Laboratory Information Management Systems Market to Reach $2.92 Billion by 2030

A recent market analysis report titled "Global Forecast to 2030: Laboratory Information Management System (LIMS) Market," conducted by Meticulous Research®, predicts that the LIMS market will achieve a value of $2.92 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 7.4% from 2022 to 2030.

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Laboratory Information Management Systems (LIMS) serve as indispensable assets for modern laboratories. Regulatory bodies have issued various guidance documents outlining the prerequisites for ensuring the accuracy, reliability, and acceptability of LIMS. Regulatory compliance encompasses adherence to laws, regulations, guidelines, and specifications applicable to businesses. Non-compliance with regulatory standards often leads to legal repercussions, including federal penalties. The complexity and scrutiny associated with regulatory compliance pose significant challenges across various sectors, including life sciences, petrochemicals, oil & gas, food & beverage, and agriculture. Many regulatory directives focus on data management, security, and integrity. Consequently, the escalating demand for compliance with stringent regulatory requirements, coupled with LIMS' capability to facilitate data management, enhance data integrity, streamline laboratory operations, and support regulatory adherence, propels the growth of the LIMS market.

The global laboratory information management systems market is categorized based on Mode of Delivery (On-premise LIMS and Web-based/Cloud-based LIMS), Component (Service and Software), Type (Multi-purpose LIMS and Purpose-built LIMS), End User (Life Sciences, Food & Beverage, Chemical Industry, Petrochemicals and Oil & Gas Industry, Environmental Testing Laboratories, and Other End Users), and Geography. The study also includes an assessment of industry competitors and their market shares at both global and regional levels.

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Regarding mode of delivery, the web-based and cloud-based LIMS systems segment is anticipated to dominate the market share in 2023. The adoption of these systems is increasing due to their capacity to alleviate IT staff responsibilities, eliminate capital expenditures, and scale according to laboratory requirements.

Concerning components, the services segment is expected to hold the largest market share in 2023. This dominance is attributed to the widespread adoption of cloud-based models, technological advancements in LIMS solutions, stringent regulatory demands, and the recurring nature of services.

In terms of type, the purpose-built LIMS segment is forecasted to experience the highest CAGR during the forecast period. Purpose-built LIMS is custom-designed to cater to specific industries such as pharmaceutical manufacturing R&D, food & beverage, oil & gas, and QA/QC testing laboratories. These systems have been successfully deployed worldwide by pharmaceutical manufacturers.

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The life sciences segment is projected to command the largest market share in 2023 among end users. The adoption of LIMS is on the rise in the life sciences industry, which is among the most technology-intensive sectors, characterized by substantial and continuous investments in research and development. Additionally, the industry faces unprecedented challenges such as evolving regulatory frameworks, stringent compliance standards, patent expirations, low R&D productivity, heightened global competition, and diminishing margins, leading to cost and compliance pressures.

Geographically, North America is expected to hold the largest market share in 2023. This dominance is primarily driven by increased adoption and investment in advanced technologies, easy accessibility of LIMS services and products, and stringent regulatory requirements across various end-user industries.

Key players in the LIMS market include LabWare, Inc., Thermo Fisher Scientific Inc., LabVantage Solutions Inc., LabLynx, Inc., Labworks, Agilent Technologies, Inc., Labii Inc., Accelerated Technology Laboratories, Inc., LABTRACK, Computing Solutions, Inc., Dassault Systèmes, Ovation, CloudLIMS, STARLIMS Corporation, Autoscribe Informatics, Illumina, Inc., Siemens AG, and Novatek International.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/laboratory-information-management-system-market-4009

Scope of the Report:

Laboratory Information Management Systems Market, by Mode of Delivery

On-premise LIMS
Web-based and Cloud-based LIMS

Laboratory Information Management Systems Market, by Component

Service
Software

Laboratory Information Management Systems Market, by Type

Multi-purpose LIMS
Purpose-built LIMS

Laboratory Information Management Systems Market, by End User

Life Sciences
Pharmaceutical & Biotechnology Companies
Academic and Research Institutes
Biobanks & Biorepositories
CROs
Other Life Science Users
Food & Beverage
Chemical Industry
Petrochemicals and Oil & Gas Industry
Environmental Testing Laboratories
Other End Users
Diagnostic Laboratories
Toxicology Laboratories
Forensic Laboratories
Mining & Metal Laboratories
Contract Manufacturing Organizations (CMOs)

Laboratory Information Management Systems Market, by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe (RoE)
Asia-Pacific (APAC)
China
Japan
India
Rest of APAC (RoAPAC)
Latin America
Brazil
Mexico
Rest of Latin America (RoLATAM)
Middle East & Africa

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This release was published on openPR.