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Laboratory Information Management System Market Growing at 8.1% CAGR by 2032: Fact.MR Study

The growing integration of artificial intelligence (AI) and machine learning (ML) capabilities within the LIMS market is a main driver shaping the market growth

/EIN News/ -- Rockville , Nov. 21, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Laboratory Information Management System Market was held at US$ 1.8 Bn in2021. Software segment is projected to reach a value of US $2.4 Bn by 2032 while witnessing a CAGR of 8.1% during the forecast period.

A Laboratory Information Management System (LIMS) is a software solution that simplifies and organizes laboratory tasks. Unlike manual or disparate systems, LIMS centralizes data storage, making it easily accessible for authorized users. It automates workflows, reducing errors and boosting efficiency in sample processing. LIMS ensures sample traceability, integrates with instruments and other software, and facilitates compliance with regulatory standards. The system also offers advanced data analysis tools, customizable reporting, and scalability to meet evolving laboratory needs.

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Key Segments of Laboratory Information Management System Industry Research Report

By Component By Deployment Model By End Use
  • Software
  • Services
  • On-premise
  • Web-based
  • Web-Hosted
  • CROs
  • Petrochemical Refineries & Oil and Gas Industry
  • Chemical Industry
  • Food and Beverage & Agriculture Industries
  • Environmental Testing Laboratories
  • Other Industries

The expansion of the Laboratory Information Management System (LIMS) market is driven by factors such as increasing demand for efficient data management in laboratories, a growing emphasis on regulatory compliance, and the integration of advanced technologies like artificial intelligence and machine learning.

Laboratories often face reluctance to adopt Laboratory Information Management Systems (LIMS) because implementing these systems requires changes to well-established workflows and processes. Adapting LIMS to accommodate the changing needs and growth of laboratories presents scalability challenges within the market.

Key Takeaways:

  • The North American market for laboratory information management systems is projected to achieve a valuation of $900 Million by 2032, constituting more than 40% of the global revenue during the forecast period (2022-2032).
  • In 2021, the market was predominantly led by the services category, making up nearly 58% of the total sales. This can be attributed to the significant surge in demand for LIMS deployment, integration, maintenance, validation, and support.
  • Cloud-based services alone constituted 43% of the market share for laboratory information management systems. The rising popularity of cloud computing among mid-size and small enterprises enables them to access application software over an enhanced internet connection without the need for substantial investments in computing software or hardware.

The increasing demand for efficient data management in laboratories, a growing emphasis on regulatory compliance, and the integration of advanced technologies such as artificial intelligence and machine learning are a few factors that are driving the market growth- Says Fact.MR Expert

Market Competition

A handful of major players presently dominate the moderately competitive market, holding significant market share. Prominent companies in this landscape include Abbott Laboratories, LabVantage, Mckesson Corporation, LabLynx, and Siemens Healthcare GmbH.

  • In August 2021, Clinical Trial and Consulting Services (CTI) and LabWare, Inc. revealed their collaboration to expand laboratory services, aiming to bolster research in rare diseases and cell and gene therapy worldwide.

Winning strategies

  • Top key players should create LIMS solutions that work well on mobile devices and are based in the cloud. This strategy enhances accessibility and flexibility, enabling users to access important lab data and processes remotely.
  • A successful strategy in the market involves making sure the system smoothly works with various lab instruments. This allows for real-time data exchange, improving how efficiently users in research and testing settings manage their work.
  • Market Giants must stay updated on industry standards and regulations and make sure LIMS products comply with them. This means actively addressing any changes in rules to meet the evolving needs of laboratories.

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Report Attribute Details
Value Projection (2032) USD 2x Billion
Growth Rate (2022-2032) 8.1 % CAGR
No. of pages 170 Pages
No. of Tables 72 Tables
No. of Figures 148 Figures

North America currently leads the laboratory information management systems (LIMS) industry and is expected to maintain this position for several more years, with the United States contributing significantly to the region's market share. Given the extensive impact of COVID-19 in the United States, the need for seamless data sharing has become crucial during the pandemic.

Healthcare professionals are increasingly relying on digital information systems to manage and track various aspects, including the total number of tests conducted, treatment outcomes, evolving case definitions, and other essential activities. The adoption of laboratory informatics systems is expected to persist and grow due to the ongoing challenges posed by the COVID-19 pandemic.

Additionally, the aging population in the United States is on the rise, leading to a higher prevalence of various health conditions. This demographic shift is anticipated to drive the demand for laboratory tests, and the use of laboratory systems is instrumental in enhancing overall efficiency in handling the increasing workload.

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