The Global Laboratory Information Management Systems Market is projected to reach USD 3.3 billion by 2028 from USD 1.6 billion in 2023, at a CAGR of 14.6% during the forecast period. The significant growth potential in emerging markets such as China, India, Japan, Singapore, Brazil, and Middle Eastern countries, growing popularity of cloud-based LIMS pertaining to large volumes of data generated in laboratories & reduced total cost of ownership of laboratory informatics solutions are some of the critical factors offering opportunities to the market.
However, lack of technical expertise and interoperability issues are key factors challenging the growth of the laboratory information management systems market.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=250610373
Laboratory information management systems Market Dynamics
Drivers: Increasing focus on improving the efficiency of laboratories
With the increasing number of biobanking applications, organizations face immense pressure to manage the ever-increasing number of biosamples (blood, tissue, and DNA samples) and comply with regulatory requirements. The growing focus on translational research has greatly impacted biobanking as a source of samples for researchers. The value of these repositories lies in the samples and the metadata associated with each specimen. Biobanking modules help researchers efficiently use biorepositories to understand complex diseases and facilitate their integration with LIMS. As research activity and data generation grow, researchers have begun looking for systems that can help them reduce manual intervention. In this regard, the adoption of LIMS for various database applications can help researchers collect, organize, and track information, increase productivity, and reduce errors in accessing research information. Currently, LIMS is being adopted in biobanks, academic research institutes, and CROs to manage laboratory processes better.
Restraints: Limited adoption of LIMS in small and medium-sized companies
The shift to paperless informatics involves various stages of validation and complex documentation with high purchase and maintenance costs. Hence, it becomes challenging for small and medium-sized biopharma companies to implement such informatics solutions. Implementing informatics solutions requires information related to the proper software platform, integration with ERP, specific hardware configurations, and other necessary devices such as barcode scanners and label printers. Small and medium-sized companies lack such prerequisites for the implementation of informatics solutions. Also, most small and medium-sized companies do not have a dedicated budget allocated to purchasing these solutions. As a result, the adoption of LIMS solutions is low among small and medium-sized companies.
Opportunities: Significant growth in emerging markets
The significant growth of emerging countries presents a promising opportunity for the LIMS market. Emerging countries are experiencing rapid industrialization, advancements in healthcare infrastructure, and increased investment in research and development activities. These factors create a favorable environment for the adoption and growth of LIMS, opening up new avenues for market expansion. One of the key drivers for the LIMS market in emerging countries is the rising demand for improved quality control and regulatory compliance in various industries. As emerging economies witness growth in sectors such as pharmaceuticals, biotechnology, food and beverage, and environmental testing, there is a growing need for robust data management systems like LIMS to ensure accurate tracking, traceability, and compliance with regulatory standards. This demand creates a significant market opportunity for LIMS providers to offer their solutions in these regions.
Additionally, the expanding healthcare sector in emerging countries contributes to the growth of the LIMS market. As healthcare infrastructure develops and healthcare services become more accessible, there is a greater need for efficient laboratory operations and data management in hospitals, diagnostic laboratories, and research institutions. LIMS play a crucial role in managing patient data, tracking samples, and streamlining laboratory workflows, thereby improving efficiency and patient care. The increasing adoption of LIMS in the healthcare sector of emerging countries presents substantial growth potential for the market.
Challenge: A dearth of trained professionals
With the growing shift towards digitization, the adoption of IT solutions has increased significantly in the healthcare industry over the last decade. As a result, the demand for skilled IT professionals and personnel with advanced analytical skills to interpret data from HCIT solutions, including LIMS, is increasing; however, there is currently a huge demand-supply gap in the industry. This shortage of trained and skilled personnel may limit the adoption of LIMS, especially in pharmaceutical, biotechnology, and medical device companies, which account for over 50% of the LIMS market.
Request 10% Customization:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=250610373
“Software as a service (SAAS) segment accounted to hold a significant share by the cloud-based deployment mode during the forecast period”
Software as a service (SAAS) segment accounted to hold a significant share by the cloud-based deployment mode during the forecast period. The growth of SAAS segment is accounted to seamless integration of data from diverse cloud silos, unlimited users and provides access to users anytime and anywhere, low maintenance costs and increases the use of resources. The wide range of applications, including accounting, performance monitoring, and communicating via webmail and instant messengers served by SAAS model is also promoting the growth of this segment.
“Biobanks & biorepositories segment accounted for a considerable share in the laboratory information management systems market, by the life sciences industry in 2022”
In 2022, the biobanks & biorepositories segment accounted for a considerable share in the laboratory information management systems market, by the life sciences industry. The large share of this segment can be attributed to the growing need for biobanks with the increasing focus of pharmaceutical companies on epidemiology research, biomedical research, personalized medicine, and cell-based research, which require more usable and well-maintained specimens, and the rising need for automated storage, preparation, and information management systems to obtain accurate, reliable, and standardized data.
“North America dominated the laboratory information management systems market in 2022”
North America accounted for the largest share of the laboratory information management systems market. The large share of North America can be attributed to the developed infrastructure and growth in the demand for digitalized technologies across North America drive the implementation of different analytical solutions among industries, and a growing number of laboratory information management system companies catering to the healthcare industry in the region.
Key Market Players
Prominent companies in this market include 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), Autoscribe Informatics (a wholly owned subsidiary of Autoscribe Limited) (US), Accelerated Technology Laboratories (ATL) (US), CloudLIMS (US), Computing Solutions, Inc. (US), GenoLogics Inc. (an Illumina Company) (Canada), Siemens (Germany), Novatek International (Canada), Ovation (US), Clinsys (US).
Recent Developments
- In October 2022, LabVantage Solutions, Inc. (US) and Biomax Informatics AG (Germany) announced the closure of their merger agreement. The merger aims to enhance scientific data contextualization, accelerate product development, and provide innovative capabilities for the life science and bio-manufacturing industries.
- In March 2022, LabWare (US), acquired data analytics firm CompassRed (US). The merger aimed to create a LabWare Data Analytics Innovation Center and accelerate the transformation of data into actionable knowledge. The acquisition allowed LabWare to expand its services and establish a global presence.
- In March 2022, Thermo Fisher Scientific, Inc. (US) and Symphogen (Denmark) announced the continuation of their collaboration to provide innovative tools and workflows for the efficient characterization of complex therapeutic proteins in biopharmaceutical discovery and development laboratories
TABLE OF CONTENTS
1 INTRODUCTION
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 INCLUSIONS AND EXCLUSIONS
1.4 MARKET SCOPE
1.5 CURRENCY
2 RESEARCH METHODOLOGY
2.1 RESEARCH APPROACH
2.2 MARKET SIZE ESTIMATION
2.3 DATA TRIANGULATION APPROACH
2.4 MARKET RANK ANALYSIS
2.5 ASSUMPTIONS FOR THE STUDY
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
6 INDUSTRY INSIGHTS
6.1 INTRODUCTION
6.2 INDUSTRY TRENDS
6.3 TECHNOLOGY ANALYSIS
6.4 PORTER’S FIVE FORCES
6.5 PRICING ANALYSIS
7 LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET, BY TYPE
7.1 INTRODUCTION
7.2 BROAD-BASED LIMS
7.3 INDUSTRY-SPECIFIC LIMS
8 LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET, BY COMPONENT
8.1 INTRODUCTION
8.2 SOFTWARE
8.3 SERVICES
8 LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET, BY DELIVERY MODE
8.1 INTRODUCTION
8.2 CLOUD-BASED
8.3 ON-PREMISE
9 LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET, BY DELIVERY MODE
9.1 INTRODUCTION
9.2 ON-PREMISE LIMS
9.3 CLOUD LIMS
9.4 REMOTELY HOSTED LIMS
10 LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET, BY INDUSTRY
10.1 INTRODUCTION
10.2 LIFE SCIENCES
10.3 FOOD & BEVERAGE AND AGRICULTURE
10.4 PETROCHEMICALS AND OIL & GAS
10.5 CHEMICALS
10.6 ENVIRONMENTAL TESTING
10.7 FORENSICS
10.8 OTHER INDUSTRIES
11 LABORATORY INFORMATION MANAGEMENT SYSTEMS MARKET, BY REGION
11.1 INTRODUCTION
11.2 NORTH AMERICA
11.3 EUROPE
11.4 ASIA-PACIFIC
11.5 LATIN AMERICA
12 COMPETITIVE LANDSCAPE
12.1 INTRODUCTION
12.2 KEY PLAYER STRATEGIES/RIGHT TO WIN
12.3 REVENUE SHARE ANALYSIS OF THE TOP MARKET PLAYERS
12.4 MARKET SHARE/RANKING ANALYSIS
12.5 COMPANY EVALUATION QUADRANT
13 COMPANY PROFILES
13.1 KEY PLAYERS
14 APPENDIX
14.1 INSIGHTS OF INDUSTRY EXPERTS
14.2 DISCUSSION GUIDE
14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
14.4 AVAILABLE CUSTOMIZATIONS
14.5 RELATED REPORTS
14.6 AUTHOR DETAILS
Report Link: ( Laboratory Information Management System Market )
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/laboratory-information-management-systems-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/laboratory-information-management-systems.asp