Home > > > Laboratory Information Management System Procurement: Addressing Challenges and Maximizing Value (20

Laboratory Information Management System Procurement: Addressing Challenges and Maximizing Value (20

Author : scott Bang | Published On : 17 Apr 2024

Laboratory Information Management System Category Overview

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.

Many laboratories are now choosing cloud-based storage solutions for their Laboratory Information Management Systems (LIMS). Cloud-based LIMS systems provide widespread connectivity within labs, connecting various workstations, devices, and data sources. This connectivity enhances operational efficiency and effectiveness. These systems also offer scalability and strong maintenance support, enabling multiple integrations, comprehensive data management, advanced analytics, and more. The shift towards cloud deployments in laboratories is motivated by the need for agility, scalability, reduced costs, and simplified system upgrades and maintenance. By embracing cloud-based LIMS, laboratories can streamline their IT expenses and ensure smooth scalability and continuous system improvements.

 

Order your copy of the Laboratory Information Management System 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

 

LIMS integrated with Artificial Intelligence (AI) and Machine Learning (ML) algorithms greatly augment their utility by enabling precise predictions, enhanced data consolidation, and efficient decision-making. These algorithms streamline complex logic and computations, empowering managers to make well-informed choices grounded in valuable insights. In the biopharmaceutical sector, advanced algorithms are employed in laboratories to accelerate product development, leading to heightened quality and the development of vital new medications for patients. In the past, pharmaceutical manufacturing heavily depended on human intelligence and researchers' judgments, but now, AI has taken over the control of the decision-making process.

Industries prioritize operational convenience, often facing challenges when transitioning from traditional methods to advanced LIMS. Outdated processes, incompatible tools, and complex workflows in labs can complicate this shift. Consequently, labs are increasingly seeking pre-configured standard solutions with industry-standard capabilities and best practices. Adopting such solutions can streamline the implementation process, leading to immediate positive outcomes.

 

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

  • Cost And Pricing
  • Services Provided
  • Features, Technical Support
  • Vendor’s Reputation
  • Service Reliability And Scalability
  • Compliance

 

Supplier selection criteria

  • Various Services Provided
  • Application Support Provided
  • IT Support
  • Technology Used
  • End-To-End Service
  • Additional Features
  • Location And Presence Of Supplier
  • Others

 

Medical Writing 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 2023 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 

 

Request for Sample Copy of the Laboratory Information Management System Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

 

Laboratory Information Management System Procurement Cost and Supplier Intelligence

The category includes large established companies offering comprehensive solutions, as well as smaller niche players focusing on specific laboratory types or functionalities. This diversity intensifies competition. Continuous innovation and differentiation in service offerings, user experience, and compliance features drive competition among LIMS providers. Acquisitions, collaborations, and partnerships have also impacted the category growth in recent years. For instance, in August 2023, STARLIMS a provider of enterprise information solutions acquired Labstep. Through this acquisition, STARLIMS’ comprehensive LIMS technology combined with Labstep’s user-friendly, SaaS electronic laboratory notebook (ELN) platform. Through this acquisition, users can strip off complexity from the lab and unlock data’s true potential in a connected system.

Additionally, with more and more advanced technology, companies are upgrading their software to newer versions to sustain in the market. For example, in December 2022, LabVantage Solutions, which is the provider of laboratory informatics services, and solutions including LIMS solutions launched version 8.8 of its LabVantage LIMS platform. This version includes multiple enhancements within every element of the platform. This can also improve the security, usability, speed, and accuracy of LIMS components such as laboratory execution system (LES), and electronic laboratory notebook (ELN).

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.

 

Key companies profiled:

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

 

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