The Latin America, Middle East and Africa Laboratory Information Management System Market would witness market growth of 7% CAGR during the forecast period (2021-2027).
Laboratory Information Management System helps in managing various dimensions of a clinical lab, like processing, visualizing, and maintaining information & data. Earlier, laboratories have been under the shadow of hospitals or depend on some specialist for their existence but now they have paved their way from the hidden domain of healthcare to the frontline. Now, laboratories are the centres of excellence and amongst the most profitable revenue source.
Reliable diagnostic results in patient care have witnessed an increase in value due to the emergence of evidence-based medicine, which further put more pressure on labs to increase their work efficiency. One of the major reasons for the popularity of laboratory information management system is that it integrates human efforts and technologies in an efficient manner that enhances cognitive performance in the domain of healthcare.
The main function of a laboratory information management system is to increase the efficiency and effectiveness of the laboratory workflows. It helps in improving the accuracy of the testing results and also automates various processes of laboratories. From sampling to results, there are many processes included in the workflow of a lab, these processes are very hectic and can create more confusion and delay in results, and thus, it is important to automate these processes to increase the efficiency of the labs. So, there is an increasing demand for laboratory automation across the world, which further opens new growth prospects for the market players. Many key market players are also aiming to further develop more innovative LIMS solutions. These factors are set to boost the market growth during the forecast period.
The Life Sciences market dominated the Saudi Arabia Laboratory Information Management Market by End-use in 2020, thereby, achieving a market value of $5.8 Million by 2027, growing at a CAGR of 6.6 % during the forecast period. The Petrochemical Refineries & Oil and Gas Industry market is expected to witness a CAGR of 6.6% during (2021 - 2027).
Based on End-use, the market is segmented into CROs, Petrochemical Refineries & Oil and Gas Industry, Life Sciences, Chemical Sector, Food and Beverage and Agriculture Sector, Environmental Testing Laboratories, and Other sectors. Based on Component, the market is segmented into Services and Software. Based on Product, the market is segmented into Cloud-based, Web-hosted, and On-premise. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Laboratory Information Management System Market is Predict to reach $1.3 Billion by 2027, at a CAGR of 6.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thermo Fisher Scientific, Inc., Abbott Laboratories, Siemens AG, LabWare, Inc., LabVantage Solutions, Inc. (TCG Lifesciences), LabLynx, Inc., Autoscribe Informatics, Inc., Labworks LLC, Accelerated Technology Laboratories, Inc., and Illumina, Inc.
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