Salemonline Journal

Grand View Research, Inc

Procurement Outlook

A laboratory information management system industry is a software-based solution used in laboratories to streamline daily operations. The primary functions that a laboratory information management system provides are workflow and data tracking support, helping develop a robust yet flexible structure, data reading, writing, editing, and exchanging interfaces, and data security and storage. Apart from these basic functionalities, an advanced laboratory information management system may also aid researchers in functionalities like job scheduling, resource planning, and sample tracking. It may also be enabled with data mining capabilities, automated cloud uploads, or blockchain technologies to enhance data security.

While laboratories from all sectors may use a laboratory information management system, the major end-user industries which use a laboratory information management system are life sciences, CROs, petrochemical refineries & oil and gas industry, and the food and beverage industry.

Demand Outlook

The global laboratory information management systems market was valued at USD 1.1 billion in 2020 and is expected to grow at a CAGR of 4.0% from 2020 to 2027. North America has the largest market share regionally and it is expected to have the largest market share during the forecast period as well. Human genome testing has been on an increase over the last 4-5 years and a significantly high number of samples within the life science domain are generated which are analyzed by a laboratory information management system.

The COVID pandemic resulted in a boom for testing and drug development. With additional workload, the requirement for automation in laboratories was of utmost demand. There was a surge in the uptake of laboratory information management systems and analysis platforms which help researchers reduce the time of data analysis and storage and automate workflow and sample tracking.

Cost Drivers

Modern genomics is an area that has pushed the use of laboratory information management systems. The amount of data generated along with the requirement to have a short turnaround time for analysis is pushing laboratories to automate several aspects and one of them is the implementation of laboratory information management systems industry. Additionally, the laboratory information management systems may be hosted over a cloud platform and several other elements like blockchain technologies may be integrated to enhance data security. All these functionalities save personnel time and thereby aid the researchers to focus on the research while automating administrative and other workloads which may dampen their turnaround time. This directly promotes a greater throughput and hence helps drive the cost of operations down.

Grab your copy, or request for a free sample of the “Laboratory Information Management System Industry Procurement Intelligence Report, published by Grand View Research” for In-depth details regarding supplier ranking and selection, sourcing, and pricing criteria & strategies.

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.

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

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

• Metal Finishing Industry Procurement Intelligence – The global metal finishing market was estimated at ~USD 95 billion in 2020 and it is expected to grow at a CAGR of 4% from 2020 to 2027 due to increasing demand from end-use industries, such as automotive, aerospace, construction, and electrical and electronics. Automotive and electronics applications accounted for more than 60% share in the global metal finishing Industry.

• Tax Advisory Services Industry Procurement Intelligence – Tax advisory services deal with legally bringing down the tax liabilities for clients, estimating taxes on different investment portfolios, determining the relevant deductions and credits, etc. These services are performed by an individual who a financial expert is holding specialized tax accounting, tax law knowledge, and know-how.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/pipeline/laboratory-information-management-system-industry-procurement-intelligence-report