Sample Management Segment to Dominate the South America Laboratory Information Management Systems (LIMS) Market during 2021–2028

According to a new market research study on “South America Laboratory Information Management Systems (LIMS) Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Deployment, Component, Application, and End-User,” is expected to reach US$ 92.74 million by 2028 from US$ 45.46 million in 2021. The market is estimated to grow at a CAGR of 10.7% from 2021 to 2028. The report provides trends prevailing in the South America laboratory information management systems (LIMS) market along with the drivers and restraints pertaining to the market growth. Approaching cloud-based LIMS services, broadening technological advancements in LIMS, and thriving adoption of automation in laboratories are the major factor driving the growth of the South America laboratory information management systems (LIMS) market. However, constricted expertise in healthcare IT domain hinders the growth of South America laboratory information management systems (LIMS) market.

South America have been witnessing a growing number of COVID-19 cases since its outbreak. The cases are increasing in Brazil, Argentina, and Rest of SAM region. The COVID? 19 pandemic is a critical test for the already overburdened and underfunded public healthcare systems of South America. They have responded to the situation by closing borders, ordering quarantines, and imposing a host of restrictions to keep people confined at home. The COVID-19 pandemic presented numerous impacts on health systems, social life, and human behavior worldwide. It remains a challenge for local communities. While LIMS systems in clinical studies are relatively new, but the pandemic has accelerated its adoption. As physicians and patients have started to accept newer technologies and more opportunities for remote monitoring have arisen. Drug developers are challenged to rapidly assess the effectiveness of existing vaccines against evolving SARS-CoV-2 strains due to the virus's constant mutations. As a result, increased visibility and oversight of data collection, faster clinical trial implementation, and real-time data sharing are all priorities in this region. For instance, in January 2021, LabVantage Solutions, Inc. has entered into strategic partnership with LIDERSALES a Brazilian technological solutions company. This partnership is aimed at distribution of LabVantage Medical Suite, a Laboratory Information System in Brazilian market to deal with COVID 19 crisis. These factors had a potential impact on the South America laboratory information management system market.

The South America laboratory information management systems (LIMS) market is segmented on the basis of type, deployment, component, application, end-user, and country. Based on type, the market is bifurcated into standalone and integrated. In 2021, standalone segment held the largest share in the market, integrated is expected to be the fastest growing segment during the forecast period. Based on deployment, the market is segmented into web-based delivery mode, cloud-based delivery mode, and on-premise delivery mode. In 2021, web-based delivery mode segment held the largest share in the market, and cloud-based delivery mode is expected to be the fastest growing segment during the forecast period. Based on component, the market is segmented into software and services. In 2021, software segment held the largest share in the market, and services is expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into sample management, workflow automation, records management, decision making, enterprise resource planning, and logistics management. In 2021, sample management segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on end-user, the market is segmented into pharmaceutical companies, contract research organisations, hospitals & clinics, others. In 2021, pharmaceutical companies segment held the largest share in the market, contract research organisations is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into Brazil, Argentina, and Rest of SAM. In 2021, Brazil held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.

THERMO FISHER SCIENTIFIC INC.; Abbott; Illumina, Inc.; LabLynx, Inc.; LabVantage Solutions, Inc.; Accelerated Technology Laboratories, Inc.; and LabWare; Autoscribe Informatics are among the leading companies in the South America laboratory information management systems (LIMS) market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Thermo Fisher Scientific introduced new lab automation technologies designed to streamline workflows, optimize productivity, and speed time to results.

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