UK, the development cost would be around USD 90 – 100 per hour, and for Asian countries, cost can be as low as USD 50 per hour.

In terms of providing laboratory information management system services, laboratories usually outsource the service as it can help labs save on cost and spend time on other important tasks such as running and scheduling the test instead of spending time on software management. For sourcing this service, customers usually look for service providers that offer end-to-end services, customizations, vendor’s reputation and brand awareness, application support, extra features, and subscription services. Identification of requirements followed by evaluating suppliers based on services they provide, round-the-clock technical support, value-added services, pricing, long-term relationships, and customization provided are the best sourcing practices for the category.

List of Key Suppliers

  • LabVantage Solutions
  • STARLIMS
  • ThermoFisher Scientific
  • LabWare
  • Siemens
  • Illumina
  • LabLynx
  • Labworks
  • Accelerated Technology Laboratories
  • QBench

Add-on Services provided by Grand View Research Pipeline: 

  • Should Cost Analysis

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 

  • Rate Benchmarking

Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier 

  • Salary Benchmarking

Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house. 

  • Supplier Newsletter

A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc. 

Browse through Grand View Research’s collection of procurement intelligence studies: 

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. 

Our services include (not limited to):

  • Market Intelligence involving – market size and forecast, growth factors, and driving trends
  • Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
  • Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
  • Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions