Laboratory Information Management System (LIMS) Market Size in 2023 To 2029 | LabWare (US), LabVantage Solutions Inc. (US), Thermo Fisher Scientific (US), Thermo Fisher Scientific Inc. (US), Agilent Technologies (US), LabLynx, Inc. (US), Dassault Système

The global market for laboratory information management systems (LIMS) is expected to reach USD 3.3 billion by 2028, showing substantial growth from USD 1.6 billion in 2023, with a projected Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period. The adoption of LIMS in the industry for efficient data management in testing various parameters such as potency, heavy metal content, pesticide levels, microbial analysis, and residue is contributing to market growth. Additionally, the integration of mobile technologies into LIMS allows users to access and interact with the system using smartphones and tablets, creating lucrative opportunities for the market. This trend is expected to continue driving market expansion throughout the forecast period.

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Competitive Assessment: In-depth assessment of market ranking, growth strategies, product offerings, and capabilities of the leading players in the laboratory information management systems market like LabWare (US), LabVantage Solutions Inc. (US), Thermo Fisher Scientific (US), Thermo Fisher Scientific Inc. (US), Agilent Technologies (US), LabLynx, Inc. (US), Dassault Systèmes (France), Labworks LLC (US).

In 2022, the on-premise segment held a substantial share in the laboratory information management systems market in terms of deployment mode. This segment's growth can be attributed to the advantages it offers, such as enhanced security, privacy, and customization. On-premise solutions minimize the risk of data breaches and external attacks, making them a preferred choice for many organizations.

Similarly, the life sciences segment accounted for a considerable share in the laboratory information management systems market in 2022, by industry. The dominance of the life sciences segment can be attributed to factors such as the increasing outsourcing of processes by pharmaceutical companies, stricter regulatory requirements, the rise of biobanks/biorepositories, and growing research and development investments in the pharmaceutical and biotechnology sectors.

During the forecast period, Asia is expected to witness a substantial growth rate in the laboratory information management systems market. This growth can be attributed to various factors, including the increasing demand for advanced technologies such as IoT, blockchain, artificial intelligence, and machine learning, which drive the adoption of LIMS in the region. Government initiatives and policies also contribute to market growth. Furthermore, improving interoperability standards, the growth of medical tourism, and the development of supporting infrastructure in research laboratories enable organizations in the region to leverage the benefits of LIMS, leading to improved operational efficiency, data accuracy, and patient care.

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The report thoroughly analyzes the Laboratory Information Management Systems market, providing insights into the market size and future growth potential of different market segments based on type, component, deployment model, industry, and region. It includes a competitive analysis of key players, their company profiles, product offerings, recent developments, and key market strategies.

Purchasing this report will benefit established firms, new entrants, and smaller firms by providing a comprehensive understanding of the market dynamics. This knowledge can help them make informed decisions to secure a larger share of the market. Companies can utilize the report to formulate effective strategies that strengthen their positions in the market, whether through product development, market expansion, partnerships, or other approaches. Overall, this report equips organizations with valuable insights to enhance their market presence and competitiveness.

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This release was published on openPR.