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Laboratory Information Management System Market Size Forecasted To Achieve $3.6 Billion By 2029 With Steady Growth
Laboratory Information Management System Market
What Is the Laboratory Information Management System Market Size and Projected Growth Rate?
In recent times, there's been a speedy expansion in the size of the laboratory information management system market. The growth is set to rise from $2.21 billion in 2024 to $2.44 billion in 2025, maintaining a compound annual growth rate (CAGR) of 10.5%. The historical expansion is linked to factors such as the rising need for regulatory compliance, heightened research and development activities, increased demand for accurate data, burgeoning data volume, quality assurance and process optimization.
The market size for the laboratory information management system is projected to undergo rapid expansion in the forthcoming years, reaching $3.6 billion by 2029 with a compound annual growth rate (CAGR) of 10.2%. This predicted growth during the forecasted period is due in part to the integration of advanced analytics and AI, the advent of personalized medicine, amplified emphasis on cybersecurity, synchronization with other lab equipment, and the broadening of biobanking activities. Key trends expected during this forecast period include technological progression, swelling complexity in research, incorporation with cutting-edge technologies, cloud-based solutions, and mobile lims.
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What Are the Major Segments in the Laboratory Information Management System Market?
The laboratory information management system market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment Model: On-Premise Laboratory Information Management System (LIMS), Cloud Laboratory Information Management System (LIMS), Remotely Hosted Laboratory Information Management System (LIMS)
3) By Distribution Channel: Direct Tenders, Retail Sales
4) By End-Use: Life Sciences, Contract Research Organizations (CROs), Petrochemical Refineries And Oil And Gas Industry, Chemical Industry, Food And Beverage And Agriculture Industries, Environmental Testing Laboratories, Other Industries (Forensics And Metal And Mining Laboratories)
Subsegments:
1) By Software: On-Premise LIMS, Cloud-Based LIMS, Web-Based LIMS
2) By Services: Implementation Services, Support And Maintenance Services, Consulting Services
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What Are The Driving Laboratory Information Management System Market Evolution?
The uptick in research and development endeavors is anticipated to fuel the expansion of the laboratory information management system market. Research and development involve a wide range of processes and tasks that organizations execute to innovate or improve services, products, knowledge, or procedures. Laboratory information management systems (LIMS) play a key role in streamlining these activities in research labs. These systems assist in research-related tasks like data organization, resource tracking and task allocation, decreasing IT upkeep expenses, and boosting productivity among others. For example, as per Eurostat, a non-profit organization based in Luxembourg, in August 2023, the European government had set aside roughly $124,899.50 million for laboratory research and development (R&D) in 2022. This marked a 5.4% increase over the $118541.09 million allocated the previous year. Thus, the surge in research and development activities is the catalyst for the growth of the laboratory information management system market.
Which Firms Dominate The Laboratory Information Management System Market Segments?
Major companies operating in the laboratory information management system market report are McKesson Corporation, Siemens AG, Thermo Fisher Scientific Inc., Abbott Laboratories, STARLIMS Corporation, Novatek International Pty Ltd., Agilent Technologies Inc., Dassault Systemes SA, PerkinElmer Inc., Illumina Inc., Ovation.io Inc., Waters Corporation, CompuGroup Medical, CliniSys Group Limited, LabWare Inc., LabLynx Inc., LabVantage Solutions Inc., INFORS GmbH, Agaram Technologies Pvt Ltd., Benchling Inc., CloudLIMS Lab Solutions (India) Pvt. Ltd., Quartzy Inc., Caliber Technologies Inc., Accelerated Technology Laboratories Inc., Autoscribe Limited, Labworks International Inc., Computing Solutions Inc., CrelioHealth Inc., AssayNet Inc., Eusoft Ltd.
What Trends Are Driving Growth in The Laboratory Information Management System Market?
Major firms in the laboratory information management system market are shifting their focus towards creating technologically superior products such as scalable lab automation solutions. These solutions offer labs a scalable, flexible, and automated system to help improve operational efficiency and data management. Scalable lab automation systems are flexible, modular systems that aid labs in automating and enhancing workflows, enabling them to adapt and expand according to the changing operational requirements. Clinisys, an informatics software firm based in the US, for example, rolled out Clinisys Laboratory Solutions in July 2023. This product boasts discipline-specific laboratory information management systems (LIMS) rooted in a unified SaaS platform, effectively enhancing automation, scalability, and data management. The product allows labs to improve their operational efficiency, garner more in-depth analytics, enhance workflow flexibility, decrease costs, and boost security. This innovative product aids labs in propelling scientific advancement by enhancing the management and analysis of data in a multitude of sectors, including environmental, water quality, and public health laboratories.
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Which Is The Largest Region In The Laboratory Information Management System Market?
North America was the largest region in the laboratory information management system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the laboratory information management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Laboratory Information Management System Market?
2. What is the CAGR expected in the Laboratory Information Management System Market?
3. What Are the Key Innovations Transforming the Laboratory Information Management System Industry?
4. Which Region Is Leading the Laboratory Information Management System Market?
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