Laboratory Information Management System (LIMS) Market Present Scenario and Growth Prospects With CAGR Value 11.5% from 2021 to 2028

A laboratory information management system (LIMS), also known as a laboratory information system (LIS) or laboratory management system (LMS), is a software-based solution that supports modern laboratory operations. Key features of LIMS include workflow management as well as data tracking and processing. Its flexible architecture and data exchange interfaces support its use in regulated clinical environments. The features and uses of a LIMS have evolved over the years from simple sample tracking to an enterprise resource planning tool that manages multiple aspects of laboratory informatics.

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According to our new market research study on "Laboratory Information Management System (LIMS) Market to 2028 - Global Analysis and Forecast - by type, deployment, component, application, and end user," the market is expected to reach US$ 2,402.48 million by 2028 from US$ 1,122.36 million in 2021. The market is estimated to grow with a CAGR of 11.5 % from 2021 to 2028. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.

Thermo Fisher Scientific Inc.; Abbott; Illumina, Inc.; LABWORKS; LabLynx, Inc.; LabVantage Solutions, Inc.; Accelerated Technology Laboratories, Inc.; LabSoft LIMS by Computing Solutions, Inc.; LabWare; and Autoscribe Informatics are among the leading companies operating in the Laboratory Information Management System (LIMS) market.

COVID-19 pandemic has become the most significant challenge across the world. Clinical laboratories are finding it difficult to cope with the rapid influx of COVID-19 testing samples, impacting their ability to provide accurate testing. Implementation of automated solutions like LIMS is expected to relieve this stress on clinical laboratories by promoting efficient testing of voluminous samples. Significant adoption of LIMS has been witnessed since the COVID-19 pandemic's onset, enabling healthcare providers to concentrate on drug and vaccine development by smoothening data collection procedures. Prominent players in the laboratory information systems landscape are collaborating with public and private sector organizations to employ advanced technologies for implementing COVID-19 testing capabilities. For instance, LabWare Technologies has collaborated with the National Health Service to provide laboratory management software to healthcare settings across the United Kingdom.

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Segmentations:

Laboratory Information Management System (LIMS) Type -Based Insights

Based on type, the Laboratory Information Management System (LIMS) market is segmented into standalone and integrated LIMS. The standalone segment held the largest share of the market in 2021, however the integrated segment is anticipated to register the highest CAGR in the market during the forecast period.

Laboratory Information Management System (LIMS) Deployment-Based Insights

Based on deployment, the Laboratory Information Management System (LIMS) market is segmented into web-based delivery mode, cloud-based delivery mode and on-premises delivery mode. In 2021, the web-based delivery mode segment is likely to hold the largest share of the market, however cloud-based delivery mode segment is expected to grow at the fastest rate during the coming years. Growth of web-based delivery mode segment is attributed to advantages offered such as high security, lower price, instant software updates, and unlimited storage capacity.

Laboratory Information Management System (LIMS) Component-Based Insights

Based on component, the Laboratory Information Management System (LIMS) market is segmented into software and services. The software segment is likely to hold the largest share of the market in 2021, however the services segment is anticipated to register the highest CAGR in the market during the forecast period. Growth of software segment is attributed to improved efficiency coupled with more quick results and help in tracking data from various experiments.

Application-Based Insights

Based on application, the Laboratory Information Management System (LIMS) market is segmented into sample management, workflow automation, logistics management, enterprise resource planning, privacy and security controls and other applications. The sample management segment is likely to hold the largest share of the market in 2021, also the same segment is anticipated to register the highest CAGR in the market during the forecast period.

End User - Based Insights

Based on End User, the Laboratory Information Management System (LIMS) market is segmented into hospitals & clinics, pharmaceutical companies, contract research organizations and others. The pharmaceutical companies segment is likely to hold the largest share of the market in 2021, however the contract research organizations segment is anticipated to register the highest CAGR in the market during the forecast period.

The scope of the Laboratory Information Management System (LIMS) market includes type, deployment, component, application, end user, and region. The market for Laboratory Information Management System (LIMS) is analyzed based on regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report offers insights and in-depth analysis of the Laboratory Information Management System (LIMS) market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world.

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