Laboratory Information Management System (LIMS) Market to Grow at a Highest CAGR of 13.2% | by Type, Component, Delivery, Industry, Geography, Competitive Landscape

Delvens published an exclusive report, titled, "Laboratory Information Management System (LIMS) Market to Grow at a Highest CAGR of 13.2% | by Type, Component, Delivery, Industry, Geography, Competitive Landscape". This Laboratory Information Management System (LIMS) Market research report is the holistic view of the current market dynamics derived from the historical data analysis from the previous years. The report visibly clarifies the market description, segregations, applications, activities and market trends for the Healthcare industry. This market research forecasts the market status, trends, growth rate, market drivers, scope and constraints, risks, sales data (value and volume), channels and distributors. This report is the result of deep-dive analysis focusing on primary and secondary drivers, market share, top segments, product, application industry across different geographies.

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Key players in the Laboratory Information Management System (LIMS) Market include LabWare, LabVantage Solutions, Thermo Fisher Scientific, Abbott Informatics, Agilent Technologies Inc., LabLynx, Inc., Dassault Systèmes, Labworks LLC, Autoscribe Informatics, Accelerated Technology Laboratories.

LabVantage Analytics, a self-service advanced analytics system that enables users to easily explore, analyze, and visualize LIMS, enterprise, and external data to gain actionable business insights, was released in March 2021 by LabVantage Solutions, Inc.

Thermo Fisher Scientific Inc. stated in 2021 that it would pay $17.4 billion to acquire PPD, a prestigious global contract research organization (CRO). Thermo Fisher's goal with the acquisition was to strengthen its position in the CRO industry and better serve the pharmaceutical and biotech sectors.

A Laboratory Information Management System (LIMS) is a software-based tool that is designed to manage, organize and track laboratory data and samples. It is commonly used in scientific and medical laboratories, as well as in other types of research and testing facilities.

LIMS helps in the automation of laboratory workflows and the management of data generated during laboratory analysis. It provides a centralized database to store and manage information related to samples, experiments, results, and other relevant information. With the help of LIMS, laboratory personnel can easily access, share and manage data, allowing them to make informed decisions and collaborate more efficiently.

LIMS can also integrate with other laboratory instruments and systems, such as electronic laboratory notebooks (ELNs), laboratory automation systems, and data analysis tools. This integration enables LIMS to automatically capture data generated by laboratory instruments and reduce the need for manual data entry, saving time and reducing the risk of errors.

Current Market and Drivers

The Global Laboratory Information Management System (LIMS) Market size in terms of revenue was 1.24 billion USD in 2022, and it is projected to reach 3.36 billion USD by 2030 with a CAGR of 13.2% in the forecast period of 2023-2030.

The Laboratory Information Management System (LIMS) market has been growing rapidly in recent years due to several drivers, including:

Increasing demand for automation: Many laboratories are seeking to automate their processes to improve efficiency and reduce errors. LIMS offers a way to automate tasks such as data entry, sample tracking, and report generation, freeing up time for laboratory staff to focus on more complex tasks.

Stringent regulatory requirements: Regulatory bodies such as the FDA and EPA require that laboratories maintain accurate records and follow strict protocols. LIMS can help laboratories comply with these requirements by ensuring data accuracy, providing audit trails, and tracking sample and test results.

Integration with other systems: LIMS can integrate with other laboratory systems such as electronic lab notebooks (ELNs), laboratory automation systems, and scientific data management systems (SDMS). This integration can help streamline workflows and improve data management.

Laboratory Information Management System (LIMS) Market Segments

The Laboratory Information Management System (LIMS) market can be segmented based on various factors such as component, deployment mode, and end-user.

The Laboratory Information Management System (LIMS) market is divided into software and services based on components. Throughout the forecast period, it is anticipated that the software segment will contribute the most to revenue. Because laboratory management is increasingly employing cutting-edge software solutions for the automation of numerous procedures and efficient data administration, the software sector has a large revenue share. The LIMS software offers a centralized platform for the management of laboratory data, including sample tracking, data analysis, and reporting.

The market is divided into On-Premise, Cloud-Based, and Remotely Hosted segments based on deployment mode. The on-premise segment currently holds a lion's share of the market and is anticipated to grow at the fastest rate over the projected period. Governments' continued efforts to protect sensitive information relating to citizen privacy and national security are contributing concerns, while businesses are worried about the security of their own organizational data. In the upcoming years, these elements are anticipated to encourage the on-premise segment's expansion.

The market has been segmented into many subsectors based on end-use, including environmental testing laboratories, petrochemical refineries, oil & gas, chemical, food & beverage & agriculture industries, and contract research organizations (CROs). Forensic, metal & mining, and other industries are included in the other sector sub-segment. More than 40% of global sales in 2022 came from the end-use segment for the biological sciences. This is due to LIMS's widespread use in pharmaceutical laboratories.

Major and Growing geographies

The largest market share belongs to North America. The market in the North American area will grow as a result of favorable policies encouraging laboratory automation use, such as EHR initiatives, the presence of modern infrastructure, soaring demand for genetic investigations, increased government funding, and continuing projects.

Throughout the forecast period, the Asia Pacific market is anticipated to have substantial revenue growth. Rising R&D expenditures and the increase of Contract Research Organizations (CROs) in countries like China and India are both responsible for the growth. With the advancement of telemedicine and digital healthcare, the demand for LIMS software in the region is additionally anticipated to rise.

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